Lakewood First-Time Homebuyer HOME Program
- A discounted, fixed-rate mortgage loan targeted to persons who have not owned a home for 3 years, persons who have been divorced in the last 3 years or any single parent.
- No less than 5% with at least 1.5% of buyers own funds.
- Applicants qualify according to First Federal of Lakewood Underwriting Guidelines.
- Mortgage filing, hazard insurance, and flood determination is required.
- May not exceed maximum household income requirements.
- Must meet City of Lakewood's Program Guidelines.
- Visit the City of Lakewood website for additional information.
- Purchase price can not exceed $226,138.00 for a single family or condo.
- Purchase price can not exceed $256,248.00 for a two family property.
- No pre-payment penalty.
- Late charge of 5% of the principal and interest payment if 15 days past due.
- $30 fee for NSF checks and ACHs submitted for payment.
- Property must be used as a principal residence.
- Single family, condo, or two family properties must be located within the City of Lakewood and must meet certain Lakewood Building Department Housing code standards.
- Participation in pre-purchase counseling program is required.
- City Building Department Inspection Required