First Time Homebuyer Assistance Program

The First Time Homeowner Downpayment Assistance Program provides up to $15,000 for downpayment and/or closing costs for eligible first-time homebuyers purchasing a property located in the Mount Washington neighborhood and the Lower Acre Neighborhood, 1 of 2 targeted low & moderate income inner-City Haverhill neighborhoods as established by HUD based on US Census data. If the new home you are purchasing is not located on the DPA Street Listing, please contact us to find out if your new home location can be approved for Program Assistance.

The Assistance takes the form of a 0% interest loan with a 5-year term secured by a note and a mortgage.  The loan is payable on the sale or transfer of the property.  

The amount owed under the mortgage is a declining balance: every year that you live in the property as your primary residence, 20% of the original balance is forgiven.  After 5 years, you will owe nothing.

• Property to be purchased must be located in one of the two targeted low and moderate-income inner-City Haverhill neighborhoods as established by HUD based on US Census data. Please contact the Community Development Department to confirm the eligibility for the property location.
• The property must meet Federal Housing Quality Standards (HQS).  An inspection to ensure the property meets state and federal housing codes will be conducted by the Department's Rehabilitation Specialist.
• To qualify for program assistance, the property must comply with all applicable lead paint regulations.
• Applicants must occupy the property as their principal residence for the term of the mortgage.A minimum of 1.5% of the purchase price must come from the applicant's own funds (savings).
• The Assistance shall provide up to 50% of the required downpayment.  Downpayment and closing cost assistance funds may be used toward the purchase price, legal expenses, and other closing costs.
• The mortgage associated with the purchase must be a 30 year, fixed rate mortgage.
• Multi-family rental units cannot exceed 85% of Fair Market Rent for the term of the mortgage. Also, there can be no displacement of tenants currently residing in the property to be purchased.
• The property to be purchased cannot exceed the following limits:

*Limits effective June 15th, 2022

• Important Note: Once your eligibility has been determined, in order to participate in the program, it is essential that you notify the Community Development Department as soon as your Offer to Purchase has been accepted by the Seller.
• Participation in this Program does not qualify nor disqualify the applicant from participating in the City’s Housing Rehabilitation & Code Correction Program (HRCCP).
• This program is funded in part through the United States Department of Housing and Urban Development (HUD), the North Shore HOME Consortium, and the Community Development Block Grant Program (CDBG). Funding is limited and subject to yearly appropriation.