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