The City of Parma has participated in a Down Payment Assistance Program for a Number of years and is coming out with their 2009 program effective March 2, 2009.
The Citiy of Parma's program allows for 10% of the Sales price up to $10,000 as a grant that can be used as the down payment on the purchase of a home in Parma, Ohio. The grant/Loan is forgivable over a Five year period. There are a number of different rules that must me followed to qualify for the Grant/Loan, so please call me or Parma's Community Development department prior to submitting any offer for the purchase of a home. Below you will find the income limitation for this program.
| 2008 Income Guidelines | |
| Members of Household | Maximum Household Income |
| 1 | $34,800 |
| 2 |
$39,750 |
| 3 | $44,750 |
| 4 | $49,700 |
| 5 | $53,700 |
| 6 | $57,650 |
| 7 | $61,650 |
| 8 | $65,600 |
Programs similar to this are available in almost every community in Cuyahoga County. Give me a call if you want to know the specifics of this program or any of the other Programs that are available.
I am checking with the City of Parma, to see if there are any restrictions when it comes to combining this program with the $8,000 Federal Stimulus or the OHFA Mortgage Credit Certificates program.
UPDATE 3/2/2009 I did recieve a note from the city that said borrowers can recieve these funds as well as the Federal Stimulus.
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