Household Size	HUD Income Limits
1	45,500
2	52,000
3	58,500
4	65,000
5	70,200
6	75,400
7	80,600
8	85,800

The amount of assistance a buyer can receive is based on the following formula: Purchase Price of the Property x 4.5% (Amount Not To Exceed $8,000)

The First-time Homebuyer must first attend the homebuyer training class and obtain a certificate of completion. The Homebuyer then collects all the necessary documents and submits them to the Merrimack Valley Housing Partnership for review for eligibility and completeness, the application is then submitted to the City of Lowell’s DPD Office for property inspection and final approval or denial and applicants are then notified.

Timing is critical. It is the goal of Lowell’s Department of Planning and Development to have checks available for downpayment assistance within three weeks of receipt of a completed HUD package. FTHB funds are delayed if any required documents are missing.

Required Documents (To be submitted as part of your application):

A Housing Quality Standard Report (HQS) must be completed by a home inspector in addition to a basic home inspection. If there are items which are not in compliance, the closing can still proceed provided the buyer submit a plan indicating how he/she will address the problems during the first 24 months of ownership. Home Inspection Reports must include cost estimates to repair deficiencies. Applications will not be accepted if the property contains MAJOR MECHANICAL PROBLEMS unless the Seller plans to rectify them prior to closing.