This program has many similarities to the Parma Program but has distinct differences, as well.  Here are some of the highlights:

>>> ALL Required Training must be completed BEFORE you write an Offer to Purchase a home .  <<< 

*  A buyer must contribute 3% of the sales price from their resources.  This can include gifts from family, 401k loans, sale of property like cars, boats, etc.  There are very specific documentation criteria for any funds, so please call me before you do anything.

* The County gives Assistance of 17% of the purchase price of a home or $10,000, whichever is less, as a Down payment Assistance Program (DAP) Loan.  It must be used for down payment (** some exceptions-call me for details).

*  There are three different programs, plus the Foreclosed Home Program (see tab for that program).  The primary program, the Deferred Loan Program, is up to a $10,000 "loan" that is 50% forgiven after 60 payments.  The remaining 50% is non-interest bearing and is paid when the home is sold.

*  The County follows the standard income guidelines for Community DAP's, which changes yearly and is different based on household size.  Please contact me to determine if you will meet these income guidelines. 

*  There are 51 participating communities as of February 2010.  Call me for details.

*  2 separate MANDATORYcounseling classes are required and must be completed BEFORE a buyer can write an offer to purchase a home.  You must complete a free Home Ownership Counseling and Free Maintenance Training class in person.  These must be done through the Neighborhood Housing Services (NHS) and the Home Ownership counseling is a series of 4 classes, that take about 1 1/2 hours each. 

*  You do not need a PAL (Pre Approval Loan) from the County but you must get a PAL from your lender before writing an offer to purchase a home. 

*  The county's inspection of the home is similar to Parma's.  Chipping or pealing paint ANYWHERE can kill your deal, so go over the home with a fine-toothed comb.  If you see ANY chipping or pealing paint, either get the seller to hire someone to scrape and paint or you get them to agree to let you do it.  Otherwise, you risk losing the eligibility of the home or the $10,000 (do you get the idea I think this is pretty serious).

* Single Family Dwellings or certain condos only.  No multi-unit homes allowed.

*  Can not have owned a home in the past three years and must be owner occupied.

Contact me for additional details or to schedule an appointment to start a PAL.