Parma Down Payment Assistance Program

Parma Down Payment Assistance Program is a deferred second loan for homebuyers in Parma, Ohio, administered by Believe Mortgage (CHN Housing Partners). A down payment assistance program for buyers purchasing in the City of Parma, jointly funded by the City of Parma and Cuyahoga County and administered by Believe Mortgage (CHN Housing Partners). Provides a deferred, subordinate loan of up to 10% of the purchase price (up to $20,900) for down payment and eligible closing costs, repaid on sale, transfer, or refinance. Open to first-time and repeat buyers who have not owned a home in the past 3 years, at or below 80% AMI. Up to 10% of price (up to $20,900). Deferred, no monthly payments. Open to repeat buyers (no ownership in 3 yrs). Free CHN homeownership education. Funding comes from Local Government.

Parma Down Payment Assistance Program offers up to $20,900 in assistance. Amounts are the program's published maximums, not an offer — Believe Mortgage (CHN Housing Partners) determines any individual award.

Parma Down Payment Assistance 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 Sale, Transfer of Title, and Refinance. 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.

Parma Down Payment Assistance Program is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through HUD-approved homebuyer education; free homeownership classes from CHN Housing Partners. Residency requirement: Property must be in the City of Parma. Per shared county rules: current on taxes, first-mortgage LTV <=80%, housing DTI <=28%, overall DTI <=43%. Administrator page header advertises up to $21,900; county-confirmed cap is $20,900.

Parma Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% AMI (administrator example: family of four up to $79,500). Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Parma Down Payment Assistance Program caps the purchase price at $219,000. Eligible property types include Single Family. New construction is eligible.

Parma Down Payment Assistance Program serves homebuyers purchasing in Parma, Ohio.

Applications for Parma Down Payment Assistance Program go through Believe Mortgage (CHN Housing Partners), 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.