SPECIAL FINANCING PROGRAMS
FOR CONVENTIONAL PURCHASE
|
SPECIAL FINANCING PROGRAMS FOR CONVENTIONAL PURCHASE |
Note: Program specifics are subject to change. Check with each lender concerning buyer and property eligibility. These programs cannot be used to purchase as an investor. Some, where noted, can be used to refinance.
Kimberly Mack, (216) 651-2330
Cynthia D. Blake (216) 761-5796
Affordable Dream: 0% down payment;
closing costs may be in the form of a gift, grant or soft
second; can be used for single-family homes; maximum
household income $45,550; minimum credit score 640; uses
33%/42%ratios; maximum loan amount $275,000; no
mortgage insurance required.
Affordable One: 3% down payment; down payment and closing costs may be in the form of
a gift, grant or soft second; can be used for
single-family homes; maximum household income $57,000;
uses 42%/42%ratios; maximum loan amount $275,000.
Affordable Option: 3% down payment; minimum up-front investment of 1% required from borrower;
down payment and closing costs may be in the form of
a gift, grant or soft second; can be used for
single-family homes; maximum household income $57,000;
uses 32%/45%ratios; maximum loan amount $275,000.
Note: Higher maximum household incomes eligible in
some cleveland neighborhoods. special pricing and
supplemental financing opportunities may be available.
Gil Maldonado, (216)631-8184
Tonya Perkins, (216) 341-3864
Our Community Program: 100% financing;can be used for single-family homes only; closing costs
limited to borrower's contribution of $500 or 1%, whichever
is less; flexible sources may be used for pre-paid
items; uses a single qualifying ratio of 41%; household
income limited to $60,000.
CCHAP Penny: 5% down, of which 2% can be gift
or grant; can be used for 1-2 family home; no
mortgage insurance; uses 33%/43% ratios; household
income limited to $69,000.
All for One Home Loan: purchase and rehab a home all in one loan; requires 5% down payment based
upon purchase price; rehab component limited to $50,000;
can be used for 1-2 family home; uses 33%/43%
ratios; household income is limited to $69,000; can also be
used to refinance and rehab a home up to a 95% LTV.
Denise Robinson, (216)552-2852
Clifford P. King, (216)982-5464
Rent-No-More Mortgage: 3% down payment can be from borrower, gift, or
grant; can be used with 1-4 family home; uses 33%/38% ratios; reduced closing
costs can be financed; 100% maximum LTV. Note: No private mortgage insurance
required.
FNMA CRA Cleveland Program: 3% down payment can be from borrower, gift,
or grant; 1% borrower's own funds required; uses 33%/38% ratios; can be used
with 1-family, owner occupied only; income restrictions may apply. note:
no private mortgage insurance required
Note: Dollar Bank offers free preapproval process for any City of Cleveland
homebuyer; as well as free credit couseling.
Sabryna Wheeler, (216) 274-5326
Home Sweet Home Program: 0% down payment, can be used for 1-2 family
home; no maximum sales price for existing homes or new construction; maximum
household income $55,400; uses 33%/40% ratios; $245 closing costs plus title
insurance; interest rate is .50% plus market rate. (Seller can contribute to
buyer's closing costs or rate buydown, but not down payment.)
NOTE: NO PRIVATE MORTGAGE INSURANCE REQUIRED; BUYER CANNOT OWN OTHER PROPERTY.
5/3 Bank Purchase/Rehab Program: 5% down payment, can be used for 1-4
family home; reduces interest rate by 1/2%; no income maximums; available in
City of Cleveland only; maximum loan amount $142,500; uses 28%./36% ratios.
Note: can be used for non-owner-occupied 1-4 family home with 20% down payment,
1/4% rate reduction.
Ed Matusik, (440)526-5582
Patty Clemens, (440)953-3699
Karen Mason, (330) 670-8271
Best Mortgage: minimum 3% down payment,
which can be gift or unsecured loan; can be used for 1-2
family home; uses 33%/43% ratios. Buyer cannot own
other real estate at time of closing. Can be used for
purchase, purchase rehab, construction, refinance or
refinance rehab. Free preapproval.
Note: no private mortgage insurance required; no
income maximums for buyers in city of cleveland neighborhoods.
FHA: none of the customary seller fees!
Andy Neidus, (440)753-2200
Community Homebuyer Programs:
3% down payment from buyer's own funds, uses 28%/36%
ratios; 3% down payment from buyer's own funds plus 2%
down from a gift, uses 40%/40% ratios. 0% down payment,
uses 33%/38% ratios and buyer can finance closing costs
with minimum 700 credit score. All ratios can be
expanded based on credit score.
