Department of Planning and Development
First-Time Homebuyer HOME Program
The Lakewood HOME Program provides one of the best mortgage financing packages available to qualified first time home buyers interested in purchasing a Lakewood home. Assistance, which comes in the form of a 0% interest, no monthly payment second mortgage is used to assist with both down payment and closing costs.
The Lakewood First-Time Homebuyer HOME Program Offers:
- deferred payment, zero percent (0%) interest second mortgage
- $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.
||Maximum Household Income
Participating lenders offer:
- 30-year loan term;
- Discounted fixed interest rate; and
- First mortgage loan to qualified buyers.
Appraisal and credit bureau report fees are required at time of application. P.M.I. may be required.
Participating Lending Institutions
- First Federal Savings and Loan Association of Lakewood
14806 Detroit Avenue
- Charter One
Barbara Zalud, Mortgage Loan Officer
David C. Restifo, Mortgage Loan Officer
Cell 440.289.6224; Office 216.221.2200
- Single-family or two-family 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 $50.00 for single- or two-family properties.
- 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).
First Time Homebuyer Seminar
- 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 prior to attending the seminar.
- Follow the directions offered throughout the training
- 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.)
- Print out certificate when prompted
For more information regarding this program, please contact:
- Programs Manager, Division of Community Development
12650 Detroit Avenue
Lakewood, Ohio 44107
Note: Prospective homebuyers must complete certain letters and/or certifications required by the U.S. Department of Housing and Urban Development (HUD). They are also required to sign a notice from HUD's Office of Lead-Based Paint Abatement and Poisoning Prevention, which promotes awareness of the dangers of lead-based paint. These documents, once executed, must be filed with Lakewood's Division of Community Development. Prospective homebuyers can obtain this information from their lender, or by contacting Ms. Leigh.