Home Ownership Initiative (Beaver County First Time Buyer Program)

What is 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.

How much assistance does it provide?

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.

Do you have to pay it back?

Home Ownership Initiative (Beaver County First Time Buyer Program) is forgiven after 5 years, so a buyer 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.

Who qualifies?

Home Ownership Initiative (Beaver County First Time Buyer Program) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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

Where does it apply?

Home Ownership Initiative (Beaver County First Time Buyer Program) serves buyers 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).

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through Housing Opportunities, Inc. (HUD-approved counseling agency).

2. 2

   Contact Housing Opportunities, Inc. (HOBC) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.