Lowell Development & Financial Corporation DPA

Administered by: Lowell Development & Financial Corporation (LDFC) · City · Deferred Loan

Funding status: Active

How much assistance

Up to $7,500 (Deferred Loan)

No-interest loan. 20% of the loan is paid back to LDFC in five annual installments beginning on the 5th anniversary of the loan.

Eligibility

  • Income limits: Must meet program income requirements
  • First-time buyer required: Yes — Must not have owned real estate in the last 3 years.
  • Geographic restrictions: Must purchase a property in the City of Lowell.
  • Homebuyer education required: Yes

How to Apply for Lowell Development & Financial Corporation DPA

Step 1: Apply through Merrimack Valley Housing Partnership (MVHP). Complete homebuyer education. The assistance amount is calculated as 1.5% of the purchase price if the lender requires 3% down, or 2.5% of the purchase price if the lender requires 5% down, up to a maximum of $7,500. Contact MVHP at 978-459-8490.

Visit program website

Notes

Can be combined with the City of Lowell HOME Program for additional assistance. Administered through MVHP.

Cities Where This Program Is Available