City of Lowell HOME Program

The City of Lowell offers a federally funded HOME program designed to assist first-time homebuyers with their downpayment and closing costs. This program provides a zero-interest deferred loan. Repayment of the loan is required upon thesale or transfer of the property deed. Additionally, requests for subordination may be considered on a case-by-case basis.

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

Eligibility Requirements

Participants must call to schedule a pre-application interview to establish eligibility and determine the amount of assistance available. Applicants must also be pre-approved for a mortgage prior to moving forward. A Certificate of Eligibility may be issued once the applicant meets all program requirements. Please note that we cannot proceed with submitting a full Down Payment Assistance application for funding until there is an accepted offer on a property.

You must be a first-time homebuyer. Veterans are not required to be first-time homebuyers; however, they may not currently own a home. A first-time homebuyer is generally defined as someone who has not owned residential real estate within the past three years. Certain exceptions to the first-time homebuyer requirement may apply—please contact our office to discuss your specific situation and confirm eligibility.

• 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.%.
• There is a $310 mortgage recording fee.
• Your gross household income cannot exceed the following:

Procedure To Apply

The homebuyer and the lender prepare all the necessary documents and submit them to MVHP. After reviewing the application for eligibility and completeness, 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

Required Documents

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

Required Home Inspection Review by the 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 mortgagee clause should be on your homeowner’s insurance binder and read as follows: “The City of Lowell – Department of Planning & Development as ‘Mortgagee’, 50 Arcand Drive, Lowell, MA 01852”.