Find financial help for owning a home
Buying a home in Boston? We may be able to give you financial help. Our department can give you up to three percent of the purchase price toward your downpayment and closing costs on one- to two-unit properties and condominiums. We also offer up to five percent on three-unit properties. Our loans offer:
- no interest
- deferred payments, and
- 10-year loan terms. Loans are forgivable after 10 years.
A home of her own
Thrilled by her new home in a vibrant, culturally diverse neighborhood, Massiel is amazed at her good fortune. Her five-year-old daughter’s future is secure.
Massiel applied for the Roxbury Tenants of Harvard Association, Inc. (RTH) lottery. With City of Boston-approved lender Santander Bank helping her to secure a MHP ONE mortgage and the Boston Home Center helping with downpayment and closing costs, Massiel is now celebrating the joy of homeownership in the kitchen in her own condominium.
To qualify for our program, you need to plan to buy a one- to three-family residential property or condominium in Boston. The home needs to be your primary residence, and you have to live there for the loan’s 10-year term for the loan to be forgiven.
- be a first-time homebuyer (you haven't owned a property in the past three years)
- graduate from our Homebuying 101 class
- get a first mortgage pre-approval from one of our participating mortgage lenders
- have household assets of no more than $75,000 excluding retirement, 401K, and approved IRS savings accounts
- have a household income that’s no more than 120% of the Area Median Income, and
- pay at least 1.5 percent of the purchase price on one- to two-unit properties, and 3 percent for three-unit properties. These funds must come from your own money.
First, you'll have to take the Homebuying 101 and Homebuying 201 classes. You can sign up through our website, or through one of our approved partner agencies at the bottom of this page. Also, please join our Homebuyer Club!
Once you take the classes, apply for mortgage pre-approval through our participating lenders. After you get approval, you can shop for a home and make an offer.
Apply for our down payment assistance program before you close. You'll need to print out and complete the First Time Homebuyer Financial Assistance Application. You may also need to fill out a No Income Affidavit and No Child Support Affidavit. The application includes detailed information about what you need to give us.
You can mail your applications and documents to us. We’ll let you know in writing when we get your application. You can send everything to:
The Boston Home Center
Attn: Homebuyer Unit
26 Court Street, 9th Floor
Boston, MA 02108
(For Homebuyer Classes)
Phone: 617-787-3874, ext. 216
Phone: 617-482-2380, ext. 206