Cleveland Real Estate News

The ‘one of the best’ is my opinion, because of the down payment monies available regardless of whether or not you are buying a condo, single family or multi-family home in Lakewood. The City of Lakewood First Time Home Buyer Program (HOME) recognizes their substantial housing stock in each of these areas and is truly promoting home ownership in all three.

I just checked with them and they say the program is stable and the terms are not expected to change in the near future.

What do you need to do to qualify as a first time homebuyer in Lakewood? You can’t have owned a home or a portion of a home (where your name appears on the title) for three years.  The only exception to this is if you are a single parent – then they waive this requirement.

There are income limits.  Here are some examples:

One (adult) person household – $34,800

Two (adult) person household – $39,750

Three person – $44,750

Four person – $49,700

The home you purchase cannot be an investment only property; you have to also live in it.

There are a few other requirements, like being able to show you can provide a certain percentage of the down payment, and you have to work with approved (by Lakewood) lenders.

And what do you get from the program?A graduated, forgivable mortgage down payment loan – and the loan is non interest bearing which is also nice.

If you are purchasing a condo, you get $7,500

If you are purchasing a single family home you get $10,000

If you are purchasing a two-family home you get $14,000

Call First Federal of Lakewood for more details at 216-221-7300.

Call The City of Lakewood Community Development Office at 216-529-7681. 

After you have lived in your home for five years, 50% of the loan is forgiven, and 20% is forgiven every year thereafter until you reach 100%. This is a great program.  And don’t forget, you may also qualify for the Housing Tax Credit just passed in the TARP bill by the Feds.  So check with your tax preparer (or your mortgage lender) to get more details about this program.

Lakewood has other programs for home owners that are fantastic, that will help you improve or renovate your home. Check out the website for both the HOME program and these home improvement loan possibilities.    Peace Out – 3C