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RSS FeedHave You Wondered About Owning A Home Instead Of Renting? |
Maybe you love the architectural style of Lakewood homes, you love the 'liveability' of Lakewood with her parks and sidewalks and active business district. And of course the pubs! But maybe you are just not sure you can own a home right now. Maybe you have a steady job but are concerned that a downpayment on a home might leave you strapped for cash? There are a lot of reasons why we hesitate. After all, buying a home is a big investment.
I want to make you aware of the City of Lakewood's First Time Home Buying Program. The housing stock is gorgeous and plentiful and Lakewood encourages you to purchase there when you decide it's time to buy your first home. How? With a fantastic program set up to teach you things you need to know about purchasing a home, and also providing you with downpayment assistance.
For example, did you know, if you purchase a single family home in Lakewood as a First Time Home Buyer, you can receive $10,000 towards your downpayment and closing costs? Yes, I said $10,000. I am going to include a synopsis page regarding this program, but for complete details, go to this link: http://www.ci.lakewood.oh.us/dept_planning_cdbg_6.html
There are homes in all price ranges and styles for sale in Lakewood....it's worth reading about this program to see how Lakewood's First Time Home Buyer's Program might be able to help make home ownership a reality for you!
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Lakewood City Division of Community Development
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.
Eligible Homebuyers
|
Household |
Maximum |
|
1 |
$34,350 |
|
2 |
$39,300 |
|
3 |
$44,200 |
|
4 |
$49,100 |
|
5 |
$53,050 |
|
6 |
$56,950 |
|
7 |
$60,900 |
|
8 |
$64,800 |
Affordable Financing
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.
First Federal of Lakewood is one of the participating lending institutions
14806 Detroit Avenue
(216) 221-7300
Eligible Properties
• Single-family, two-family, or condominium properties within the City of Lakewood.
• Purchase price cannot exceed $208,800 for a single-family or condominium, or $267,177 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 $25.00 for single- or two-family properties or a $50.00 fee for condominiums.
• 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).
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First Time Homebuyer Seminar |
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• |
Offered once a month to prospective homebuyers. |
|
|
• |
Mandatory to those seeking assistance through the HOME Program. |
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• |
Information provided regarding program requirements and federal lead-based paint guidelines. |
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• |
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. |
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.
Application Procedure
• 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. (First Federal of Lakewood only.)
• 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.
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.
For more information regarding this program, please contact:
Mary E. Leigh, Program Coordinator
City of Lakewood
Division of Community Development
12650 Detroit Avenue
(216) 529-5931
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