Get Started!

It takes less than 30 seconds to move toward homeownership. And it is free. Let us help you.

City of Lakewood

Department of Planning and Development

First-Time Homebuyer HOME Program

Mission Statement

The Lakewood HOME Program provides one of the best mortgage financing packages available to qualified first time home buyers interested in purchasing a Lakewood home. Assistance, which comes in the form of a 0% interest, no monthly payment second mortgage is used to assist with both down payment and closing costs.

The Lakewood First-Time Homebuyer HOME Program Offers:
1.deferred payment, zero percent (0%) interest second mortgage $10,000 for single-family property, or
$14,000 for two-family property with forgiveness schedule.

Loan to be repaid immediately at time of resale, transfer, or if property becomes absentee-owned. Purchasers of two family properties are eligible for loan forgiveness. Fifty percent (50%) will be forgiven after the fifth year of owning and occupying the property and twenty percent (20%) each year thereafter until one hundred percent (100%) forgiven.

2.Pre-purchase counseling program to help homebuyers become more informed homeowners.
3.Homebuyers can be pre-qualified by participating lending institutions to determine their maximum purchasing ability.

Eligible Homebuyers
Homebuyer(s) must either be a displaced homemaker, single parent, or a person who has not owned a home for 3 years.
Homebuyer(s) must provide a minimum of 1.5% of the sale price from personal funds.
Homebuyer(s) must use the property as principal residence.
Homebuyer(s) must meet credit standards of participating lender.
Homebuyer(s) must participate in pre-purchase counseling program provided by the lender.
Monthly payment of principal, interest, taxes and insurance should not exceed 33% of Homebuyer(s) gross monthly income.
Homebuyer(s) must meet federal income requirements for household size. Current annual income is defined in the Federal Regulations at 24 CFR Part 813.

Income Guidelines

Household Size

Maximum Household Income

1

$35,500

2

$40,600

3

$45,650

4

$50,700

5

$54,800

6

$58,850

7

$62,900

8

$66,950


Affordable Financing

Participating lenders offer:
30-year loan term;
Discounted fixed interest rate; and
First mortgage loan to qualified buyers.

Appraisal and credit bureau report fees are required at time of application. P.M.I. may be required.


Participating Lending Institutions

First Federal Savings and Loan Association of Lakewood
14806 Detroit Avenue
(216) 221-7300
Charter One
Barbara Zalud, Mortgage Loan Officer
Phone: 440-832-1332
Email: barbara.c.zalud@charteronebank.com

David C. Restifo, Mortgage Loan Officer
Cell 440.289.6224; Office 216.221.2200
Email: David.Restifo@charteronebank.com

Eligible Properties
Single-family or two-family properties within the City of Lakewood.
Purchase price cannot exceed $226,138 for a single-family or condominium, or $256,248 for a two-family property.
Must meet certain Lakewood Building Department Housing Code Standards at time of occupancy. Seller must apply for City Building Department inspection prior to sale and pay a $50.00 for single- or two-family properties.
If purchasing a qualified two-family house, only owner-occupied or vacant properties are eligible. If two-family house has a current tenant, there must be no displacement or relocation of current tenant(s).

First Time Homebuyer Seminar
Offered once a month to prospective homebuyers.
Mandatory to those seeking assistance through the HOME Program.
Information provided regarding program requirements and federal lead-based paint guidelines.
Program participants are required to visit the Department of Housing and Urban Development’s website and take the Visual Assessment Training Course prior to attending the seminar. Follow the directions offered throughout the training
At the end of the course, complete the name and address page.

For more information regarding this program, please contact:

Mary Leigh

– Programs Manager, Division of Community Development

12650 Detroit Avenue
Lakewood, Ohio 44107

(216) 529-HOME (4663)


Another Great Lakewood Program

Department of Planning and Development

0% Deferred Payment Loans

Mission Statement

The 0% Deferred Payment Loan Program provides 0% owner occupied home improvement loans (Maximum $25,000) to residents 65 or older or permanently disabled. The loan is secured by a lien on the property – repaid when the house is sold or transferred or original applicant moves out of the property. After rehab, the property must meet Section 8 Housing Quality Standards and satisfy City of Lakewood Code requirements. Rebate assistance is available – Up to 50% of the loan (maximum $4,000) to offset the cost of qualified exterior improvements.

To qualify for this program, applicants must own and reside on their Lakewood property and meet the income guidelines listed.

Any Questions?

Contact the Division of Community Development at 216-529-HOME (4663) for additional information.

Income Guidelines

Household Size

Maximum Household Income

1

$22,200

2

$25,400

3

$28,550

4

$31,700

5

$34,250

6

$36,800

7

$39,350

8

$41,850