Cuyahoga County Down Payment Assistance Program
Financial Assistance for Homebuyers in Ohio
The qualifying homebuyers receive assistance in the amount of 17% of the total purchase price, plus 5 percent of the purchase price for closing costs. The down payment assistance comes in the form of a deferred mortgage loan, 50 percent of which forgiven after ten years of occupancy. The amount must be used for eligible costs and does not need to be repaid until the sale or transfer of the home.
To be eligible for the Cuyahoga County Down Payment Assistance Program, applicants must meet certain requirements. They must be first-time homebuyers, who have not owned a home in the past three years. Applicants' annual household income cannot exceed the program's income limits and they must be current on all taxes. The loan-to-value of the first mortgage may not exceed 80 percent. The housing debt-to-income (DTI) ratio may not exceed 28 percent, and the overall DTI ratio must be no higher than 43 percent. Applicants' liquid assets must not exceed $7,500 or six months PITI whichever is greater, after the buyer contribution of 3 percent of the total transaction.
Any home being purchased must serve as the applicant's primary residence. Eligible property types include existing or newly constructed single-family homes, occupied by the seller, or vacant for at least 90 days before closing. All properties must be inspected for code violations and for defective paint (must be corrected before the buyer can take title or occupy the house) The HUD-adjusted purchase price limit for single-family houses for the Cleveland-Elyria-Mentor MSA is now $129,000*.
1 person household: $38,050
2 person household: $43,450
3 person household: $48,900
4 person household: $54,300
5 person household: $58,650
6 person household: $63,000
7 person household: $67,350
8 person household: $71,700
*Note: All figures cited in these program descriptions were accurate at the time of publication and may no longer be current - visit the program website(s) for updated information.
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Ohio
The City of Bowling Green offers income-eligible applicants Housing Programs to help them afford safe and secure homes in the city
The Port offers the Communities First Down Payment Assistance Program, providing first mortgage financing and down payment/closing cost assistance grants to eligible homebuyers.
The Neighborhood Housing Services of Greater Cleveland has established the Cuyahoga County Down Payment Assistance Program to help first-time homebuyers with the upfront costs of purchasing a home.
The HomeOwnership Center and the City of Dayton partnered to provide the Dayton Down Payment Assistance Program. If qualified, first-time homebuyers might receive up to 10 percent of their new home’s purchase price, to be put toward the down payment and closing costs.
The City of Toledo offers down payment assistance for eligible first-time homebuyers in order to help them secure safe and affordable housing within City limits.
The Ohio Housing and Finance Agency (OHFA) offers the Your Choice! Down Payment Assistance Program to qualifying homeowners. They can choose between assistance of 2.5 or 5 percent of the loan amount, to be applied toward the down payment, closing costs, or any other pre-closing expenses.
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