Carmella Zion, director of housing and neighborhoods with the City of Lima, and Vance Cuthrell from the West Ohio Community Action Partnership, discussed information about the down payment assistance program with the City Saturday in Lima.
LIMA — The City of Lima hosted a workshop Saturday at the Lima Public Library with the hopes of connecting residents with available resources that can help them attain home ownership.
The city offers a down payment assistance program aimed at helping low and moderate-income households achieve homeownership. This program provides support for accumulating funds for down payments and closing costs.
The total of the downpayment assistance from the City of Lima to the first-time homebuyer will be up to $14,999.
“It’s not as good as it was, but it’s still a great time to buy,” said Emerging Loan Specialist from Fifth Third Bank, Lisa Harding, regarding home interest rates.
Once an application for the program is approved, the applicant must complete a homeownership training program, attend a home repair and maintenance training program, and regularly save money in a designated savings account. The amount of assistance for down payments and closing costs will be determined based on the household’s income level, debt-to-income ratio, the price of the home, and credit score.
The maximum gross income limit guidelines for 2024 vary by family size, starting at $47,450 for one individual and reaching $89,450 for a family of eight.
“We require a 620 credit score to get the ball rolling,” said Tami Trenkamp, assistant vice president, and community development mortgage loan originator at the State Bank and Trust Company.
Carmella Zion, the director of housing and neighborhoods for Lima, also emphasized the importance of credit scores.
“If you’re at 580 (credit score), just wait and try to get that up,” she said.
Zion also explained the best time to look into purchasing a home through another program is coming soon.
“The Spring is a great time to purchase because of the Welcome Home Ohio Program (WHO-P),” she said.
The WHO-P is a first come, first serve program that has received $100 million in grants and $50 million in tax credits from the Ohio General Assembly over two years. The grant funds are designated to help cover the costs of purchasing qualifying residential properties. Each bank is given the same amount of money through the program, according to Trenkamp.
“Don’t ever feel pressured just because something is offered. You should always shop around to find the best offer,” West Ohio Community Action Partnership Housing Coordinator Vance Cuthrell said.
TopMark Credit Federal Union, The State Bank and Trust Company, Fifth Third Bank and Lee Insurance Agency were each present and explained the various programs and assistance they offer for home-buying.
“We need to be able to verify information,” said Zion. “I want to make sure folks are getting into the homes of their dreams.”
Reach Cade Higgins at 567-242-0351
