Family Size	Income Not To Exceed
1	$41,700
2	$47,700
3	$53,650
4	$59,600
5	$64,350
6	$69,150
7	$73,900
8	$78,650

_The Formula:_ 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 $10,000) _Procedure To Apply:_ The First-time Homebuyer’s BANKER collects all the necessary documents and submits them to the City of Lowell’s DPD Office. After careful review for eligibility and completeness, the application is either approved or denied and applicants are then notified. _Timing:_ Timing is critical. It is the goal of Lowell’s Division 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 by your Banker as part of your application) 1 Purchase and Sales Agreement 2 Property Transfer Notification Certification 3 Primary Mortgage Application 4 Mortgage Commitment Letter 5 Tax Returns - past 3 years 6 Credit Report 7 Verification of Employment 8 Five Recent Pay Stubs 9 Property Appraisal 10 Deed 11 Flood Certification 12 Home Inspection Report 13 HUD - Housing Quality Standards Report (HQS) 14 First-Time Home Buyer Training Certificate 15 City of Lowell First-Time Home Buyer Application _Home Inspections:_ 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. **Loan B - Application for City Funds** Part B of this program eliminates many of the requirements of Part A, namely: * The applicant need not be a First-time Homebuyer. * The income limits are eliminated. The applicant will still be required to secure private financing. * The five year forgiveable loan of up to $10,000 will not have to be repaid if all program rules are adhered to. * City Funds not Federal Funds will be used.

Primary Contact:
Jacqueline Caron, HOME Program Assistant
Division of Planning and Development
Phone: (978)446-7200

-OR-

Jim Wilde, Executive Director
Merrimack Valley Housing Partnership
Phone: (978) 459-8490