Flexible 97: 3% down payment can be a gift or loan; uses 33%/41% ratios with 680 minimum credit
score; maximum mortgage amount $300,700. Ratios can
be expanded based on credit score.
FHA Purchase Loans: 3% down payment if seller
pays closing costs; uses 29%/41% ratios; available for 1-4
family homes; funds can be 100% gift, maximum mortgage
for single family $221,006. Ratios can be expanded
based on credit score.
Dave Borling, (216)447-4424 (West)
Welcome Home:
Designed for low to moderate income borrowers with slightly impaired credit.
Down payment is 0% to 3% depending on credit scores.
$500 minimum borrowers own funds required, balance
could be gift funds. Single family purchases only. 41%
debt ratio. 30 yr. fixed priced at market rate.
Community Access: For purchasing 1 or 2
family properties located in Low or Moderate-Income
census tracts. Down payments range from 0% to 10%.
Available for purchase of investment homes. Up to $10,000
in structural improvements can be financed into the loan.
No PMI required. 35%/45% debt ratio. 30 yr. fixed
priced at market rate.
Barbara Howell, (216)574-2533
Eddy Chatmon, (216)229-2286
Home Assist VI: Down payment 3% of acquisition cost (purchase price plus financed closing costs) maximum household income $60,000; down payment can be a gift or unsecured loan; closing costs can be financed;total monthly debt ratio of 40%; maximum purchase price $150,000; can be used for 1-2 family home. Note: No private mortgage insurance required; Rehab can be included in mortgage.
Debra Groce, (216)222-9845
Diana Barran, (216) 889-8180
Cecilia Rodriguez, (216) 403-9403
Michele Chebib, (216) 222-9155
Self Help: Minimum cash investment of only $500 from borrower's own funds towards a 3% down payment. Up to 105% CLTV financing available with approved community seconds. No PMI. Down payment can come from a gift; ratios up to 33%/45%; maximum income 115% of median income in the City of Cleveland and other concentrated areas; flexible underwriting; available for 1-family, owner occupied homes.
Affordable Gold 97: 3% down payment from borrower's own funds. Total monthly debt ratio to 40%; no income limits in the City of Cleveland and other concentrated areas; flexible underwriting; pre-purchase counseling; available for 1-family owner occupied homes.Dee McGhee-Haggins, (216) 920-0095
Lee Meena, (216) 941-3000
Kevin Sulecki, (216) 736-3480
My Community Mortgage: 3% down payment and closing costs may come from buyer's own funds,
gift from family member or grant from employer, non-profit
or government agency; special discounts on closing
costs for City of Cleveland homebuyers; `less than perfect'
credit acceptable; debt ratio up to 48% in some cases;
single family, owner occupied homes only.
100% Financing Options: no down payment required; closing costs may come from buyer's
own funds, gift from family member or grant from
employer, non-profit or government agency; buyer must have
solid credit; special discounts on closing costs for City
of Cleveland homebuyers; up to an additional 3% of
closing costs may be financed in some cases; single family,
owner occupied homes only.
Expanded Approval Options: reasonable loan rates despite minor credit blemishes; with some options,
interest rate will be reduced if borrower makes 24
consecutive mortgage payments on time.
Note: These ohio savings programs are available in all
city of cleveland neighborhoods with no application fee and
no maximum income limit for city of cleveland homebuyers;
free mortgage pre-aproval and homebuyer counseling
through branch locations; no closing cost loans also
available.
PARK VIEW FEDERAL SAVINGS BANK
Marian Murphy, (216) 283-4003 (east)
Dora Shiry, (216) 631-8900 (west)
Affordable Gold Housing Program with 3/2
Option: 5% down payment for 1-family homes and condos;
total monthly debt ratio of 40%; home buyer counseling
required; no income limits in City of Cleveland neighborhoods
if borrower provides 5% of the down payment from their
own funds;
Note: $500 in closing costs waived for city of
cleveland homebuyers; no closing cost loans also available.
Which of the preceding lenders offer special programs for Cleveland Homebuyers....
(216) 623-5986
American Dream: 97% loan with No Mortgage Insurance and a great interest
rate. Buyers qualify with income at 80% median income or if the home is in a
low-to-moderate census tract. Home inspection & Home Buyer Education are
Required.
No Down Payment Programs: Several different programs for borrowers of
varying credit that require Zero Down Payment. Maximum debt ratios to 41% and
No income limits!
Firstep FHA Buydown: All the benefits of an FHA loan with a lower interest
rate for first year!
Homebuyer Helper: Buy your home with little or no money out-of-pocket
expense including your closing costs, down payment and even get cash back. Redecorate,
buy new furniture or get money for future home improvement up to a maximum 5%
of the purchase price.
