Eligible homebuyers can receive down payment assistance in the amount o 17% of total transaction. The transaction calculates as purchase price plus 5% of purchase price for closing costs. Homebuyer will be responsible for a minimum of 3% of total transaction contribution towards the purchase. The assistance is provided in the form of a deferred mortgage loan (50% forgiven after 10 years of occupancy) that must be used for eligible coasts, and it need not be repaid until re-sale or transfer of the property.
DIVERSITY OPPORTUNITY FORGIVABLE LOAN
The Diversity Opportunity Forgivable Loan provides for the loan to convert into a grant for homebuyers that purchase a property in a qualified census tract, in a community that the Neighborhood Housing Services of Greater Cleveland (NHS) serve, and who live there for five (5) years.
VACANT/ABANDONED FORGIVABLE LOAN
The Vacant/Abandoned Forgivable Loan provides for the loan to convert into a grant for homebuyers that purchase a qualified property, as verified by the local community, in a community that NHS serve, and who live there for five (5) years.
Single family, owner-occupied.
Existing houses or new construction.
Property must be occupied by the seller, or vacant for at least 90 days before closing.
Property must be inspected for code violations and for defective paint.
Code violations and defective paint must be corrected before buyer can take title or occupy the house.
Author:Pamela Haddon Phone: 240-464-1413 Dated: September 20th 2018 Views: 25 About Pamela: I was first licensed in 2001 in the State of Maryland. In over 15 years of experience I have receiv...
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