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Cleveland Heights Home Buyers: Downpayment Assistance Program

February 14th, 2009 · 7 Comments

Cleveland Heights is one of those communities a lot of people put at the top of their fantasy lists.  Meaning, all things being equal, a lot of people would prefer to live there as opposed to anywhere else (and yes, it’s high on my list too). Luckily, Cleveland Heights has a home buyer program that makes it easier for you to do that. They have just revised their program so I wanted to give you the highlights here. And add a kudos to a colleague, Jim Tamburro, for letting me know about the changes.

The downpayment money available to you as a home buyer breaks down as follows:

• $15,000 towards a single family home

• $15,000 towards a two family home

• $20,000 towards a single-family new construction or Cleveland Heights approved condo conversion home.

Unlike Lakewood, this is not just for first time home buyers. You do however, have to meet some specifications. Like income eligibility. Here is a sample:

One person household gross maximum income is $34,800.

Two person household gross maximum income is $39,750

Four person household gross maximum income is $49,700.

You need to have a pre-approval from a mortgage lender stating you are eligible for a mortgage loan. You have to have 3% to put down on the purchase (it can come from a gift) and the loan can’t be messy, meaning it can’t have pre-payment penalties, excessive closing costs or points.

The house you purchase will have a HUD quality inspection so your potential home will have to meet certain HUD inspection guidelines. I sold a home through the Lakewood First Time Home Buyers program a few years back. The garage and front porch had peeling paint and that all had to be addressed before closing. So you will want your Realtor® to be showing you homes that can easily, maybe with just a bit of tweaking, meet the inspection guidelines for safety, lead paint, etc.

Unlike the Lakewood program which had two specific lenders handling their FTH Buyer Loan Program, Cleveland Heights doesn’t appear to be telling you who to use for a loan.

You will have needed to complete and get a certificate for home maintenance and pre-purchase counseling from a certified HUD agency.

There are more guidelines (other ‘size of household’ limits, for example, so my suggestion is that you go onto the Cleveland Heights website to get more information and also call Lori Sanford at the City of Cleve Hts. to flesh out the entire program. She can be reached at 216- 291-4869. It also behooves you to discuss this as a possibility with your real estate professional so you are all on the same page about what houses to preview for your purchase.

Also remember that Cleveland Heights is a Point of Sale Inspection community, meaning the City will do her own inspection, looking for violations, making sure the older housing stock we all love about that community stays in tip top shape. If you go to the link I have in this paragraph, you can read through the checklist inspectors use on each home before the sales are completed.

Coincidentally, the Plain Dealer  and Brian Albrecht focus on a new home rehab program the City of Cleveland Heights is starting. This is not for individuals, but involves the city purchasing the homes. You can read about it here.

My plan is to feature one home buyer program a week over the next month so we are all kept up to date on what is available for you when you are buying a home. Any questions please email me. Peace Out – 3C

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Tags: Cleveland Real Estate · neighborhood news

7 responses so far ↓

  • 1 Cleveland Heights Home Buyers: Downpayment Assistance Program // Feb 14, 2009 at 4:56 pm

    [...] Random Feed wrote an interesting post today onHere’s a quick excerptCleveland Heights is one of those communities a lot of people put at the top of their fantasy lists. Meaning, all things being equal, a lot of people would prefer to live there as opposed to anywhere else (and yes, it’s high on my list too). Luckily, Cleveland Heights has a home buyer program that makes it easier for you to do that. They have just revised their program so I wanted to give you the highlights here. And add a kudos to a colleague, Jim Tamburro, for letting me know about the change [...]

  • 2 John // Feb 15, 2009 at 8:47 am

    While downpayment assisitance program is nive for buyers, but what I need though is mortgage help now as own now. This site http://www.needhelppayingbills.com mentioned gov’t programs and Hope Now, but it was basic and I need info on the government programs and how to get help. Do you have any info on mortgage help? Thanks

  • 3 Carole Cohen // Feb 15, 2009 at 10:49 am

    Hi John, I’m glad you asked for help. It sounds like what you need is a renegotiated mortgage, and what I would strongly recommend is that you contact the Neighborhood Housing Services of Greater Cleveland – tomorrow. Call them at 216) 458-4663. One point I want to make regarding help with mortgages and bills, there are lots of non profit agencies to help you and there is no reason why you should have to pay for this help. Neighborhood Housing Services, and Hope Now do the kind of mortgage work you need right now. I encourage you to not wait but to call right away tomorrow.

  • 4 Laguna Niguel Real Estate // Feb 20, 2009 at 7:20 am

    Great program. Are there any terms and conditions?

  • 5 Erica George // Mar 12, 2013 at 4:58 pm

    How does this program work & How well does your credit have to be.
    216-466-3065

  • 6 Carole Cohen // Apr 1, 2013 at 12:58 pm

    Hi Erica, going to try to call you again but here is a link to the program’s home page on line which does give income limits. Not credit information. I would suggest you contact them and their contact info is available on line through this link:

    http://www.clevelandheights.com/index.aspx?page=449

  • 7 Carole Cohen // Apr 1, 2013 at 1:01 pm

    Erica, here is a direct telephone contact for the program. It’s reputation is good (as is Lakewood’s which is similar).

    Lori Sanford, 216-291-4869.

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