First Home First Loan provides 3-to-1 down payment matching up to $12,000 as a 0% interest rate-deferred loan to eligible first-time homeowners. The loan is due upon sale or transfer of the home, or when the home is no longer used as a primary residence. SUMMIT COUNTY, Ohio – Eligible first-time homebuyers in Summit County can receive down payment assistance thanks to a new county program – First Home First Loan.
The program, which was announced this week, offers 3-to-1 down payment matching up to $12,000 as a 0% interest rate-deferred loan. The loan is due upon sale or transfer of the home, or when the home is no longer used as a primary residence, according to the program summary. It is open to low- and moderate-income home buyers.
Down payment and closing costs are often the biggest barriers to homeownership, according to the county. First Home First Loan seeks to help more county residents achieve the dream of homeownership by offering down payment assistance. The program was developed with the Home Investment Partnership program funds, provided through the U.S. Department of Housing and Urban Development.
The program is open to first-time homebuyers in Summit County. Eligibility to receive down payment assistance is dependent upon the annual gross household income, which takes into consideration gross household income for all household residents over age 18 and the number of people who will live in the home. The maximum household income limit for a purchaser must be equal to or less than 80% of the Area Median Income as established annually by the U.S.