Do you build homes throughout the Western Reserve?
Currently we are building homes in the City of Painesville and Painesville Township.  We are anticipating projects in Geauga County and are available to build on land for a customized project.

Does my credit have to be perfect?
Lending institutions like to see “acceptable” credit.  This will vary from bank to bank, however our staff will walk you through the process of how to repair your credit in the event it stands in your way of homeownership.

What if I am over the income limit for special financing or incentives offered by WRCDC?
While our organization is a provider of affordable housing, we have homes and programs available to all residents living in Lake, Geauga, Ashtabula and Cuyahoga counties.  Down payment assistance may be more difficult to secure if your income is over program guidelines, however, mortgage financing and other discounts are still available.

Do I have to make loan applications with certain banks?
WRCDC prefers to partner with Prime lenders and provide the best mortgage products to our customers.  Certain down payment assistance programs require FDIC insurance.  WRCDC staff can provide guidance in shopping your mortgage so that you can carefully compare interest rates and closing costs.  In some programs, our partner banks provide below market financing.

After I purchase a home from WRCDC, can I rent it out or are there restrictions?
The homes purchased from WRCDC must always be owner-occupied.  This restriction is written in both our purchase agreements and the warranty deed.  Violations of this policy will result in legal action.

After I purchase my home from WRCDC, can I make changes or additions?
Check with local zoning boards before undertaking any project, including a fence.  In addition, areas with homeowner associations require the homeowner to submit a plan for approval.

Does the down payment assistance have to be repaid?
The answer to this question depends on the funding source(s). In some cases, it will be prorated over a 15 year period.  So, if you move in 16 years, you will not have to pay anything back, but if you move in 7 years, you will have to repay whatever the amount is for 8 years left.   If the homeowner receives a down payment recoverable grant from WRCDC, it will be repaid only when the home is sold and used again for another new homeowner.

Who should I contact if I need more information?
Please contact us at 440-357-4400.