For many potential home buyers, the biggest barrier to buying their first home is coming up with the funds needed for a down payment and closing costs. Eligible applicants may receive up to $7,500 toward down payment and closing costs to help with these upfront costs. All you need to get started is a preapproval letter and a purchase agreement!
General Requirements
- First-time homebuyer (according to HUD definition)
- Obtain bank preapproval
- Obtain purchase agreement with addendum stating offer is contingent upon City of Canton DPA
- Reside in home as principal residence for five years
- Attend First-Time Homebuyer Workshop
Financial Requirements
- Total household income must fall between 60-80% AMI (see chart)
- Minimum liquid assets of $1,500; assets in excess of $15,000 must be invested into home purchase
- Buyer contribution of $500 into transaction
- Front end debt-to-income ratio less than 31%
- Back-end debt-to-income ratio less than 43%
Is my home eligible?
- Located within City of Canton limits
- Single family home
- Free of major defects; cannot be foreclosed
- Purchase price of existing home not exceeding $219,000; new builds cannot exceed $292,000
I qualify for this program. How do I apply?
Feel free to set up an application appointment with our HUD-certified housing counselor by calling 330-458-0962 or emailing info@cbpstark.org.
What if I do not qualify for this program?
We recommend clients that do not qualify reach out to their lender or the Ohio Housing Finance Agency (OHFA) regarding their state-wide Down Payment Assistance Program.