ANSWER
Cambridge homebuyers can use City of Cambridge homebuyer counseling, affordable mortgage products, and downpayment assistance, while Harvard’s off-campus housing site can help you locate condo listings near campus.
YOUR NEXT DECISION
Apply this to your housing budget
- Take Cambridge’s free First-Time Homebuyer Class.
- Get pre-purchase counseling from the City after completing the class.
- Review current income limits and program eligibility before applying.
- Compare mortgage paths: MHP One Mortgage, MassHousing, FHA, and any lender’s condo review rules.
- Verify each Harvard-area condo listing directly before making an offer.
HELP WITH YOUR NEXT STEP
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Discuss financing with MattWhat financing options are available
The City of Cambridge says income-eligible first-time buyers can access affordable mortgage products, downpayment assistance, and affordable homeownership units. Its mortgage options page also says some products offer lower rates than conventional loans, downpayments between 1.5% and 5%, and no or reduced-rate private mortgage insurance.
- Cambridge’s First-Time Homebuyer Class is free and open to all, and the City offers pre-purchase counseling to Cambridge residents who have completed the class.
- The City’s affordable homeownership units are for first-time homebuyers with incomes up to 100% of Area Median Income.
- Massachusetts Housing Partnership’s One Mortgage Program is listed as a below-market, low-down-payment option that does not require private mortgage insurance.
How to start the process
Start with Cambridge’s First-Time Homebuyer Class, then use the City’s one-on-one counseling to talk through mortgages, homeownership, and City programs. If you’re income-qualified, the City says its staff can also help you understand affordable mortgage products and downpayment assistance.
- Contact Cambridge Housing at 617/349-4643 or homeownership@cambridgema.gov to set up counseling.
- Check the City’s current Housing Program Income Limits and eligibility tool before applying to any City program.
- If you want a standard mortgage, the City points you to FHA, MassHousing, and MHP as additional financing paths.
Finding a condo near Harvard
Harvard’s off-campus housing site lists Cambridge condo rentals near Harvard and says the service is available to Harvard graduate students, faculty, and staff. It also warns that Harvard University, HUH, and Off Campus Partners do not review, endorse, or inspect the listings, so you should verify each property yourself.
- Use the Harvard off-campus housing site’s Cambridge condo filter to compare units by beds, lease length, and distance to Harvard College.
- The Cambridge listings include condos such as 872 Massachusetts Avenue, 350 Harvard Street, and 27 Wheeler Street as examples of nearby inventory.
- Listings can vary by pricing type, lease term, and whether the unit is rented by bedroom or by the whole unit.
Sources
- For Homebuyers - CDD - City of Cambridge, Massachusetts ↗
- Affordable Mortgage Products - CDD - City of Cambridge, Massachusetts ↗
- Student Apartments for Rent Near Harvard University in Cambridge - Off-Campus Housing | Harvard University ↗
- One Bed Student Apartments for Rent Near Harvard University in Cambridge - Off-Campus Housing | Harvard University ↗
- Apartments for Rent Near Harvard University - Student Housing | Harvard University ↗
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