City of Canton Down Payment Assistance

City of Canton Down Payment Assistance is a deferred second loan for homebuyers in Canton, Ohio. Canton CBP-administered DPA: $5,000 0% interest 5-year forgivable second mortgage for first-time buyers within Canton city limits. Up to $5,000 in down payment and closing cost assistance for first-time homebuyers purchasing within City of Canton limits. 0% interest deferred 5-year forgivable second mortgage. Administered by Community Building Partnership of Stark County, funded via City of Canton CDBG/HOME. Funding comes from Local, City, CDBG, and HOME.

City of Canton Down Payment Assistance is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Pro rata recapture if owner sells/refinances/vacates within 5 years. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Canton Down Payment Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Standard HUD HOME FTHB waivers. On credit, the program states: 640 minimum FICO recommended. A homebuyer education course is required, through Community Building Partnership of Stark County HUD-approved homebuyer education and one-on-one counseling. Residency requirement: Property within City of Canton limits, owner-occupied. Citizenship or immigration status: U.S. citizen or qualifying permanent resident. First-time homebuyer. Property within City of Canton limits as primary residence. <=80% AMI Canton MSA (Stark County): $48,450-$91,350 by household size. Max purchase price $209,000-$273,000. CBP homebuyer education required. Minimum $1,000 borrower contribution.

City of Canton Down Payment Assistance limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% Canton MSA AMI: $48,450-$91,350 by household size. The limit applies to total household income, not only the borrower&rsquo;s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Canton Down Payment Assistance caps the purchase price at $273,000. Eligible property types include Single-family detached, condo, townhouse, 1-2 unit owner-occupied. New construction is eligible. Manufactured homes are not eligible.

City of Canton Down Payment Assistance names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

City of Canton Down Payment Assistance serves homebuyers purchasing in Canton, Ohio.

Applications for City of Canton Down Payment Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply via Community Building Partnership of Stark County. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.