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Introducing 0% Down Home Purchase Program

This is a BIG deal for Lorain County families!

Unlock Homeownership with a 3% Down Payment Assistance Loan! LorMet is excited to announce a fantastic opportunity for qualified borrowers: a 3% down payment assistance loan1 with no interest and no monthly payments required!2

1 Down payment assistance of 3% of the purchase price not to exceed $15,000.

2 Program offered through Sponsoring Lender, United Wholesale Mortgage.

Let’s work together to make your dreams of homeownership come true, today!

Why This Program is a Game-Changer

  • Generous Assistance: Qualified borrowers can receive up to $15,000 to cover their down payment, easing the financial burden of purchasing a home.
  • No Monthly Payments: This loan is a “silent second” lien, meaning it doesn’t require monthly payments, providing peace of mind to new homeowners.
  • Zero Interest: Enjoy the benefits of this loan without worrying about accumulating interest.


  • What is a “silent second” loan?
    • A “silent second” loan is a second lien on the property that doesn’t require monthly payments. It remains in place until the end of the first lien’s loan term, the sale of the property, or refinancing.
  • How does the repayment work?
    • The second lien is due in full at the end of the first lien’s loan term, the sale of the property, or upon refinancing.
  • Who is eligible for this program?
    • This program is available to qualified borrowers with a minimum credit score of 620 with income restrictions. To lift income restrictions, the minimum credit score is 700 and you must be a first-time homebuyer. First-time homebuyers must complete a homebuyer education course.
  • Who is considered a first-time homebuyer?
    • Anyone who has not had ownership in any property within the last three years.
  • What properties are eligible?
    • Single-family homes to be used as your primary residence. Manufactured properties are not eligible for this program.
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Federally insured by the NCUA, LorMet Community Federal Credit Union, NMLS 583097, 2051 Cooper Foster Park Road, Amherst, OH, 44001. Information subject to change. Certain restrictions apply. Subject to approval of borrower and investor guideline requirements. Down payment is provided as a 2nd lien against the subject property. 2nd lien bears a 0% interest rate and cannot exceed a $15,000 loan amount. 2nd lien has no minimum monthly payment requirements, a term of 360 months and is fully due as a balloon payment upon the occurrence of either a refinance of the 1st lien, payoff of the 1st lien or the final payment of the amortization schedule of the 1st lien. Borrower must qualify based on Home Possible® or HomeOne® guidelines. Some exclusions may apply. The principal, interest, and MI payment of a $350,000 30-year Fixed-Rate Loan at 6.75% and 97% loan-to-value (LTV) is $2270.09. The Annual Percentage Rate (APR) is 6.949% with estimated finance charges of $6,500. The principal and interest payments, which will continue for 360 months until paid in full, do not include taxes and home insurance premium, which will result in a higher actual monthly payment. Rates current as of 5/20/24. Subject to borrower approval. Some exclusions may apply.

Category: Mortgage
Last Updated: May 23, 2024