City of Lowell HOME Down Payment Assistance Program
How much assistance
Up to $11,800 (Deferred Loan)
No-interest loan repaid upon sale of the home, transfer of the deed, or refinance of the property. No monthly payments required.
Eligibility
- Income limits: Must meet HUD income limits for the Lowell area
- First-time buyer required: Yes — Must not have owned real estate in the last 3 years. Veterans do not need to be first-time homebuyers but cannot currently own a home.
- Geographic restrictions: Must purchase a property in the City of Lowell.
- Homebuyer education required: Yes
How to Apply for City of Lowell HOME Down Payment Assistance Program
Step 1: Attend a homebuyer training class through Merrimack Valley Housing Partnership and obtain a certificate of completion. Collect all necessary documents and submit to MVHP for review. MVHP submits to the City of Lowell DPD Office for property inspection and final approval. Buyers must have 1.5% of their own funds. Total debt-to-income ratio cannot exceed 45%. Allow three weeks for the City to review and approve. Contact MVHP at 978-459-8490 or mvhp@mvhp.org.
Notes
Federally funded through HUD HOME program. Administered in partnership with Merrimack Valley Housing Partnership (MVHP). Hundreds of first-time buyers have received nearly $6 million in assistance through this program.