Down Payment Assistance
No-interest loans to first time homebuyers for up to 2.5% of the purchase price.
Down payment assistance for first time homebuyers
The maximum amount is $5,000
Secured by a mortgage on the property. After 5 years, 20% of the loan amount is paid back each year to the LDFC. In the event of the sale, transfer or refinancing of the property prior to the fifth anniversary, 100% of the loan will be paid. In the event of the sale, transfer or refinancing of the property subsequent to the fifth anniversary, the remaining balance of the loan will be paid.
Income Eligibility Criteria/Guidelines
Maximum annual household income
Applicants are required to attend Project Genesis training seminars for first time homebuyers through the Merrimack Valley Housing Partnership (MVHP).
Applications are submitted to the MVHP office by the lenders working with the buyers.
All commitments are subject to the availability of funds.
Merrimack Valley Housing Partnership (MVHP)
PO Box 1042
Lowell, MA 01853