Parma Down Payment Assistance Program

What is 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.

How much assistance does it provide?

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.

Do you have to pay it back?

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.

Who qualifies?

Parma Down Payment Assistance Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

Parma Down Payment Assistance Program caps the purchase price at $219,000.

• Eligible property types include Single Family.
• New construction is eligible.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved homebuyer education; free homeownership classes from CHN Housing Partners..

2. 2

   Contact Believe Mortgage (CHN Housing Partners) to reserve funds

   Funds are reserved with the provider 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.