HomeBridge

217 Harvard St

Financial Assistance for First-Time Homebuyers

HomeBridge is a program to assist first-time homebuyers to purchase a home in Cambridge. Eligible buyers receive financial assistance for a portion of the price of the home; in exchange, they enter into an affordable housing restriction.

Eligible applicants must earn at least 60% and no more than 120% of Area Median Income (AMI), adjusted for household size. Current income limits are available here.

The program provides up to 65% of the purchase price for a three-bedroom unit; 60% for a two-bedroom unit; and 50% for a one-bedroom unit. 

Homes purchased with HomeBridge must meet City standards and be priced within the maximum program limits set by the Housing Division.

Buyer’s monthly housing costs must be no more than 33% and no less than 25% of their gross monthly income as determined by CDD. The maximum purchase price will be determined for each applicant based on their affordable monthly payment and down payment.

Applicants who are approved and agree to the program terms and conditions receive a pre-approval letter that they can combine with a mortgage pre-approval from a financial institution when making offers on available units in Cambridge.

Apply for HomeBridge 

Apply online. The Housing Department will accept new HomeBridge applications on a rolling basis.  The online application is hosted on the City's OpenGov portal. 

A paper version of the application can be requested by contacting homeownership@cambridgema.gov.  

HomeBridge Qualifications 

Applicant In order to qualify, applicants must:

  • Be a First-Time Homebuyer.
  • Complete a CHAPA-certified First-Time Homebuyer class.
  • Meet income eligibility requirements with a household income of at least 60% and no more than 120% AMI.
  • Be a current Cambridge resident OR have at least one adult household member who works full-time in Cambridge.
  • Purchase a single-family home or condominium in Cambridge that has been approved by Housing Division staff.  Units for households with children must be deleaded, regardless of bedroom size.
  • Obtain a conventional, fixed-rate mortgage from a financial institution.  The monthly housing payment must be between 25% and 33% of household gross monthly income, including taxes, insurance, and condo fee. Click here for lenders that have experience with the Cambridge Affordable Housing Restriction. 
  • Have sufficient assets for down payment and closing costs; and contribute any liquid assets in excess of $40,000 to the purchase; liquid asset limits may be higher for households where all adult members are 62 or older.
  • Agree to the City’s Affordable Housing Covenant, which includes resale, limited equity and residency restrictions. 

Before Applying

We recommend that you attend an upcoming information session to learn more about the City's rental and homeownership programs, including HomeBridge. Information on upcoming sessions and links to register to attend via Zoom can be found here. 

For additional questions, please contact the Housing Division at homeownership@cambridgema.gov or 617/349-4622.