It’s a new program, for qualified people (buying within Cleveland city zip codes, income limits lower than around $51,000 for one person, higher if more people in the household). You have to live in this house for at least five years. If you do? The remainder of the loan is forgiven after the 5 yr anniversary date of the closing/settlement date.
This is similar to the on-going program offered in Lakewood, with one big difference being that 15,000 dollar down payment gift is :
1. not limited to first time home buyers
2. available for single family, town house, condo and multi-family purchases
3. there is a lot of money available for this program, but unlike the Lakewood program, it’s not an unlimited amount (I think 11 million dollars, but don’t quote me!) Once that money is gone, the program is over.
4. Long list of approved lenders for this program, NOT limited to Wells Fargo. Keep this in mind when you are examining the program. There are at least ten lenders on this list, including local lenders like Third Fed and 5/3 and PNC.
This is a seriously good program to investigate if you are looking to buy a home. The event kicks off on Sept 12th so that would still give you time tmo find your home to purchase and then get this loan. I’m providing links below:
This next link from Neighborhood Housing Services of Greater Cleveland (NHSGC) takes you to their FAQ page about the program. NHSGC is the sponsoring non profit and the best place for extensive details.