Parma Ohio First Time Homebuyer Funds Now Available!
If you have hope of taking advantage of this great program, you should move quickly with the paperwork. Last year the money ran out very quickly. I had one client who was approved by the city but still did not get the money because other buyers came in with their purchase agreements before she did. When I called the city, they said that even though someone may be approved, it is still on a first come first served basis.
Below are some of the most important points about this program:
- Limited funds
- Income Limits Apply
- Must qualify for a loan of at least $70,000
- Maximum down payment assistance loan of 10% of the purchase price or $10,000
- The loan is forgivable over a 5 year period and carries a 0% interest rate.
To obtain an application, you must contact the city of Parma Department of Development and obtain an application IN PERSON. Per the Department, Parma needs an original and the application cannot be provided by the lender or realtor.
**IMPORTANT*** An applicant cannot sign a purchase agreement prior to submission of of an application AND approval by the department. Signing a purchase agreement before approval from the city of Parma will result in disqualification from the program.
For more information, you may ocntact the Departmenf of Development directly at 216-661-7372
It's possible that you can use this money in conjunction with the federal tax credit but always check with a certified public accountant or tax attorney to see if you qualify.
If you would like to buy or sell a home in the southern communities of Cleveland Ohio, please call me at 440-263-7496, or you may want to visit my website for more specific information on the communities I service: Brecksville Ohio Real Estate, Broadview Heights Ohio Real Estate, North Royalton Ohio Real Estate Independence Ohio Real Estate, Seven Hills Ohio Real Estate, Parma Ohio Real Estate, Parma Heights Ohio Real Estate and Middleburg Heights Ohio Real Estate. Information is obtained from Neohrex and is deemed reliable but not guaranteed.
