Parma Grant Program is Back...But For a Limited Time!
Great news! Parma Ohio Grant Money is Back!!!!!!
Here are some important points of this program.
- The buyer must have a pre-qualification/pre-approval letter for a mortgage in the amount of $70,000 or greater from a bank/lending institution
- Purchasers will receive a down payment assistance LOAN of 10% of the purchase price up to a maximum of $10,000.00
- The loan will be at zero percent interest for a period of 5 years to be reduced at a rate of 1/60th per month of ownership and occupancy, and secured by a second mortgage lien on the house.
- Lien shall be released by the city following 60 months of residency and occupancy of the property by the purchaser.
- City shall not subordinate the lien to any subsequent lien holder
The First Time Home Buyer Program will run from March 2, 2009 through July 15, 2009, or UNTIL THE FUNDING IS DEPLETED.
Applicant CANNOT sign a purchase agreement prior to submission of an application and approval from the city of Parma and to do so will result in disqualification from the program.
There are many more details of this program of which the buyer needs to be aware, so please call the Community Development Office of Parma at 216-661-7406
For more information on Parma real estate values, please contact Barb Szabo or visit my website. I'd be happy to talk with you.