The Neighborhood Housing Services of Greater Cleveland has established the Cuyahoga County Down Payment Assistance Program to help first-time homebuyers with the upfront costs of purchasing a home. 

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Cuyahoga County Down Payment Assistance Program

Financial Assistance for Homebuyers in Ohio

The Neighborhood Housing Services of Greater Cleveland has established the Cuyahoga County Down Payment Assistance Program to help first-time homebuyers with the upfront costs of purchasing a home. The qualifying homebuyers receive assistance in the amount of 17 percent of the total transaction, which calculates as purchase price, plus 5 percent of purchase price for closing costs.

All applicants are responsible for a minimum of 3 percent of the total transaction contribution towards the purchase. The down payment assistance comes in the form of a deferred mortgage loan, 50 percent of which forgiven after ten years of occupancy. The amount must be used for eligible costs, and does not need to be repaid until sale or transfer of the home.

Eligibility Requirements
To be eligible for the Cuyahoga County Down Payment Assistance Program, applicants must meet the following requirements:
  • Homebuyers may not have owned a home in the past three years (first-time homebuyer)
  • The property must serve as the homebuyer’s primary residence
  • The total household income cannot exceed income limits and they must be current on all taxes
  • Loan-to-value of first mortgage may not exceed 80 percent
  • Housing debt-to-income (DTI) ratio may not exceed 28 percent
  • Overall DTI ratio may not exceed 43 percent
  • Liquid assets must not exceed $7,500 or six months PITI whichever is greater, after buyer contribution.
Property Guidelines
Additionally, there are certain restrictions on the type of households that are eligible under the program. Properties must be:
  • Single family, owner-occupied
  • Existing houses or new construction
  • Occupied by the seller, or vacant for at least 90 days before closing
  • Inspected for code violations and for defective paint (must be corrected before the buyer can take title or occupy the house)* Effective 6/6/2016, the HUD-adjusted purchase price limit for single family houses for the Cleveland-Elyria-Mentor MSA is now $130,000.
Income Limits
1 person household: $37,350 income limit
2 person household: $42,650 income limit
3 person household: $48,000 income limit
4 person households: $53,300 income limit
5 person household: $57,600 income limit
6 person household: $61,850 income limit
7 person household: $66,100 income limit
8 person household: $70,400 income limit
 

Down Payment Grants in Ohio

The Neighborhood Housing Services of Greater Cleveland has established the Cuyahoga County Down Payment Assistance Program to help first-time homebuyers with the upfront costs of purchasing a home. 

The HomeOwnership Center and the City of Dayton partnered to provide the Dayton Down Payment Assistance Program. If qualified, first-time homebuyers might receive up to 10 percent of their new home’s purchase price, to be put toward the down payment and closing costs.

The Ohio Housing and Finance Agency (OHFA) offers the Your Choice! Down Payment Assistance Program to qualifying homeowners. They can choose between assistance of 2.5 or 5 percent of the loan amount, to be applied toward the down payment, closing costs, or any other pre-closing expenses.

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