First Time Home Buyers Program (FTHB)

First Time Home Buyers Program (FTHB) is a deferred second loan for homebuyers in Lawrence, Massachusetts. The City of Lawrence First Time Home Buyers (FTHB) Program assists low-to-moderate-income families purchasing residential, owner-occupied 1-4 unit property in Lawrence. Funded by HUD HOME and CDBG funds and administered by the City's Community Development Department, the program provides up to 5% of purchase price (not to exceed $25,000) as a 0% deferred second-lien loan with no monthly payments. Buyers must contribute 1.5% of the purchase price (or minimum $2,000) from their own funds and complete a CHAPA/HUD-approved homebuyer class. Awarded on a first-come, first-served basis once the buyer is under contract. Up to 5% of the purchase price (not to exceed $25,000) in down payment and eligible closing-cost assistance for income-qualified first-time buyers purchasing an owner-occupied 1-4 unit residential property in the City of Lawrence. Provided as a zero-interest deferred second-lien loan with no monthly payment for the life of the loan. Funding comes from HOME, CDBG, Federal, and Local Government.

First Time Home Buyers Program (FTHB) provides assistance worth 5% of the purchase price, as set by the program. The program asks homebuyers to contribute 1.5% of the purchase price (or minimum $2,000 if purchase price below $100,000) from buyer's own funds. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

First Time Home Buyers Program (FTHB) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Due in full at sale, refinance, transfer of title, or when property is no longer the borrower's principal residence (deferred for life of first mortgage). The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

First Time Home Buyers Program (FTHB) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time buyer required; no ownership in past 3 years (single-parent and displaced-homemaker exceptions apply). On credit, the program states: Not formally published; per City underwriting standards, generally 620+ minimum (matches first-mortgage product floor). A homebuyer education course is required, through ACT Lawrence, Merrimack Valley Housing Partnership (MVHP), and HUD-approved housing counseling agencies (CHAPA-certified). Residency requirement: Property must be located within the City of Lawrence and used as the borrower's principal residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen per HUD HOME and first-mortgage rules. First-time buyer required (no homeownership in past 3 years). Buyer must contribute 1.5% of the purchase price toward the down payment, or a minimum $2,000 on purchase prices below $100,000. Property must be located in Lawrence, owner-occupied, principal residence. Buyer must complete a CHAPA-approved homebuyer class and obtain pre-approval letter prior to scheduling an Intake Session at the Community Development Department. Apply only after acquiring an executed offer to purchase. Loan is a zero-interest deferred second-lien with no monthly payment, repayable upon sale, transfer, refinance, or change of occupancy. Property must meet HUD HOME / lead-paint standards.

First Time Home Buyers Program (FTHB) limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% HUD AMI for the Lawrence MA-NH HMFA: 1-person $55,950 to 8-person $86,300 (rounded; FY2025 HUD limits, current as of April 2026). The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

First Time Home Buyers Program (FTHB) caps the purchase price at $821,000. Eligible property types include Single-family detached, Condominium, and 2-4 unit owner-occupied. New construction is eligible. Manufactured homes are not eligible.

First Time Home Buyers Program (FTHB) serves homebuyers purchasing in Lawrence, Massachusetts.

Applications for First Time Home Buyers Program (FTHB) go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Applicant schedules an Intake Session with City Community Development; first-come, first-served once buyer has executed offer to purchase. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.