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

City of Lakewood, Division of Community Development · Lakewood, Ohio

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Assistance

$14,000

The maximum the program publishes — not an offer

Income limit

80% AMI

Of area median income; varies by county and household size

Price cap

$280,000

Highest purchase price the program allows

Repayment

Deferred

No payments until the home is sold or refinanced

What is 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.
  • This is a federal program, so it is available beyond a single state or city.
  • Funding comes from Federal, HOME, and Local Government.

How much assistance does it provide?

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.
  • Buyer 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.

Do you have to pay it back?

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.

Who qualifies?

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

The program excludes

  • Manufactured homes
  • Purchases above the $280,000 price cap
  • Households above 80% of area median income

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?

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.

What kind of home can it be used for?

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.

Where does it apply?

Lakewood HOME Program (First-Time Homebuyer's Program) is a federal program, so it is not limited to Ohio.

How do you apply?

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.

  1. Take a homebuyer education course

    Required by the program, through HUD-certified counseling agency; online via Framework ($75) or eHome America ($99); plus City orientation video + quiz..

  2. Contact City of Lakewood, Division of Community Development to reserve funds

    Funds are reserved with the provider 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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