CLEVELAND COUNTY — First‑time homebuyers in Cleveland County will continue to have help overcoming down payment barriers after county officials renewed the First‑Time Homebuyer Assistance Program.
The Cleveland County Home Loan Authority renewed the program last month, backed by $25 million in mortgage revenue bonds that will be used to support homeownership without costing taxpayers.
The program offers qualified buyers a below‑market fixed‑rate mortgage and down payment assistance, with interest rates expected in the low 6% range, about 1% below typical 30‑year mortgage rates.
Homebuyers can receive 3.5% of the total mortgage amount to help with down payment or closing costs, which averages around $9,000 per home.
Under the terms of the program, if buyers stay in their homes for five years, the down payment assistance loan is fully forgiven.
Cleveland County Commissioner Rod Cleveland said the program is tackling “one of the biggest obstacles for first‑time homebuyers.”
He noted that 121 families were helped through the initiative last year.
Median home price is $256,000 in Cleveland County
In Cleveland County, the housing market remains relatively affordable compared with many parts of the U.S. Recent data show the median sale price for homes in the county at about $256,000, up roughly 3% from the previous year.
Homes there typically sell within about 38 days, reflecting steady demand in the area.
Down payment assistance is offered on a first‑come, first‑served basis, and officials expect the funds to be fully allocated by spring or summer 2026.
Interested buyers can learn more at myfirstclevelandcountyhome.com.
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