Down Payment Assistance
At Euclid Development Corporation (EDCOR), we believe that every resident deserves access to safe, affordable housing and resources to help build a better future.
Down Payment Assistance Loan (mortgage reduction program)
Buying your first home in Euclid just got a little easier! EDCOR's Down Payment Assistance Loan program helps qualified first-time homebuyers by providing up to $10,000 to reduce your bank loan - making your monthly payments more affordable. Over the life of a typical 30-year mortgage at 6.5% interest, this reduction could save you more than $13,000 in interest alone!
How it works:
Get up to $10,000 to reduce your mortgage principal at closing - you borrow less, so you pay less in interest.
Typical savings: over $13,000 in interest on a 30-year loan
0% interest and no monthly payments
Forgivable loan:
This is a 5 year forgivable loan
Half of the loan is forgiven if you live in the home for 5 years and submit annual residency form
The rest is repaid if you sell or transfer the home
Who can apply:
First-time homebuyers purchasing in Euclid who meet income limits
Home price must be $219,000 or less for existing homes or $313,000 or less for new builds
Loan amount is up to 17% of purchase price, capped at $10,000
Able to contribute 3.5% down payment from your own funds
What to submit:
Signed and completed application
Certificate of completion for HUD-pre purchase counseling
Pre-approval letter from mortgage lender
Proof of ability to contribute 3.5% of purchase price from own funds (bank statement, 401k)
Copy of last two federal 1040 tax returns
If self-employed, copy of last three 1040 tax returns, profit & loss statements
Copy of last two W-2 forms
Copy of last 4 paystubs for all jobs held by anyone working in home
Copy of driver’s license/state ID for anyone 18+
Copy of birth certificates for minor children
If you collect a pension or SSI, copy of award letter
$150 application fee (sent via Intuit QuickBooks via request from our email info@edcor.org)
| Household size | Maximum annual income (80% AMI) |
|---|---|
| 1 | $58,800 |
| 2 | $67,200 |
| 3 | $75,600 |
| 4 | $84,000 |
| 5 | $90,750 |
| 6 | $97,450 |
| 7 | $104,200 |
| 8 | $110,900 |
HUD Certified Training Options for Required Certificate:
New: HUD-certified housing counseling is now available through EDCOR. More information is coming soon. Until then, you can complete the required counseling through any agency listed below.
Benjamin Rose (216)791-8000
Realty Reimagined (216) 302-4468
Cleveland Housing Network (216) 881-8443
Cleveland Housing Network (online and self-paced)
NID Housing Counseling Agency (216) 752-9264
Home Repair Resource Center (216) 381-6100 ext. 14
Cuyahoga County Income Limits 2026
*Income amounts are effective as of May 2026 and are subject to change.
To discuss your down payment assistance needs and see if you meet program requirements, email us at info@edcor.org or download the Down Payment Assistance Loan Information Pack and Loan Application below: