02/15/2024
The City of Boston will give a grant of 5% towards downpayment with NO Repay requirement
For Household Incomes less than 100% Area Median Income - Maximum $50,000 Grant
For Household Incomes between 101%-135% Area Median Income – Maximum $35,000 Grant
Area Median Income in Boston is $141,300
There is a Household Income Threshold. Meaning collective income from ALL individuals living in the home, whether they are applicants or not, cannot exceed the amounts listed below:
1 person = $145,200
2 Person = 165,950
3 person = $186,700
4 Person = $207,400
5 Person = $224,000
6 Person = $240,600
First-Time Homebuyer Only (Have not had any ownership interest in a residential property within the past 3 years)
Eligible Properties: Condominium, Single Family, 2 Family, 3 Family – No 4 Family Homes
Property must be located in Boston and be buyer’s primary residence
Buyer must contribute at least 1.5% of the purchase price from their own funds for a condo, single family and 2 family
Buyer must contribute at least 3% of the purchase price from their own funds for a 3 family
Buyer’s household assets cannot be more than $75,000 (This includes Roth IRA and Gifts but doesn’t include restricted retirement accounts such as 401K and 403B)