Down Payment Assistance
Fact Sheet

No-interest loans to first time homebuyers for up to 2.5% of the purchase price.

Eligibility Criteria/Guidelines

Eligible Uses
Down payment assistance for first time homebuyers

Amount
The maximum amount is $5,000

Loan Terms/Rate
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
$125,415

NOTE:

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.

Contact

Jim Wilde
Executive Director
Merrimack Valley Housing Partnership (MVHP)
PO Box 1042
Lowell, MA 01853
T:  978-459-8490
www.mvhp.org