Cleveland County launches down-payment assistance and mortgage rate relief for first-time homebuyers
  

The Cleveland County Home Loan Authority (CCHLA) is proud to announce the launch of the First Home Homebuyer Assistance Program, designed to help first-time homebuyers achieve their dream of homeownership.

 

Backed by a $25 million commitment in mortgage revenue bonds, the First Home program offers a below-market fixed-rate mortgage alongside significant down-payment assistance. As of December 5th, the program’s interest rate was locked at 5.84%, approximately 0.75% lower than the current 30-year residential mortgage rate.

 

Qualified first-time homebuyers will also receive 3.5% of the total mortgage amount up-front for down payment or closing-cost assistance. If the homebuyers stay in their home for five years, the loan for that assistance is fully forgiven.

 

On average, this 3.5% assistance equates to about $9,000 per home purchase. The First Home program is addressing the biggest obstacle facing first-time homebuyers, as nearly 40% of potential homebuyers say the lack of a down payment is preventing them from moving into a home 

 

The First Home program operates on a first-come, first-serve basis. With high demand, officials expect funds will likely be fully allocated before the end of the first quarter in 2025. Potential first-time homebuyers can find a list of approved lenders at https://www.ehousingplus.com/cleveland-county-home-loan-authority/program-highlights/ 

 

"I am thrilled to launch the First Home Program to assist Cleveland County residents with buying a home” said CCHLA Chair Rod Cleveland.

 

The Cleveland County First Home Program was created in July 2024 under the Cleveland County Home Loan Authority in response to price and mortgage rate increases in housing, essentially pricing many families out of the market for a median single-family home 

 

Since the end of 2019, the median single family home price in Cleveland County has increased over 50%, from $170,000 to $255,000 in 2024. In that same time, federal interest rates, which directly impact mortgage rates, rose from 2.5% to 8.5%. These two economic factors have made it much harder for the average Cleveland County resident to buy a home 

 

FAQ:

How much money can I get?

3.50% of total mortgage

If the purchase price is $300,000 you would get $10,500 ($300,000 X 3.5%=$10,500)

 

What is the interest rate on the amount of the down payment?

This is a 0% (Zero percent loan)

 

Will I ever need to repay this money?

NO!  You will NOT need to repay this amount, as long as you live in the home for 5 years.

 

What is the interest rate on the rest of the loan?

5.84% (but this can change)

 

How can I take advantage of this opportunity?

 

Call Cindi Davison with MK Partners Realty for additional information and to search the Cleveland County area.  

 

405-532-3497

 

Down Payment Program Information

 

Income and Sales Price Limits

 

Additional Information