First Time Home-Buyers Program

What is First Time Home-Buyers Program?

First Time Home-Buyers Program is a deferred second loan for homebuyers in Multiple County, Massachusetts.

• Merrimack Valley Housing Partnership is a private nonprofit founded in 1990 that delivers first-time homebuyer education, one-on-one counseling, and DPA packaging across the greater Merrimack Valley (Andover, Billerica, Chelmsford, Dracut, Haverhill, Lawrence, Lowell, Methuen, Tewksbury, Tyngsborough, and surrounding towns). MVHP is the principal HUD-approved housing-counseling agency for the region and packages the City of Lowell HOME-funded DPA second-mortgage loan as well as connecting clients to LDFC, MassHousing, MAHA, and FHLBank Boston products.
• MVHP connects qualified first-time homebuyers in the Merrimack Valley with down-payment and closing-cost assistance, primarily through the City of Lowell HOME Program (0% interest deferred second-mortgage loan up to $20,000) and the Lowell Development & Financial Corporation 'soft second' product. MVHP itself provides comprehensive 12-hour homebuyer education (HUD-approved curriculum), individual housing counseling, mortgage-product matching, and packaging support to qualify buyers for federal HOME, MassHousing, ONE Mortgage, and bank CRA products. Buyers who complete MVHP counseling are eligible to apply for the City of Lowell HOME DPA loan and other municipal programs in Andover, Haverhill, Lawrence, Methuen, and surrounding Merrimack Valley communities.
• Funding comes from HOME, CDBG, MassHousing, Federal, Local Government, and Private.

Do you have to pay it back?

First Time Home-Buyers Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Deferred 0% second-mortgage repayable in full upon sale, refinance with cash-out, transfer of title, or loss of primary-residence status (City of Lowell HOME DPA).
• 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.

Who qualifies?

First Time Home-Buyers Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

First Time Home-Buyers Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income at or below 80% AMI for the Lowell HMFA: ~$68,500 1-person, $78,300 2-person, $88,100 3-person, $97,850 4-person, up to ~$129,100 8-person (FY26 HUD limits).
• 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.

What kind of home can it be used for?

First Time Home-Buyers Program caps the purchase price as follows: Limited by HUD HOME 95% area median purchase-price limits for Lowell HMFA (updated annually).

• Eligible property types include Single-family detached, Two-family, Three-family, Townhouse, and Condominium.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

First Time Home-Buyers Program serves buyers purchasing in Multiple County, Massachusetts.

• The program targets specific areas: Merrimack Valley region: Lowell, Lawrence, Haverhill, Methuen, Andover, Billerica, Chelmsford, Dracut, Tewksbury, Tyngsborough.

How do you apply?

Applications for First Time Home-Buyers Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Merrimack Valley Housing Partnership (HUD-approved 12-hour homebuyer education)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-come, first-served; buyer enrolls in MVHP homebuyer-education class, completes counseling, and submits DPA application package through MVHP to the City of Lowell or partner municipality., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.