Lakewood HOME Program
The Lakewood HOME Program provides one of the best mortgage financing packages available to qualified first time homebuyers 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.
In order to participate in the program, you must complete a few orientation exercises and complete a survey. After completing the survey, the City of Lakewood will email you a certificate of completion, which can be taken to any of our participating lenders to begin the process. (Receiving a certificate of completion does not guarantee funding or eligibility into the program).
To receive your certificate of completion, please complete the following exercises:
- HUD Lead Assessment – At the end of the training you will be prompted to print a confirmation that you have completed the course. Please save as a PDF and email to firstname.lastname@example.org.
- Program Orientation – View the short video below, which goes over the process of completing the first-time homebuyer program. Be sure to pay attention, the video covers important details about what to look for in a home, the income qualifications, and how downpayment assistance is structured.
- Program Quiz – After watching the video, please complete the quiz located below. This quiz will help reinforce items in the program orientation and most importantly let’s know you that understand the mechanics of the program.
After completing the survey, City staff will email you a certificate of completion. If you have not received your certificate in a timely manner, please contact us at 216-529-4663.
Beginning March 1, 2016, all properties receiving assistance through the City of Lakewood’s First Time Homebuyer Program will be required to have a dye test. This is being done to ensure that the properties purchased through the Program are or will be correctly connected to the City’s storm water and sewer infrastructure. The City’s website has more information about this issue and how it is being addressed City-wide: http://www.onelakewood.com/cleanwaterlakewood/
All participants are required to complete homebuyer counseling through a HUD certified counseling agency. For a complete list please go to https://apps.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=OH.
Many program buyers use Neighborhood Housing Services (NHS). Participants must attend the Budget/Credit and Maintaining your home courses. Classes are held at NHS, which is located at 5700 Broadway Ave, Cleveland, OH 44127. An online option is available. Contact Keith Davis, Financial Capability Counselor, Neighborhood Housing Services of Greater Cleveland, 216.458.4663 x 2338, KDavis@nhscleveland.org for information about class schedules.
NHS Homebuyer Class Documents:
City Owned Properties for Sale+-
- Be able to put down 1½ percent of the purchase price
- Cannot have owned a home within the last three years (exceptions single parents & displaced homemakers)
- Meet current federal income guidelines. Income is calculated by including all members of the household over the age of 18.
As of 2019, the current income guidelines are as follows:
Household Size – Maximum Income
1 – $41,300
2 – $47,200
3 – $53,100
4 – $58,950
5 – $63,700
6 – $68,400
7 – $73,100
8 – $77,850
Effective June 28, 2019
Please note, income guidelines may change without notice.
- Attend a First Time Homebuyer Seminar with the City of Lakewood
- Attend credit counseling with Neighborhood Housing Services of Greater Cleveland
- Qualify for a loan at one of four participating lenders
- Owner occupants only
- Condominiums, Single Family and 2-Family Properties
- Property must pass a visual paint assessment and submit to a code inspection by the City of Lakewood
- Maximum sales value is $131,000 for a condo or single family home and $168,000 for a two-family
- Note: Contact City if attempting to purchase a new construction home as those limits are higher
- Up to $10,000 for a Condo or Single Family Home
- Up to $14,000 for a Two-Family Home
- 0% interest, no monthly payment 2nd mortgage financing
- Repayment when property is sold, transferred or ceases to be owner occupied
- Forgiveness schedule for two family properties only
Citizens Bank – Jacquie M. Kelley, 216‐221‐5207 or Dina Markos, 216‐310‐4796 or Scott Peters, 440-567-5282
Dollar Bank – Clifford P. King: 216‐736‐7377
Fifth Third Bank – Libby Chapin: 440‐572‐5444
First Federal of Lakewood – 216‐221‐7300: Caroline Purcell, Thom Rankin, Mimi Rivera
Huntington National Bank – Robert Ware: 216-535-9310
PNC – Troy McMahan: 440-864-3675 or Roderick E. Hirsch Jr.: 216-632-3344
- HOME Program Information
- Notice of Intent
- App Certification Form
- Form 4506
- Lead Safe Booklet – Lead Form
- HUD Acquisition Form
- Certificate of No Displacement
- Certificate of Occupancy Inspection Application
- Match Contribution
- Real Estate Agent Information
- HOME Checklist
- HOME Requirements
- HOME Dye Test Sign Off Form