>> Parma only gets a small amount of funds each year, so the money goes fast.  If you haven't gotten your PAL (Pre Approval Loan) from your lender as of January 2nd of each year, you may miss out. << 

The Parma Down payment Assistance Program (DAP) is one of the most popular programs, but also runs out of money very quickly.  The city of Parma will contribute 10% of the sales price, up to $10,000, to assist qualified buyers purchase a home in Parma.  Some of the criteria to qualify is:

*  Must meet certain family income limits.  This figure changes yearly and is based on family size, so you need to contact me for details and to determine if you meet the income guidelines. 

* Income for all occupants must be disclosed and applied to the income limits.

*  Must be owner occupied.

*  Must get a Pre Approval Loan (PAL) for a pre-determined Mortgage amount, which changes periodically.

*  There is NO minimum cash investment from the buyer required on this program. 

* Must get a PAL from your lender first, then be pre approved by Parma.

*  You can not write an offer to purchase a home until you receive your pre approval from Parma.

*  The home must pass a mandatory Housing Quality Standards Inspection by Parma.  If there is chipping/pealing paint ANYWHERE, it must be scraped and painted BEFORE the inspection is done.

*  Parma takes a second Mortgage against the home.  It is forgiven 1/60th per month.

*  Each year the maximum number of loans is adjusted based on the budget given to the city.  As an example, in 2009, Parma had a limit of around 20 transactions.

*  Each year, the start date is adjusted.  In 2009, the earliest an application could be submitted to the city was March 2nd; in 2010, applications were accepted January 2nd.

*  The latest a PAL application can be submitted to the city changes each year, based on the amount of funds avaialble and the # of homes they can assist.

Call Jim Cook for additional details or to start your PAL today.