Lawrence First Time Homebuyer Program

Administered by: City of Lawrence Community Development Department · City · Forgivable Loan

Funding status: Active

How much assistance

Up to 5% of the purchase price, not to exceed $25,000 (Forgivable Loan)

Forgivable as long as buyer remains in compliance with the affordability restriction and the affordability period has expired. Repayment due upon sale, refinancing, or transfer of title.

Eligibility

  • Income limits: Low-to-moderate income (up to 80% AMI); income limits up to approximately $153,900 for Gateway City borrowers
  • First-time buyer required: Yes — Must not have owned a home in the past three years.
  • Geographic restrictions: Must purchase an owner-occupied property within the City of Lawrence.
  • Homebuyer education required: Yes

How to Apply for Lawrence First Time Homebuyer Program

Step 1: Get pre-approved for a mortgage from a participating lender.

Step 2: Complete a first-time homebuyer education course through an approved counseling agency such as ACT Lawrence or Lawrence Community Works.

Step 3: Visit the Community Development Department at 12 Methuen Street, Lawrence, MA for an intake session with your pre-approval letter.

Step 4: Submit your application for review. Contact Marlene Ferrer at 978-620-3531 for more information.

Visit program website

Notes

Funded through the HOME Partnership Investment Fund. Buyer must contribute at least 1.5% of the purchase price toward down payment (or minimum $2,000 on purchases below $100,000). Priority given to persons who live and/or work in the City of Lawrence.

Cities Where This Program Is Available