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Realizing the Dream Homeownership Program

Lynn, Massachusetts

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See what you qualify forOfficial program site →
Income limit

80% AMI

Of area median income; varies by county and household size

Price cap

$684,000

Highest purchase price the program allows

Repayment

Deferred

No payments until the home is sold or refinanced

What is Realizing the Dream Homeownership Program?

Realizing the Dream Homeownership Program is a deferred second loan for homebuyers in Lynn, Massachusetts.

  • The Lynn Housing Authority & Neighborhood Development (LHAND) Realizing the Dream Homeownership Program supports income-qualified first-time buyers purchasing in the City of Lynn (and, where eligible, surrounding HOME Consortium municipalities). LHAND's CHAPA-certified First-Time Homebuyer class equips participants for budgeting/credit, mortgage approvals, appraisals, inspections, insurance, down-payment assistance, and de-leading - completion qualifies graduates for ONE/ONE+ Mortgage and city/town DPA programs. The DPA itself is a 0% deferred-payment second mortgage funded by HUD HOME funds, repayable on sale/refinance/transfer.
  • Down-payment and closing-cost assistance for income-qualified first-time buyers purchasing 1-4 unit homes (including condominiums) in the City of Lynn or, where eligible, the Essex North Shore HOME Consortium. Provided as a 0% deferred-payment second mortgage.
  • awards typically up to $20,000. LHAND also offers CHAPA-certified first-time homebuyer education classes (registration $50 individual / $75 couple).
  • Funding comes from HOME, CDBG, Federal, and Local Government.

Do you have to pay it back?

Realizing the Dream Homeownership 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 Due in full at sale, refinance with cash-out, transfer, or loss of owner-occupancy during the affordability period.
  • 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?

Realizing the Dream Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: First-time buyer required (no ownership in past 3 years).
  • The home is occupied as a primary residence
  • On credit: 660 minimum (680 for FHA per first-lender underwriting)
  • A completed homebuyer education course, through LHAND First-Time Homebuyer Class (CHAPA-certified), North Shore Latino Business Association, and other HUD-approved/CHAPA-certified counseling agencies
  • Residency: Property must be located in the City of Lynn (or eligible HOME Consortium municipality) and used as the borrower's primary residence.
  • Citizenship or immigration status: U.S. citizen or eligible non-citizen per first-mortgage product and HUD HOME rules
  • First-time buyer required (no ownership in past 3 years). Property must be located in the City of Lynn (or, where eligible, North Suburban Consortium / Essex North Shore HOME Consortium municipalities) and used as principal residence. Buyer must complete LHAND's CHAPA-certified First-Time Homebuyer class. Loan is 0% deferred, repayable upon sale, refinance, transfer, or loss of owner-occupancy. Funded by HUD HOME / North Suburban Consortium HOME funds. Minimum FICO 660 (680 for FHA per first-lender underwriting).

The program excludes

  • Manufactured homes
  • Purchases above the $684,000 price cap
  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Realizing the Dream Homeownership Program 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 Boston-Cambridge-Newton HMFA (FY2025): approx. 1-person $56,800 to 8-person $107,100.
  • 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?

Realizing the Dream Homeownership Program caps the purchase price at $684,000.

  • Eligible property types include Single-family detached, Condominium, and 2-4 unit owner-occupied.
  • New construction is eligible.
  • Manufactured homes are not eligible.

Where does it apply?

Realizing the Dream Homeownership Program serves buyers purchasing in Lynn, Massachusetts.

How do you apply?

Applications for Realizing the Dream Homeownership Program go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through LHAND First-Time Homebuyer Class (CHAPA-certified), North Shore Latino Business Association, and other HUD-approved/CHAPA-certified counseling agencies.

  2. Contact the administering agency to reserve funds

    Funds are reserved through First-come, first-served upon completion of LHAND First-Time Homebuyer class and pre-approval., and are subject to availability.

  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.

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