Down Payment Assistance Program
EUCLID EDCOR Down Payment Assistance Program
First-time home buyer down payment assistance loan program for eligible owner occupant purchases
Home purchasers may apply for down payment assistance loans toward the purchase of a single family home, attached single family home or a condominium housing unit. Loan amount will be based on upon income of household - 17% of purchase price with a maximum of $10,000.
The loan is deferred, interest free and half will be forgiven after a period of five years of owner occupancy.
|
Down Payment Assistance of |
(max of $10,00) |
|
Household size |
Maximum Income |
|
1 |
$35,500 |
|
2 |
$40,600 |
|
3 |
$45,850 |
|
4 |
$50,700 |
|
5 |
$54,800 |
|
6 |
$58,850 |
|
7 |
$62,900 |
|
8 |
$66,950 |
Applicants must also meet the following requirements:
Receive certification of completion of pre-purchase and home maintenance counseling from a HUD approved training program.
Contribute a minimum of 3% of the purchase price as down payment.
Receive approval and a first mortgage commitment for the purchase of the home from a mortgage lender.
Applicants may not have owned a home in the past three years; an exception can be made for displaced homemaker single parents with divorce documentation.
Home buyers must use the property as their primary residence.
Home buyers must meet federal income limitations for household size as stated above.
Monthly payment of principal, interest, taxes and insurance shall not exceed 30% of home buyer’s gross monthly income.
Additional rules apply see full HOME program description before completing application. It is strongly recommended that applicants obtain a 60 day funding reservation before entering into a purchase agreement. Funding is on a first-come first-served basis.
Applications are submitted to the EDCOR office, 585 E. 222 Street, Euclid, OH 44123. Call Karen (216) 289-4625 for an appointment after completing the application forms. See website for forms.
An Equal Opportunity Housing Program
Down Payment Assistance Info Sheet
Guidelines and Program Description
Counseling and Training Requirements