Cuy. Co. Foreclosed House Progr.

The Cuyahoga County Foreclosed House Buyer Program is also administered through the Neighborhood Housing Services of Greater Cleveland. It follows all of the same criteria as the other Cuyahoga County DAP's but, unlike the other three main programs, this is designed as a Home Renovation Program.

It's also important to understand that it is very difficult to get one of these loans approved since there are complications between the Program and Lending community over who will hold the renovation money. The best advice I can give you is to call me directly if you're seriously interested in this program.

Here are program highlights, in addition to the standard criteria described on previous pages:

* MUST complete Pre-Purchase Homebuyer Education and Home Maintenance Training BEFORE you can write an offer to purchase a home.

* Property must be vacant at least 90 days before closing.

* Must be owned by a lending institution.

* Defective Paint and Code Violations must be corrected by the buyer BEFORE you can take title.

* Maximum Assistance is 17% of the purchase price, plus closing costs, plus Point-of-Sale Repair Escrow funds, not to exceed a total $39,999.

* Home purchase price may not exceed 99% of the "as is" appraised value.

* Higher income limits permitted on this program.

* Available in communities with Point-of-Sale Inspections ONLY!

* Maximum purchase price of $199,999.

* Loan is 100% forgiven after 10 years of owner occupancy.

Please contact me immediately if you think you are interested in this program. The training is MANDATORY, as is the requirement to complete it and receive your Certificates of Completion, before you can write an offer to purchase a home. Income limits, available communities, and the like are important areas to discuss immediately, as well.

Jim Cook, GovieMan (tm)

(216) 401-1717