OVER $14 MILLION IN ASSISTANCE AVAILABLE
5.25% and 5.625% 30-Year Fixed Rate Mortgage
with Down Payment Assistance
1% Origination Fee, $150 Transfer Fee, and
$20 OHFA Review Fee required
Available through June 30, 2003
2003 programs introduced in July 2003
Maximum household income for Cleveland
homebuyers: 1-2 person household - $66,480 3+ person household - $77,560 Maximum sales price for Cleveland homebuyers: 1-family home - $146,754 2-family home - $165,245 3-family home - $200,026 4-family home - $232,605 New construction - $229,041
CITY OF CLEVELAND BUYERS DO NOT
HAVE TO BE FIRST-TIME BUYERS.
Program available on a first-come,
first-served basis as long as funds are available. A recapture fee may
apply if buyer sells or moves from the home within 9 years. Program cannot be used to refinance or to
purchase investment property.
PARTICIPATING LENDERS
Allstate
Financial Group 216-595-3666
Bank
One Mortgage 216-651-2330
Colony
Mortgage Corp. 216-621-8850
Countrywide
Home Loans 216-707-2110
Fifth
Third Mortgage 216-932-5335
First
Place Bank 440-779-0807
Freedom
Mortgage 440-925-8888
Huntington
Mortgage Co. 216-447-4424
Leader
Mortgage Company 216-696-8000
Metro
Mortgage 440-943-1111
Metropolitan
Bank & Trust 216-206-1636
National
City Mortgage Co. 800-622-9155
Real
Estate Mortgage Corp. 440-356-5363
Republic
Bank 216-514-5423
Union
National Mortgage Co. 440-542-9996
US
Bank Home Mortgage 216-623-5986
Loans are available on a fair and equal
basis regardless of race, color, ancestry, national origin, religion, sex or
physical handicap.
Department of
Community Development
Housing Programs
HOUSING DEVELOPMENT OFFICE
This office offers free
comprehensive and concentrated services to for-profit developers, non-profit
neighborhood-based organizations and individuals interested in building homes
in Cleveland. Invaluable advice is
provided on identifying and assembling vacant lots, arranging City financing
and expediting the building permit process.
Financial incentives are a key factor-here are a few details:
Low-Cost Land: City-owned lots are assembled
in the City’s Land Bank. Buildable lots
are sold for $100 with a commitment for new housing construction. Smaller lots are sold for $1 to adjacent
owners.
Tax Abatement: The City provides buyers with
tax abatement on the improved value of new and rehabilitated homes for a term
between 10 to 15 years.
Low-Interest Loans: New construction mortgage
loans can be obtained at a below market rate through Cleveland Action to
Support Housing and nine financial institutions which have agreements with the
City.
Affordable Utilities: A savings
of more than 30% can be realized on electrical bills through Cleveland Public
Power. Low cost water rates are also
offered.
HOUSING REHABILITATION PROGRAMS
The Department of Community
Development offers financial assistance to Clevelanders who wish to improve
their homes. Here is a summary of the
rehabilitation programs. (SUBJECT TO FUNDS BEING AVAILABLE).
Afford-A-Home (AAH): AAH combines a bank mortgage
with a second mortgage from the City to cover the total cost of purchasing and
repairing a home. A down payment is
required for the 30-year fixed-rate loan.
The second mortgage is a deferred loan at 0% interest, with $15,000 as
the maximum loan for the purchase-repair cost for income eligible families. Those with higher income also qualify for a
$5,000 maximum loan which is offered in targeted areas.
Repair-A-Home (RAH): Deferred loans from 0% to 3%
interest are available to owner-occupants of 1-4 family dwellings who meet
eligibility guidelines. Loan repayment
terms are dependent upon income and ability to repay, not to exceed 30
years. RAH monies must first be used to
repair home to code standards.
Home Weatherization Assistance Program (HWAP): Free
weatherization grants of approximately $3,250 per unit are available for
homeowners and tenants who meet the low-income guidelines.
Paint Refund Program: Refunds up
to $400 to cover the cost of paint and materials are available to homebuyers
and tenants who paint the exterior of their homes. Applicants must meet the income guidelines. Application period begins in May.
Senior Housing Assistance Program (SHAP): Senior
citizens who meet income guidelines may receive a one-time grant of up to
$8,000 for health and safely repairs to their homes. Applications must be made to the Department of Aging.
Cityworks: This program makes grants up to $4,000 to
small street, block and resident clubs for neighborhood improvement
activities. Groups must match City
dollars with volunteer efforts, donated supplies/materials, cash or a
combination of all three.
Call (216)
664-2869 for additional information on the new construction programs and (216) 664-2045 for income guidelines
and other details on the rehabilitation programs.
Call the Living In Cleveland Center at (216) 781-5422 |