lakewood, ohio, *Department of Planning and Development First-Time Homebuyer HOME Program

First-Time Homebuyer HOME Programc

• deferred payment, zero percent (0%) interest second mortgage
  
  • $7,500 for condominium property,
  • $10,000 for single-family property, or
  • $14,000 for two-family property with forgiveness schedule.
  Loan to be repaid immediately at time of resale, transfer, or if property becomes absentee-owned. Purchasers of two family properties are eligible for loan forgiveness. Fifty percent (50%) will be forgiven after the fifth year of owning and occupying the property and twenty percent (20%) each year thereafter until one hundred percent (100%) forgiven.
• Pre-purchase counseling program to help homebuyers become more informed homeowners.
• Homebuyers can be pre-qualified by participating lending institutions to determine their maximum purchasing ability.

• Homebuyer(s) must either be a displaced homemaker, single parent, or a person who has not owned a home for 3 years.
• Homebuyer(s) must provide a minimum of 1.5% of the sale price from personal funds.
• Homebuyer(s) must use the property as principal residence.
• Homebuyer(s) must meet credit standards of participating lender.
• Homebuyer(s) must participate in pre-purchase counseling program provided by the lender.
• Monthly payment of principal, interest, taxes and insurance should not exceed 33% of Homebuyer(s) gross monthly income.
• Homebuyer(s) must meet federal income requirements for household size. Current annual income is defined in the Federal Regulations at 24 CFR Part 813.

• 30-year loan term;
• Discounted fixed interest rate; and
• First mortgage loan to qualified buyers.

• First Federal Savings and Loan Association of Lakewood
  14806 Detroit Avenue
  (216) 221-7300

• Single-family, two-family, or condominium properties within the City of Lakewood.
• Purchase price cannot exceed $226,138 for a single-family or condominium, or $256,248 for a two-family property.
• Must meet certain Lakewood Building Department Housing Code Standards at time of occupancy. Seller must apply for City Building Department inspection prior to sale and pay a $25.00 for single- or two-family properties or a $50.00 fee for condominiums.
• If purchasing a qualified two-family house, only owner-occupied or vacant properties are eligible. If two-family house has a current tenant, there must be no displacement or relocation of current tenant(s).

• Offered once a month to prospective homebuyers.
• Mandatory to those seeking assistance through the HOME Program.
• Information provided regarding program requirements and federal lead-based paint guidelines.
• Program participants are required to visit the Department of Housing and Urban Development's website and take the Visual Assessment Training Course [1] prior to attending the seminar.
  
  Directions: HUD website [1]
  • Step One: Scroll down the page and click on Training Curricula
  • Step Two: Click on the Visual Assessment Course to select
  • Step Three: Click on the logo to begin training
  • Step Four: Follow the directions offered throughout the training
  • Step Five: At the end of the course, complete the name and address page. (Use the cursor to move between entry spaces--do not use the Tab or Return key.)
  • Step Six: Print out certificate when prompted

[2]	HOME Program Information [2]

[3]	HOME Program Application Forms [3]