In an effort to foster home ownership and bolster community stability, Believe Mortgage, along with Cuyahoga County and the City of Parma, has revealed a down payment assistance initiative aimed at supporting residents with the financial burdens of purchasing a home. Eligible homebuyers in Cuyahoga County could receive up to 10% of their future home's purchase price, capped at $20,900, to help cover down payment costs.
"Our goal is to eliminate barriers to homeownership so that individuals and families can achieve the American dream, build generational wealth and change the financial trajectory for their children and grandchildren," said Believe Mortgage's Kevin Nowak to Cuyahoga County press. The Cuyahoga County Down Payment Assistance (DPA) Program, along with the Parma DPA Program, lays out specific terms for participants, which include completing homeownership classes and abiding by income limitations.
The scope of the Cuyahoga County DPA program stretches across 51 communities, barring several, including Cleveland and Lakewood. It serves not just first-time buyers but also those who haven’t owned a home in the previous three years. Full program details include the requirement for the purchased property to serve as the buyer's primary residence, and household incomes must align with, or fall below, 80% of the area's median income. This initiative receives its funding directly from Cuyahoga County.
"Everyone deserves access to safe, stable housing," Cuyahoga County Executive Chris Ronayne explained in a statement. In Parma, Mayor Tim DeGeeter pointed to the rising housing costs, which have made buying a home less attainable, and stated, "This program makes the dream of buying a home and planting roots in a community a reality for more citizens."
The lending firm Believe Mortgage, an offshoot of CHN Housing Partners, founded in 2019, is at the forefront of making home acquisition equitable. Boasting a history of helping over 155 families become homeowners, Believe Mortgage continues to provide substantial financial leverage to prospective buyers in need of down payment assistance.
