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The Housing Division and the Affordable Housing Trust Fund offer a Closing Cost Assistance (CCA) program to help first-time homebuyers in the City. You must be a first-time homebuyer purchasing in Somerville with an eligible income to qualify.
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The program aids households at or below 80% Area Median Income and households at or below 110% Area Median Income. Please see additional program information below:
Closing Cost 80 Program: Closing cost assistance up to $5,000 as a 0% interest, five-year forgivable loan. HOME funded.
Closing Cost 110 Program: closing cost assistance up to $5,000 in down payment assistance or closing costs as a 0% interest, five-year forgivable loan, forgiven at a rate of 20% per year. Trust funded.
Contact Information
Monday - Wednesday
8:30 a.m. - 4:30 p.m.
Thursday
8:30 a.m. - 7:30 p.m.
Friday
8:30 a.m. - 12:30 p.m.
Employee Directory
Program Information
CCA Information Packet and Program Guidelines
Eligibility is a two-part analysis: (a) income and (b) an underwriting process to determine need.
Income limit chart
| Household size | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| 80% AMI (HOME) | $96,000 | $109,700 | $123,400 | $137,100 | $148,100 | $159,050 | $170,050 | $181,000 |
| 110% AMI (Trust) | $131,978 | $150,832 | $169,686 | $188,540 | $203,623 | $218,706 | $233,790 | $248,873 |
Homeownership value limits (updated annually)
In order to participate in the program, the unit must fall under the maximum homeownership values, after rehab and purchase values, listed below:
| Property type | Condominium | 1 Family | 2 Family | 3 Family | 4 Family |
|---|---|---|---|---|---|
| Homeownership Value Limit - NEW | $858,000 | $858,000 | $1,099,000 | $1,330,000 | $1,648,000 |
| Homeownership Value Limit - EXISTING | $858,000 | $858,000 | $1,099,000 | $1,330,000 | $1,648,000 |
Asset Calculator
Per the Program’s asset policy, households with liquid (unrestricted) assets over the higher of $25,000 or six (6) months of documented income will be required to invest funds over that amount in the purchase prior to the City of Somerville providing an affordability subsidy.
Check what your spend down might be with the calculator below.
Disclaimer: The calculators are to be used for informational purposes only. No warranty, express or implied, is made regarding the accuracy, adequacy, completeness, legality, reliability, or usefulness of the information obtained from use of the calculators. All information should be verified with City staff.
CCA and DPA Spend Down Calculator
(Enter gross annual income)
(Enter Liquid Asset (Total Assets MINUS Retirement, 401K, IRA, 4403B or any college savings account)
What to Expect in an Income Certification
If you are applying for Closing Cost Assistance for a unit within the Inclusionary Housing Program, your income certification from the Inclusionary program is valid for six (6) months.
Households required to do an income certification will submit a pre-approval letter for a 30-year fixed-rate mortgage, 8 weeks of income documentation, 3 months of asset documentation, and their most recent tax return. Staff will calculate their income and assets based on this information and may follow up with requests for more documentation.
Additional Resources
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