Tim Bradford - AMMCorp.net

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Up to 39,999 GRANT/LOAN for some Cuyahog Communities

Below is information about grant/loan funds that are available to buyers of foreclosed homes in some Northern Ohio Communites.   Other Programs for Non Foreclosed homes or other Cities in Cuyahoga County. For additional information, please contact me. 

FORECLOSED HOUSE BUYER
DOWNPAYMENT ASSISTANCE LOAN PROGRAM

(Neighborhood Stabilization Program (NSP) Funded)

Eligible Communities -
Bedford, Bedford Heights, Berea, Bratenahl, Brooklyn Heights, Brook Park, Garfield Heights, Highland Hills, Maple Heights, Mayfield Heights, Newburgh Heights, North Royalton, Oakwood, Olmsted Falls, Shaker Heights, South Euclid, University Heights, Warrensville Heights

Maximum Loan (Grant) Amount - Maximum loan amount to buy a foreclosed house is 17% of the purchase price, plus closing costs, plus point of sale repair escrow, not to exceed a total of $39,999.

Household Income Limit - 120% Area Median Income or 2009 INCOME GUIDELINES

Household

Income

 

Household

Income

Size

Limit

 

Size

Limit

 

 

 

 

 

1 person

$54,450

 

5 person

$84,000

2 person

$62,200

 

6 person

$90,200

3 person

$70,000

 

7 person

$96,400

4 person

$77,750

 

8 person

$102,650

Eligible Houses - loan is only available for the purchase of foreclosed houses directly from the lender

Purchase Price Rules - Below FHA limit of $200,000

Loan Forgiveness - 100% after 10 years
Each participant is evaluated as to his or her "mortgage readiness".

Eligible Homes

-Single family, foreclosed homes, purchased directly from a lender
-Property must be 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 the buyer can take title or occupy the house

Please note: if you are under contract and/or have a purchase agreement in place before the dated certificate of completion you are not eligible for this program.

Program available for a limited time and only while funds are available. Program may be withdrawn at any time.


Tim Bradford
Ohio Mortgage Banker LO.007173.000/ NMLS 250013
Cell: 216.324.8113 Anytime
www.GetAMortgageNow.com or www.Go2Apply.com
www.OhioHomePath.com or www.OhioRuralHomeLoans.com

Serving the Ohio Realtors and Home Buyers and Home Owners
Comment balloon 0 commentsTim Bradford • November 27 2009 10:40AM

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