The City of Lowell has a federally funded program for down payment and closing cost assistance for first time home buyers. This is a no-interest loan program. The loan does not need to be paid back until the house is sold, transferred or refinanced (if equity is taken).
The amount of assistance provided is based on need. The maximum amount of assistance is $14,500.
Participants should call for a Pre-Application Interview to establish eligibility and to determine the amount of assistance. A "CERTIFICATE OF ELIGIBILITY" will be issued once a person qualifies. Call 978-459-8490 to schedule an appointment.
You must be a first time home buyer. (Veterans do not need to be first time home buyers but cannot currently own a home.) A first time home buyer is defined as someone who has not owned real estate in the last 3 years.
The property you are purchasing must be in Lowell.
All members of the household must have a valid social security number.
The total debt ratio (calculated by the lender) cannot exceed 45.0%.
Buyers need to have 1-1/2% of their owns funds.
There is a $175 mortgage recording fee.
Your household income cannot exceed the following:
Family Size Maximum Annual Household Income
Procedure to Apply
The homebuyer and the lender prepare all the necessary documents and submit them to the Merrimack Valley Housing Partnership (MVHP). After reviewing the application for eligibility and completeness, the MVHP prepares the legal documents and submits the application to the City of Lowell's Division of Planning & Development. The funds are typically available three weeks after a COMPLETE application package is submitted to the City of Lowell.
Lenders should send complete packages to MVHP.
By Fed Ex or UPS By Regular Mail
67 Middle St., Suite 501 P.O. Box 1042
Lowell, MA 01852 Lowell, MA 01853-1042
Please download the City of Lowell Program Description to view the list of required documents.
Please DO NOT FAX or E-MAIL application materials.
Please note that major mechanical problems in a house must be rectified by the seller prior to closing in order to receive down payment assistance.
The mortgagee clause should be on your home owners insurance binder and read as follows: "City of Lowell - Department of Planning & Development as "Mortgagee", 50 Arcand Drive, Lowell, MA 01852".
The Massachusetts Division of Banks requires that the Merrimack Valley Housing Partnership be licensed as a Mortgage Broker since we assist in the promotion and administration of down payment assistance programs. It also requires that our executive director be licensed as a mortgage originator.
Merrimack Valley Housing Partnership: Mortgage Broker License Number: 394805
Edward Alcantara: Mortgage Originator License Number: 1286453
James Wilde: Mortgage Originator License Number: 395036