City of Canton Down Payment Assistance

What is 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.

Do you have to pay it back?

City of Canton Down Payment Assistance is forgiven after 5 years, so a buyer 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.

Who qualifies?

City of Canton Down Payment Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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’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.

What kind of home can it be used for?

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.

Is there eligibility for specific groups?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through Community Building Partnership of Stark County HUD-approved homebuyer education and one-on-one counseling.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply via Community Building Partnership of Stark County, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.