First Time Homebuyer Program in High Demand

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.

Used together with the First Time Homebuyer Tax Credit, you can buy a Lakewood home at an incredible value. Lakewood Realtors and banks alike have reported that the tax credit has been getting first time home buyers in Lakewood at record rates.

Lakewood's program offers 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.

The 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 aftern the fifth year of owning and occupying the property and twenty percent (20%) each year thereafter until one hundred percent (100%) forgiven.

The program will be available even after the tax credit expires. Find out more here.