The city has several assistance programs that come in the form of no-interest, conditional loans that are forgiven after 10 years (15 years for some Cash-to-Fix recipients). The Cash-to-Close and Cash-to-Close LIMITED programs can help you accumulate the money you need for closing costs and for a down payment. Cash-to-Close is for first-time homebuyers and the LIMITED program is for buyers of foreclosed properties in designated areas. The Cash-to-Fix program is designed to help buyers of foreclosed homes with essential repairs.

Cash-to-Close
This program is designed to give first-time homebuyers who meet certain criteria money toward a down payment and closing costs. Homebuyers can receive between $1,000 and 3% of the total purchase price.

Overview of Criteria for Cash-to-Close:

· Income cannot exceed 120% of Area Median Income as determined annually by the U.S. Department of Housing and Urban Development (HUD).

· Must graduate from Homebuyer 101 (a FREE, 8-hour class).

· Contribute at least 1.5% of funds toward purchase price.

· Must use home as primary residence for 10 years to receive full loan forgiveness.

• Eligible homes include Boston condos, single-family, two-family, and three-family homes.

 

Cash-to-Close LIMITED
This program is designed help with the purchase price of foreclosed Boston real estate in certain designated areas. Eligible participants will receive either $15,000 or $25,000 (depending on designation of area). Visit this page for more details and to see a map of eligible areas.

Overview of Criteria for Cash-to-Close LIMITED:

· Cannot own any other property.

· Income cannot exceed 120% of Area Median Income as determined annually by the U.S. Department of Housing and Urban Development (HUD).

· Must graduate from Homebuyer 101 (a FREE, 8-hour class).

· Contribute at least 1.5% of funds toward purchase price.

· Must use home as primary residence for 10 years to receive full loan forgiveness.

• Eligible homes include foreclosed condos, single-family, two-family, and three-family homes in the city's NSP area and three FIT areas (parts of East Boston, Dorchester, Mattapan, Roxbury, and Hyde Park.)

 

Cash-to-Fix
This program provides funds, up to $50,000, to homebuyers that purchase foreclosed homes in need of rehab (repairs for safety and health).

Overview of Criteria for Cash-to-Close LIMITED:

· Cannot own any other property.

· Income cannot exceed 120% of Area Median Income as determined annually by the U.S. Department of Housing and Urban Development (HUD).

· Must graduate from Homebuyer 101 (a FREE, 8-hour class).

· Must complete the Homebuyer 102 course within one year.

· Contribute at least 3% of funds toward purchase price.

· Must use home as primary residence for 10 years to receive full loan forgiveness.

· Eligible homes include foreclosed single-family, two-family, and three-family homes  as well as 1-6 family condos in the city's NSP area and three FIT areas (parts of East Boston, Dorchester, Mattapan, Roxbury, and Hyde Park.)

• Properties must require between $10,000 and $60,000 in repairs.

 

The city of Boston has many wonderful programs available to help homebuyers. That is why it is so important to work with an experienced Boston real estate agent that can evaluate your situation and suggest appropriate programs that can save you money. If you are thinking about purchasing Boston real estate, I'd love the opportunity to discuss your options and different programs you may be able to take advantage of.