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City of Euclid First Time Home Buyer Down Payment Assistance Loan Program

Euclid Development Corporation (EDCOR) · Euclid, Ohio

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Assistance

$10,000

The maximum the program publishes — not an offer

Income limit

$72,300

The household income limit the program publishes

Price cap

$166,000

Highest purchase price the program allows

Repayment

Forgivable

Forgiven after 5 years

What is City of Euclid First Time Home Buyer Down Payment Assistance Loan Program?

City of Euclid First Time Home Buyer Down Payment Assistance Loan Program is a forgivable loan for homebuyers in Euclid, Ohio, administered by Euclid Development Corporation (EDCOR).

  • A City of Euclid first-time homebuyer DPA program administered by Euclid Development Corporation (EDCOR), funded by the federal HOME grant. Eligible owner-occupant buyers receive a deferred, 0% interest loan of up to 17% of the purchase price, capped at $10,000, recorded as a second mortgage. The loan is forgiven to 50% after five years of owner occupancy, with the remainder recaptured upon resale or transfer. Buyers must complete HUD-approved counseling, contribute at least 3.5% of the price, and buy a single-family home, attached single-family home, or condominium in Euclid.
  • Up to $10,000 in down payment assistance.
  • 0% interest, no monthly payment.
  • 50% of the loan forgiven after 5 years of owner occupancy.
  • For first-time Euclid homebuyers.
  • This is a federal program, so it is available beyond a single state or city.
  • Funding comes from Federal HOME Investment Partnerships Program grant.

How much assistance does it provide?

City of Euclid First Time Home Buyer Down Payment Assistance Loan Program offers up to $10,000 in assistance.

  • Buyer contribution: Buyer must contribute a minimum of 3.5% of the purchase price from personal savings or a family gift (not seller givebacks; DPA cannot serve as this contribution).
  • Amounts are the program's published maximums, not an offer — Euclid Development Corporation (EDCOR) determines any individual award.

Do you have to pay it back?

City of Euclid First Time Home Buyer Down Payment Assistance Loan Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

  • Repayment is triggered by Loan reduces to 50% of original value after 60 months of residency/occupancy; remaining 50% balance is recaptured upon resale or transfer of the property.
  • The assistance is recorded in second 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 Euclid First Time Home Buyer Down Payment Assistance Loan Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: Must not have owned a home in the past three years; exception for divorced/displaced homemakers with documentation
  • The home is occupied as a primary residence
  • A completed homebuyer education course, through HUD-approved Pre-Purchase Counseling and Home Maintenance Training; providers: Breaking Chains Inc, Cleveland Housing Network, ESOP, Home Repair Resource Center, Neighborhood Housing Services of Greater Cleveland, NID-HCA
  • Residency: Property must be located within the City of Euclid
  • Citizenship or immigration status: Applicants must be legal U.S. residents
  • DRAFT (dpa-gap-finder 2026-06-15): pending review. Non-refundable $100 application fee at preliminary review. Closing at least 45 days after accepted purchase agreement. Required docs include 2 years 1040 returns and W-2s (3 years plus P&L if self-employed), last 4 paystubs for household members 15+, lender pre-approval, IDs, bank statements proving the 3.5% contribution, training certificates. Buyers sign HUD Voluntary Acquisition Notification and Owner Certificate of No Displacement. Funding pool limited; participation does not guarantee assistance. Income limits per program PDF rev. 6/2023.

The program excludes

  • Manufactured homes
  • Purchases above the $166,000 price cap
  • Households above $72,300

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

City of Euclid First Time Home Buyer Down Payment Assistance Loan Program limits household income to $72,300.

  • 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 Euclid First Time Home Buyer Down Payment Assistance Loan Program caps the purchase price at $166,000.

  • Eligible property types include Single Family, Condo, and Townhouse.
  • New construction is eligible.
  • Manufactured homes are not eligible.

Where does it apply?

City of Euclid First Time Home Buyer Down Payment Assistance Loan Program is a federal program, so it is not limited to Ohio.

How do you apply?

Applications for City of Euclid First Time Home Buyer Down Payment Assistance Loan Program go through Euclid Development Corporation (EDCOR), which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through HUD-approved Pre-Purchase Counseling and Home Maintenance Training; providers: Breaking Chains Inc, Cleveland Housing Network, ESOP, Home Repair Resource Center, Neighborhood Housing Services of Greater Cleveland, NID-HCA.

  2. Contact Euclid Development Corporation (EDCOR) to reserve funds

    Funds are reserved through First-come, first-served; eligible applicants issued a 60-day funding commitment letter after preliminary review, and are subject to availability.

  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.

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City of Euclid First Time Home Buyer Down Payment Assistance Loan Program, explained

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