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EDCOR First Time Home Buyer Down Payment Assistance Loan Program

Euclid Development Corporation (EDCOR) · Euclid, Ohio

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See what you qualify forOfficial program site →
Assistance

$10,000

The maximum the program publishes — not an offer

Income limit

$126,000

The household income limit the program publishes

Price cap

$219,000

Highest purchase price the program allows

Repayment

Forgivable

Forgiven after 5 years

What is EDCOR First Time Home Buyer Down Payment Assistance Loan Program?

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

  • EDCOR's Down Payment Assistance Loan is a HOME-funded second mortgage for qualified first-time homebuyers purchasing in Euclid, Ohio. It provides up to $10,000 (or 17% of purchase price, whichever is less) used to reduce the first mortgage principal at closing. It is a 0% interest, 5-year forgivable loan: 50% is forgiven after 5 years of owner-occupancy with an annual proof-of-residence affidavit; the remaining 50% is recaptured upon sale, transfer, or refinance.
  • Up to $10,000 at 0% interest with no monthly payments.
  • Reduces first mortgage principal at closing.
  • 50% forgiven after 5 years of owner-occupancy.
  • Can eliminate PMI sooner.
  • Funding comes from Federal HOME Investment Partnerships Program (via City of Euclid / HUD).

How much assistance does it provide?

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

  • Award tiers: Loan amount up to 17% of purchase price, capped at $10,000; amount varies by income level.
  • Buyer contribution: Minimum 3.5% of purchase price from personal savings, a bona fide family gift, or a stackable lender grant (not seller givebacks, not the DPA loan).
  • The program can be combined with Buyer's 3.5% may come from a stackable lender grant; combinable with EDCOR's $250 Challenge ($2,250) program.
  • 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?

EDCOR 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 50% forgiven after 5 years (60 months) of continuous owner-occupancy with annual proof-of-residence affidavit; remaining 50% recaptured upon sale, transfer, or refinance.
  • The assistance is recorded in Second mortgage (behind first) position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

EDCOR 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 3 years; exception for recently divorced/displaced homeowners with documentation.
  • The home is occupied as a primary residence
  • On credit: No minimum credit score in program materials; creditworthiness governed by the first-mortgage lender.
  • A completed homebuyer education course, through Benjamin Rose; Realty Reimagined; Cleveland Housing Network; NID Housing Counseling Agency; Home Repair Resource Center
  • Residency: Property must be in the City of Euclid, Ohio and the borrower's primary residence.
  • Citizenship or immigration status: Must be a legal U.S. citizen/resident.
  • DRAFT (dpa-gap-finder 2026-06-12): pending review. Loan term 5 years (forgivable second mortgage). NON-TRADITIONAL: assistance reduces the first mortgage principal and CANNOT be used for the buyer's 3.5% down payment or closing costs; buyer must separately contribute 3.5% of purchase price from own funds, gift, or a stackable lender grant. Closing must be scheduled at least 45 days after the accepted purchase agreement. 60-day funding commitment letter issued after preliminary approval; renewal not guaranteed due to limited funding. Subordination considered case-by-case only.

The program excludes

  • Manufactured homes
  • Purchases above the $219,000 price cap
  • Households above $126,000

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?

EDCOR First Time Home Buyer Down Payment Assistance Loan Program limits household income to $126,000.

  • 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?

EDCOR First Time Home Buyer Down Payment Assistance Loan Program caps the purchase price at $219,000.

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

Where does it apply?

EDCOR First Time Home Buyer Down Payment Assistance Loan Program serves buyers purchasing in Euclid, Ohio.

  • Targeted neighborhoods: Entire City of Euclid, Ohio.

How do you apply?

Applications for EDCOR 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 Benjamin Rose; Realty Reimagined; Cleveland Housing Network; NID Housing Counseling Agency; Home Repair Resource Center.

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

    Funds are reserved through First-come, first-served; 60-day funding commitment letter after preliminary income-eligibility 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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