Quantcast

The City of Lowell offers income-eligible first-time homebuyers down payment assistance in order to help them achieve their dreams of owning a home

FHA Rates Near 50 Year Low!

Now is the time to drop the interest rate on your 30-year mortgage or refinance into a 15-year home loan.

FHA Rates for September 22, 2021
Are You Watching Your Credit Score?

NOTICE: Some FHA mortgage lenders are substantially raising FICO score requirements during the Coronavirus crisis, even though FHA minimums remain unchanged.


- Improving Your Credit Score Has Never Been More Important -

Get started one
Get started two
Get started three
Get started four
FHA.com is a privately owned website, is not a government agency, and does not make loans.

Choose a Loan Type

FHA.com is a privately owned website, is not a government agency, and does not make loans.

City of Lowell HOME Program

The City of Lowell offers down payment and closing cost assistance with the federally funded HOME program 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) 

Eligibility Requirements 
You must be a first-time homebuyer. 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 own funds. 
  • There is a $205 mortgage recording fee. 

Income Limits 
1-person household: $55,950 
2-person household: $63,950 
3-person household: $71,950 
4-person household: $79,900 
5-person household: $86,300 
6-person household: $92,700 
7-person household: $99,100 
8-person household: $105,500 

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but states and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.        

 Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information.      

First-Time Home Buyer Programs in Massachusetts

With the One Mortgage Program, the Massachusetts Housing Partnership gives first-time homebuyers the chance to purchase their home with low-interest financing.

MassHousing has expanded its Down Payment Assistance Program to help first-time homebuyers in Massachusetts. It offers assistance funds to help cover the upfront costs of buying a home.

The City of Brockton offers down payment assistance to eligible first-time homebuyers purchasing a single or two-family home in within city limits.

The City of Lowell offers income-eligible first-time homebuyers down payment assistance in order to help them achieve their dreams of owning a home

spacer

First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

spacer

SEE YOUR CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


GET STARTED