Lakewood HOME Program (First-Time Homebuyer's Program)

Lakewood HOME Program (First-Time Homebuyer's Program) is a deferred second loan for homebuyers in Lakewood, Ohio, administered by City of Lakewood, Division of Community Development. A federally funded (HUD HOME) first-time homebuyer program run by the City of Lakewood's Division of Community Development (HOME funds via the Cuyahoga County Housing Consortium). Provides a 0% interest, no-monthly-payment second mortgage for down payment and closing costs: up to $10,000 for a condo/single-family home and up to $14,000 for a two-family home. The single/condo loan is due on sale, transfer, or when it ceases to be owner-occupied; the two-family loan forgives on a percentage basis after year 5. Up to $10,000 (condo/SFH) or $14,000 (two-family). 0% interest, no monthly payment 2nd. Two-family forgivable after 5 yrs. Low 1.5% buyer contribution. Pairs with FHA/conventional 30-yr fixed. Funding comes from Federal, HOME, and Local Government.

Lakewood HOME Program (First-Time Homebuyer's Program) offers up to $14,000 in assistance. Award tiers: Condo/single-family: up to $10,000 deferred (due on sale/transfer/non-occupancy; no forgiveness). Two-family: up to $14,000, forgivable on a percentage basis after the 5th year of ownership. Homebuyer contribution: Minimum 1.5% of purchase price from buyer's own funds. The program can be combined with 30-year fixed-rate first mortgage (FHA/market-rate) from a participating lender. Amounts are the program's published maximums, not an offer — City of Lakewood, Division of Community Development determines any individual award.

Lakewood HOME Program (First-Time Homebuyer's 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 Property sold, Property transferred, and Ceases to be owner-occupied. 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.

Lakewood HOME Program (First-Time Homebuyer's Program) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Cannot have owned in last 3 years. Exceptions: single parents and displaced homemakers. On credit, the program states: No City-set minimum; must meet participating-lender credit standards. A homebuyer education course is required, through HUD-certified counseling agency; online via Framework ($75) or eHome America ($99); plus City orientation video + quiz. Residency requirement: Property must be within the City of Lakewood. Three City inspections (visual paint/lead, dye test, CO). City files a second mortgage.

Lakewood HOME Program (First-Time Homebuyer's Program) limits household income to 80% of the area median income, which varies by county and household size. 2025 limits (all household members over 18): 1=$55,650;2=$63,600;3=$71,550;4=$79,500;5=$85,900;6=$92,250;7=$98,600;8=$104,950. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Lakewood HOME Program (First-Time Homebuyer's Program) caps the purchase price at $280,000. Eligible property types include Single Family, Condo, and 2-4 Unit. New construction is eligible. Manufactured homes are not eligible.

Lakewood HOME Program (First-Time Homebuyer's Program) serves homebuyers purchasing in Lakewood, Ohio.

Applications for Lakewood HOME Program (First-Time Homebuyer's Program) go through City of Lakewood, Division of Community Development, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.