People interested in buying Cincinnati homes could receive $15,000 toward their down payment under a new program starting this month called the Neighborhood Lift Program. Several local non-profits in Cincinnati have partnered up for a 5.2 million dollar program to boost home ownership in the city. The pre-approval process is open right now and spots are filling up quick, so contact us today to get started!
They are estimating this program to help 235 home buyers get $15,000 given to them for a home purchase. Grants of $15,000 will be available for eligible homebuyers who complete an eight-hour homebuyer education session led by the Home Ownership Center or another NeighborWorks America counseling agency.
The program was designed to create a spark for the local housing market by helping make homeownership more affordable for people that may have good careers, they have stable income, but they have found the down payment to be a substantive hurdle to being able to be a successful homeowner. Participating homebuyers can obtain a mortgage from any qualified lender and The Home Ownership Center of Greater Cincinnati will determine eligibility and administer the down payment assistance grants.
Approved homebuyers will have up to 60 days to finalize a contract to buy a home in Cincinnati to receive a grant. Prospective buyers who already have signed a purchase contract could be eligible for the program. The program is not restricted to first-time homebuyers. Participants seeking the grant must commit to living in the home for five years and qualify for a first mortgage. Grants can also be used to buy a home needing improvements with a Federal Housing Administration 203k renovation loan.
The Cincinnati NeighborhoodLIFT program will begin with a free homebuyer event on November 21-22 from 10 a.m. to 7 p.m. at the Duke Energy Convention Center grand ballroom located at 525 Elm St. Walk-ins will be accepted on a limited basis and pre-registration is recommended. The event also includes a Wells Fargo Affordable Home Tour viewing center where attendees can preview local homes available for sale.
NeighborhoodLIFT Program Information
- Provides eligible homebuyers with $15,000 in down payment assistance on qualified properties
- Provides homebuyer education that can prepare you for finding and financing a home and for managing the financial responsibilities of homeownership
- Assistance is not limited to first-time buyers
- Annual income of all persons 18 and older living in the home must be at or below 120% of the Greater Cincinnati Metro Area Median Income (FHA financing, a popular option for NeighborhoodLIFT financing, is limited to 115% of AMI. See chart below for income restrictions:
Properties qualified for the program must be:
- Located within the city limits of Cincinnati.
- The primary, owner-occupied home of the buyer(s)
- A detached home, townhouse, condominium, 1-4 unit property, Planned Unit Development
At the event, clients can find out if they qualify for the down payment assistance program and reserve funds for 60 days — even if they haven’t yet found a property.
Date: November 21 – November 22, 2014
Time: 10:00 am to 7:00 pm
Location: Duke Energy Center – Grand Ballroom
525 Elm Street – Cincinnati, OH 45202
The NeighborhoodLIFT® event is coming to Cincinnati so don’t miss out! First step is to contact us today to get started: email@example.com or 513-560-6513. Or submit form to sign up:
Here is just one of thousands of homes that qualify for this program: Mayfair