​ First-Time Homebuyer's Program | The City of Lakewood, Ohio

First-Time Homebuyer’s Program


Lakewood HOME Program

The Lakewood HOME Program provides one of the best mortgage financing packages available to qualified first time homebuyers interested in purchasing a Lakewood home. Assistance, which comes in the form of a 0% interest, no monthly payment second mortgage is used to assist with both down payment and closing costs.

In order to participate in the program, you must complete a few orientation exercises and complete a survey. After completing the survey, the City of Lakewood will email you a certificate of completion, which can be taken to any of our participating lenders to begin the process. (Receiving a certificate of completion does not guarantee funding or eligibility into the program).

To receive your certificate of completion, please complete the following exercises:

  1. HUD Lead Assessment – At the end of the training you will be prompted to print a confirmation that you have completed the course. Please save as a PDF and email to dcd@lakewoodoh.net.
  2. Program Orientation – View the short video below, which goes over the process of completing the first-time homebuyer program. Be sure to pay attention, the video covers important details about what to look for in a home, the income qualifications, and how downpayment assistance is structured.
  3. Program Quiz – After watching the video, please complete the quiz located below. This quiz will help reinforce items in the program orientation and most importantly let’s know you that understand the mechanics of the program.

After completing the survey, City staff will email you a certificate of completion. If you have not received your certificate in a timely manner, please contact us at 216-529-4663.

All participants are required to complete homebuyer counseling through a HUD certified counseling agency.  For a complete list please go to https://apps.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=OH.

Many program buyers use CHN Housing Partners (CHN).  Both in person (free) and online options (fee based paid by buyer) are available.  Information about the in person class is available at https://chnhousingpartners.org/classes/  (scroll down to Home Ownership series). For detailed information please contact Kate Carden, Director, Financial Mobility Programs at 216-325-1150 or KCarden@chnhousingpartners.org.

For buyers choosing the online class, please use the below links:

Framework: www.chnnet.frameworkhomeownership.org
eHome: www.ehomeamerica.org

*Please note there is a $75 fee for Framework and $99 for E Home America

 

Program Orientation

Program Quiz

https://www.surveymonkey.com/r/PCHT6ZC

Password: buylakewood

Program Guidelines

  • Buyer Qualifications+-

    • Be able to put down 1½ percent of the purchase price
    • Cannot have owned a home within the last three years (exceptions single parents & displaced homemakers)
    • Meet current federal income guidelines. Income is calculated by including all members of the household over the age of 18.

    New Income Guidelines for 2023

    Household Size    Max Income

    1                              $50,650

    2                              $57,850

    3                              $65,100

    4                              $72,300

    5                              $78,100

    6                              $83,900

    7                              $89,700

    8                              $95,450

    Please note, income guidelines may change without notice. 

  • Program Requirements+-

    • Attend a First Time Homebuyer Seminar with the City of Lakewood
    • Attend credit counseling with Neighborhood Housing Services of Greater Cleveland
    • Qualify for a loan at one of four participating lenders
    • Owner occupants only

  • Eligible Properties+-

    • Condominiums, Single Family and 2-Family Properties
    • Property must pass a visual paint assessment and submit to a code inspection by the City of Lakewood
    • Maximum sales value is $149,000 for a condo or single family home and $191,000 for a two-family
    • Note: Contact City if attempting to purchase a new construction home as those limits are higher

  • Financial Assistance+-

    • Up to $10,000 for a Condo or Single Family Home
    • Up to $14,000 for a Two-Family Home
    • 0% interest, no monthly payment 2nd mortgage financing
    • Repayment when property is sold, transferred or ceases to be owner occupied
    • Forgiveness schedule for two family properties only

  • Participating Lenders+-

    Citizens Bank – Jacquie M. Kelley, 216‐221‐5207 or Dina Markos, 216‐310‐4796 or Scott Peters, 440-567-5282

    Dollar Bank – Clifford P. King: 216‐736‐7377

    Fifth Third Bank –  Libby Chapin: 440‐572‐5444

    First Federal of Lakewood – 216‐221‐7300: Caroline Purcell, Thom Rankin, Mimi Rivera

    Huntington National Bank – Robert Ware: 216-535-9310

    PNC – Troy McMahan: 440-864-3675 or Roderick E. Hirsch Jr.: 216-632-3344

  • Documents+-