Home Ownership Initiative (Beaver County First Time Buyer Program)

Home Ownership Initiative (Beaver County First Time Buyer Program) is a forgivable loan for homebuyers in Beaver; Lawrence County, Pennsylvania, administered by Housing Opportunities, Inc. (HOBC). Housing Opportunities, Inc.'s Home Ownership Initiative provides forgivable down payment/closing-cost grants to first-time buyers in Beaver County (and Lawrence County for location-based eligibility): a $3,000 Income-Based Grant and/or a $2,000 Location-Based Grant for purchases in designated HUD QCTs. Grants forgive 20%/yr and are fully forgiven after 5 years. $3,000 income-based + $2,000 location-based forgivable grants (up to $5,000). forgiven over 5 years. free counseling.

Home Ownership Initiative (Beaver County First Time Buyer Program) offers between $2,000 and $5,000 in assistance. Award tiers: Income-Based Grant: $3,000 for income-eligible buyers. Location-Based Grant: $2,000 for purchases in designated HUD Qualified Census Tracts (QCTs) in Beaver/Lawrence County. May receive both (up to $5,000). Amounts are the program's published maximums, not an offer — Housing Opportunities, Inc. (HOBC) determines any individual award.

Home Ownership Initiative (Beaver County First Time Buyer Program) is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by If sold before the 5-year anniversary, remaining (unforgiven, pro-rata) grant is repaid. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Home Ownership Initiative (Beaver County First Time Buyer Program) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through Housing Opportunities, Inc. (HUD-approved counseling agency). Residency requirement: Purchasing first home in Beaver County (Location-Based QCTs also in Lawrence County). Buyer must have less than $5,000 in liquid assets at closing; meet income limits at closing (income-based) or purchase in a designated QCT (location-based).

Home Ownership Initiative (Beaver County First Time Buyer Program) limits household income to 80% of the area median income, which varies by county and household size. Income-Based Grant requires household income at or below 80% AMI by size (4-person $67,850 per HOBC chart). Location-Based Grant qualifies by property in a designated HUD QCT instead of income. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Home Ownership Initiative (Beaver County First Time Buyer Program) can be used for Single Family.

Home Ownership Initiative (Beaver County First Time Buyer Program) serves homebuyers purchasing in Beaver; Lawrence County, Pennsylvania. The program targets specific areas: Location-Based Grant ($2,000) targets HUD-designated QCTs in Beaver and Lawrence Counties (designated annually by HUD).

Applications for Home Ownership Initiative (Beaver County First Time Buyer Program) go through Housing Opportunities, Inc. (HOBC), which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.