Home Ownership Loan Program

What is Home Ownership Loan Program?

Home Ownership Loan Program is a deferred second loan for homebuyers in Warren, Ohio.

• City of Warren HOLP: $5,000 0% interest deferred non-forgivable second mortgage for FTHBs within Warren city limits.
• Up to $5,000 in down payment and closing cost assistance for first-time homebuyers purchasing within City of Warren limits (Trumbull County). 0% interest deferred second mortgage due on sale, refinance, or transfer of title (NOT forgivable). City of Warren CDBG/HOME-funded.
• Funding comes from Local, City, CDBG, and HOME.

Do you have to pay it back?

Home Ownership Loan Program 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 — not forgivable over time.
• 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?

Home Ownership Loan Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Home Ownership Loan Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income at or below 80% Youngstown-Warren-Boardman MSA AMI: $28,000-$84,500 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?

Home Ownership Loan Program caps the purchase price at $156,655.

• 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?

Home Ownership Loan Program 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?

Home Ownership Loan Program serves buyers purchasing in Warren, Ohio.

How do you apply?

Applications for Home Ownership Loan Program 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 Mahoning Valley including Trumbull Mobile Meals, Trumbull NHS, and Mahoning Valley NeighborWorks.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply via City of Warren Community Development, 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.