Department of Planning and Development

First-Time Homebuyer HOME Program

Mission Statement

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:

  1. Deferred payment, zero percent (0%) interest second mortgage to ensure buyer affordability. Amount of assistance will be based on several factors including need, debt ratios and loan to value. For more information, contact the Division of Community Development.
  2. Pre-purchase counseling program to help homebuyers become more informed homeowners.
  3. Homebuyers can be pre-qualified by participating lending institutions to determine their maximum purchasing ability.
  4. Homebuyers may also qualify for additional financial support for weatherization and code compliance.
Eligible Homebuyers
  • 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.
  • Income Guidelines
    Household Size Maximum Household Income
    1 $35,100
    2 $40,100
    3 $45,100
    4 $50,100
    5 $54,100
    6 $58,150
    Affordable Financing

    Participating lenders offer:

    • 30-year loan term; 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
      Caroline Purcell, Mortgage Loan Specialist
    • Charter One
      Jacquie M. Kelley, Assistant Vice President
      Office 216.221.5207
      Jeffrey C Simko, Loan Officer
      Cell: 330-690-2675
    • Wells Fargo Home Mortgage
      4722 Great Northern Blvd North Olmsted, OH 44070
      Robert Null, Mortgage Consultant
      (440) 801-3431; Cell (216) 577-8991
      Fax (866) 673-5804
    Eligible Properties
    • Single-family or two-family properties within the City of Lakewood.
    • Purchase price cannot exceed $130,000 for a single-family or condominium, or $148,000 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
    • Applicants must also complete credit counseling through Neighborhood Housing Services.

    For more information regarding this program, please contact:

    Mary Leigh

    - Programs Manager, Division of Community Development
    12650 Detroit Avenue
    Lakewood, Ohio 44107
    (216) 529-HOME (4663)

    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.