HOMEBUYERS ASSISTANCE PROGRAM
Geauga County, in an effort to make housing within the County affordable to lower income home seekers, has funds available in the form of down payment assistance loans. The program, funded through the Ohio Small Cities Community Development Block Grant and HOME Programs, provides deferred loans to eligible home seekers to assist with the down payment requirements of conventional lenders (bankers, savings and loan companies, etc.). The program also provides limited rehabilitation assistance for meeting residential code requirements if needed.

ELIGIBILITY REQUIREMENTS
To be eligible for the Down payment Assistance deferred loan the applicant must:

Down payment Assistance Loan/Limit
Funds will be provided to selected, qualified applicants in the form of a deferred loan. The maximum amount of the deferred loan for down payment assistance will be $10,000 or 10% of the purchase price, whichever is less. The principal amount of the loan will reduce 8% for 10 years with the balance due upon sale or transfer of the property.

Applicant’s Financial Obligations

Can you afford to buy now? (loan calculator opens new window)

Eligible Properties
Any property located in Geauga County can be purchased with down payment assistance, provided it meets the program’s minimum standards. Properties will be inspected by County Program staff to certify that all standards are met or to determine which repairs must be conducted to meet such standards.

Supplemental Assistance
Required repairs to meet program standards will also be coordinated through the Geauga County Community and Economic Development Program. The maximum amount of supplemental assistance is $12,000. Properties which cannot satisfactorily be repaired within the funding limits will not qualify for this program. This assistance also is provided through a deferred loan with 80% forgivable after 10 years. Twenty percent of the financing provided for this rehabilitation will remain unforgiven at the end of the mortgage term and will be due upon sale or transfer of the property.

Rate and Terms

Application Availability
Applications are available by contacting Joni Stusek, Program Administrator Geauga County Community & Economic Development Department at (440) 285-2222, 834-1856, 564-7131, Extension 6344. You may also download the application below in PDF format. Requires Acrobat Reader available free at: http://www.adobe.com/
Internet Explorer users: Right click link below and select Save Target As:

Homebuyers_Application.pdf

Maximum Allowable Cost of the Dwelling shall not exceed $221,006.00

Special Conditions
Applicants must successfully complete a home buyer education program prior to loan closing. This 10-hour course is offered at no cost through this program.

Lead Hazard Reduction
All homes to be rehabilitated which were constructed prior to 1978 will be audited by a Certified Risk Assessor for lead based paint hazards and reduction actions will be undertaken as appropriate and as reflected in the public law