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Need Help Purchasing a Home?
The City of Somerville Housing Division and Somerville Affordable Housing Trust Fund are currently offering three programs to assist first-time homebuyers purchasing a home in Somerville. . Preference for all programs will be given to Somerville residents, although the programs are open to people who live or work outside of Somerville as well. Applications must be received prior to executing a purchase and sales agreement.
Down Payment Assistance Program 80
- Available to households earning up to 80% of Area Median Income based on household size
- Buyers purchasing a subsidized or inclusionary housing unit not eligible
- Provides up to 15% of the acquisition price as a down payment
- Assistance in the form of a 0% interest, deferred payment loan
- Appreciation recapture will apply at the time of sale
- Home Acquisition Price Limits apply
Closing Cost Assistance Program 80
- Available to households earning up to 80% of Area Median Income based on household size
- Buyers purchasing a subsidized or inclusionary housing unit are eligible
- Provides up to $5,000 as closing cost assistance
- Assistance in the form of a 0% interest, forgivable loan, forgiven in full at end of five year term provided there is no default on the terms of the loan. The loan is forgiven at a rate of 20% per year.
- Home Acquisition Price Limits apply
Closing Cost/Down Payment Assistance Program 110
- Available to households earning between 81% and 110% of Area Median Income based on household size
- Buyers purchasing a subsidized or inclusionary housing unit are eligible
- Provides up to $5,000 as closing cost/down payment assistance
- Assistance in the form of a 0% interest, forgivable loan, forgiven in full at end of five year term provided there is no default on the terms of the loan. The loan is forgiven at a rate of 20% per year.
For all programs:
- Home must be the household's primary residence
- Must be first-time homebuyers
- Must attend a MHC approved First-Time Homebuyer Training Class
- Buyer's must obtain a pre-approval for a standard fixed-rate 30 year mortgage to be eligible
- Property must meet Housing Quality Standards
- Eligible households will receive an Eligibility Certificate, which will be good for 6 months. To extend the term, households will need to resubmit income certification documentation.
- Assistance is not guaranteed at the time of issuance of an Eligibility Certificate and is contingent on availability of funds at the time of purchase
Income Guidelines
Family Size 80% INCOME 110% INCOME
1 $45,100 $70,700
2 $51,550 $80,800
3 $58,000 $90,900
4 $64,400 $101,000
5 $69,600 $109,100
6 $74,750 $117,150
7 $79,900 $125,250
8 $85,050 $133,300
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