City of Warren, Ohio and Trumbull County Down payment assistance Program Specialist
Profile
Trumbull County, Ohio has a fabulous down payment assistance program. Each applicant can qualify for up to $5,000 in down payment assistance provided they can be otherwise approved for a loan, and meet the income qualification of the program.
Home Ownership Loan Program
Home ownership loan program to assist low to moderate income individuals with down payment assistance on mortgage loans. Through the U.S. Department of Housing and Urban Development’s Home Program, eligible
borrowers can receive a deferred loan from the Consortium for $5,000 or 20% of the purchase
price, whichever is less. If the home was purchased in a City or the County, the maximum
would be $5,000 or 20% of the purchase price, whichever is less. This program is listed on the
website, (www.warren.org). The local lenders on the back of the brochure, including Harry Krause at Ruoff Mortgage
will finance the remaining balance for up to 30 years at the current fixed real estate loan rates.
TERMS
The consortium will provide a zero percent (0%) interest loan, forgivable at the end of five
(5) years provided you meet the terms and conditions. The deferred loan will be secured by a
second mortgage on the property. The buyer must agree to remain the occupant of the property
for a minimum of five (5) years from date of transfer of title and then a Satisfaction of
Mortgage will be done which releases the lien that was placed on the house.