First Home First Loan Down Payment Assistance

What is First Home First Loan Down Payment Assistance?

First Home First Loan Down Payment Assistance is a deferred second loan for homebuyers in Multiple, Ohio.

• Summit County First Home First Loan: $5,000 0% interest deferred second mortgage for FTHBs in Summit County (excluding Akron city limits).
• Up to $5,000 in down payment and closing cost assistance, structured as a 0% interest deferred second mortgage due on sale, refinance, or transfer of title (NOT forgivable). Administered by Summit County Department of Community and Economic Development for first-time homebuyers in Summit County (excluding Akron city limits).
• Funding comes from Local, County, CDBG, and HOME.

Do you have to pay it back?

First Home First Loan Down Payment Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Full balance due on sale, refinance, or transfer of title (deferred — not forgivable).
• 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?

First Home First Loan 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?

First Home First Loan 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% Akron MSA AMI: $56,200-$105,950 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?

First Home First Loan Down Payment Assistance caps the purchase price at $163,000.

• 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?

First Home First Loan 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?

First Home First Loan Down Payment Assistance serves buyers purchasing in Multiple, Ohio.

How do you apply?

Applications for First Home First Loan 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 HUD-approved housing counseling agencies in Summit County including East Akron Neighborhood Development Corporation and HRDC8.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply via Summit County CED, 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.