The city says it considers the program a success so far and plans to operate “Home at Last” for at least the next three to five years.
TOLEDO, Ohio – If you’re looking to buy a home but can’t find enough money for a down payment, the City of Toledo is reminding you of an option that might help.
After a year of running its âHome at Lastâ program, the city claims to have helped nearly 40 households find new homes.
“It has been a success,” the city’s Housing Commissioner Tiffanie McNair said in a virtual public question-and-answer session on Monday. “This supports the revitalization of some of our neighborhoods in Toledo, especially those for which we have this higher allocation for target areas.”
Here is how the process works.
You contact a participating lender, then find a home and get approved for a loan. After homeownership advice, the lender applies to the city and if the city gives the green light, the lender sets a closing date.
The city will give you up to $ 9,500 if your home is in the Old South End, Junction / Englewood, or East Toledo. You can get up to $ 7,500 anywhere else in town.
To be eligible, you must provide proof of monthly income for each member of your household. A four-person house could not earn more than $ 4,792 per month to qualify.
âIf you go to the lender first, you can ask them if they can refer you to a real estate agent,â McNair said. “If you find your agent first, you can ask your agent if they can refer you to a participating lender.”
The city says it considers the program a success so far and plans to operate “Home at Last” for at least the next three to five years, as long as funding remains available.
âIt’s not a program that I see disappearing anytime soon,â McNair said.