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Housing - Down Payment Assistance | Euclid Development Corporation

585 E 222nd St., Euclid, OH 44123

Eligibility

Must meet low to moderate income limits according to household size. Property must be in city of Euclid. Must receive certification of completion of pre-purchase and home maintenance counseling from a HUD approved training program. Must receive approval and a first mortgage commitment for the purchase of the home from a mortgage lender. Applicants may not have owned a home in the past three years; an exception can be made for displaced home owners with divorce documentation. Must use the property as primary residence. First mortgage monthly payment of principle, interest, taxes and insurance shall not exceed 30% of home buyer's gross monthly income.

Required documents

Income tax forms (1040) & W-2s for last 2 years Last 4 pay stubs for all household members over age 15 Pre-approval letter from loan company Driver's License of all over 18 Birth Certificates of all under 18 Proof of 3 1/2% down payment. More documents may be necessary. Agency will advise.

Hours

M, W, F: 9:00am-4:30pm
https://cityofeuclid.com
[email protected]

Application process

Phone for information. Information and application forms also available on the City of Euclid's website.

Fees

3 1/2% of the purchase price as down payment. No other fees may be added to the loan such as closing costs. A Processing fee is due at the time of confirmation of applicant eligibility.

Service area

United States

Description

Offers down payment assistance loans of up to $10,000 toward the purchase of a single family home, attached single family home or a condominium housing unit. Loan amount will be based on 17% of purchase price, with a maximum down payment assistance of $10,000. This loan is deferred, interest free and will be 50% forgiven after a period of five years of owner occupancy. The remaining balance is due upon re-sale or transfer of the property.

Data provided by

211 Cleveland

Providing organization

Euclid Development Corporation

Provides low-interest loans to low and moderate income residents of Euclid for home improvement and to correct code violations. Provides down payment assistance for qualified first time home buyers.