Work Equity & Down Payment Programs


Down PaymentAssistance Opptions and Solutions!

If paying for a down payment and closing costs have kept you from getting into a home of your own, OHFA's Down Payment Assistance Grant may be able to help. Eligible borrowers participating in the First-Time Homebuyer Program, Target Area Loan Program, and Ohio Heroes Program can use the grant to greatly reduce the out-of-pocket expenses associated with buying a home. If you qualify for one of OHFA's home loan programs, you can choose to take advantage of the Down Payment Assistance Grant.


How to turn your HUD home into your Dream Home

The Department of Housing and Urban Development has several exciting incentives to assist home buyers that are looking for ways to buy with little money out of pocket. HUD is offering a $100 down payment option on their homes. Your HUD Home can also be turned into  Your Dream Home! If you are thinking about buying a REO property that needs repair, FHA's 203(K) rehabilitation loan or it's simplified alternative, the Streamlined(k) may be a good option for you. FHA's simplified Streamlined(k) program for small-scale repairs is the perfect option for most HUD REO sales. For the major repairs & more complicated renovation plans, the Standard 203(K) program is the option. HUD Homes, like the majority of property re-sales, require some level of repair. FHA's Streamlined (k) program allows cialis generico the buyer to finance both the purchase and the cost of minor repairs and/or upgrades through a single mortgage. While there is no cap on repairs for the Standard 203(K), the Streamlined (k) allows for repairs from $1 up to $35,000. For the Streamlined(k) option, homebuyers identify their repair needs, which may include: new carpet; interior and exterior paint; new appliances; kitchen or bathroom remodel; exterior landscaping and other minor improvements.


 Lender allows you to use your tax credit as down payment:  

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit up to $8,000 for qualified first time homebuyers purchasing homes between 01/01/2009 and 11/30/2009. Customers applying for a First Federal of Lakewood mortgage who are receiving a tax credit may also apply for an unsecured loan from First Federal of Lakewood equal to the lesser of your tax credit or 10% of the purchase price. Borrower must have a First Federal of Lakewood checking account with an automatic deduction for this loan to qualify.

**Customers who secure a mortgage from First Federal of Lakewood, qualify for the tax credit and get a loan to receive the tax credit in advance will qualify for a $100 gift to help pay for professional tax preparation services.