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First Time Homebuyers Program

If you are a first time homebuyer, you could qualify for a loan of up to $8,000. To be eligible, you must:
Be a first time homebuyer or a qualified veteran purchasing in Lowell.
Meet the following income guidelines based on family size as established by the Department of Housing and Urban Development (HUD):
Household Size HUD Income Limits
1 45,500
2 52,000
3 58,500
4 65,000
5 70,200
6 75,400
7 80,600
8 85,800

The Formula:
The amount of assistance a buyer can receive is based on the following formula: Purchase Price of the Property x 4.5% (Amount Not To Exceed $8,000)

Procedure To Apply:
The First-time Homebuyer must first attend the homebuyer training class and obtain a certificate of completion. The Homebuyer then collects all the necessary documents and submits them to the Merrimack Valley Housing Partnership for review for eligibility and completeness, the application is then submitted to the City of Lowell’s DPD Office for property inspection and final approval or denial and applicants are then notified.

Timing is critical. It is the goal of Lowell’s Department of Planning and Development to have checks available for downpayment assistance within three weeks of receipt of a completed HUD package. FTHB funds are delayed if any required documents are missing.

Required Documents (To be submitted as part of your application):
Purchase and Sales Agreement
Property Transfer Notification Certification
Primary Mortgage Application
Mortgage Commitment Letter
Tax Returns – past 3 years
Credit Report
Verification of Employment
Five Recent Pay Stubs
Property Appraisal
Flood Certification
Home Inspection Report
First-Time Home Buyer Training Certificate

Home Inspections:
A Housing Quality Standard Report (HQS) must be completed by a home inspector in addition to a basic home inspection. If there are items which are not in compliance, the closing can still proceed provided the buyer submit a plan indicating how he/she will address the problems during the first 24 months of ownership. Home Inspection Reports must include cost estimates to repair deficiencies. Applications will not be accepted if the property contains MAJOR MECHANICAL PROBLEMS unless the Seller plans to rectify them prior to closing.

Primary Contact:

Philip Ferreira, Housing Program Manager
Department of Planning and Development
Phone: (978) 674-1410


Jim Wilde, Executive Director
Merrimack Valley Housing Partnership
Phone: (978) 459-8490