Cuyahoga County Down Payment Assistance Program

This program, offered by the Neighborhood Housing Services of Greater Cleveland, can assist qualified individuals with the expenses associated with a home purchase. Seventeen percent of the house’s purchase price is offered as down payment assistance, and an additional 5% is offered as closing cost assistance. This is a loan with deferred payments, and 50% of the loan amount can be forgiven after a residency of 10 years. Any loan amount due does not need to be paid back until the house is sold or transferred.

Only first-time homebuyers who have not owned a home in the previous three years can apply. Applicants must also fall within the below annual household income limits:

1 person household: $38,050
2 person household: $43,450 
3 person household: $48,900
4 person household: $54,300
5 person household: $58,650 
6 person household: $63,000
7 person household: $67,350 
8 person household: $71,700 

These numbers are accurate as of 2020.

Applicants cannot be behind on their tax payments, nor can their LTV be higher than 80%. Applicants have DTI limits too – 28% for the housing debt-to-income and 43% for overall debt-to-income. Applicants also have an asset limit – after putting down 3% of their funds towards the home purchase, they cannot have more than $7,000 or 6 months PITI (whichever amount is higher) in liquid assets.

Only primary residences can be purchased using this program, and that property must be a new or existing single-family house. The property must be either occupied by the seller, or empty for a minimum of 90 days before closing. Houses will need to pass an inspection prior to being approved for this program. If the house does not pass, the deficiencies must be corrected before it will be considered for approval.

As of 2020, the purchase price limit for this program is $129,000.

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