City of Lowell HOME Program

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.

The amount of assistance provided is based on need. The maximum amount of assistance is $11,800.

Eligibility Requirements

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 the person qualifies. Call 978-459-8490 to schedule an appointment.

You must be a first-time homebuyer. (Veterans do not need to be first-time homebuyers but cannot currently own a home.) A first-time homebuyer 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 own funds.
  • There is a $205 mortgage recording fee.
  • Your household income cannot exceed the following:
Family Size = 1$55,950
Family Size = 2$63,950
Family Size = 3$71,950
Family Size = 4$79,900
Family Size = 5$86,300
Family Size = 6$92,700
Family Size = 7$99,100
Family Size = 8$105,500

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. 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

Jenny@mvhp.org

Cathy@mvhp.org

Required Documents

Please download the City of Lowell Program Description to view the list of required documents.

Required Home Inspection Review By City of Lowell

Please note that the Director of Housing & Energy Programs from the City of Lowell will review the buyer’s home inspection report and will require all property deficiencies to be repaired before closing. The City requires three weeks to review and approve a complete application.

Philip Ferreira | Director of Housing & Energy Programs
The City of Lowell
Department of Planning and Development
50 Arcand Drive  | Lowell, Ma. 01852
t: 978.674.1410  | f: 978.446.7014 | www.Lowellma.gov

The mortgage clause should be on your homeowner’s insurance binder and read as follows: “City of Lowell – Department of Planning & Development as “Mortgage”, 50 Arcand Drive, Lowell, MA 01852″.