Housing Opportunities Home Ownership Initiative (First Time Buyer Program)

Housing Opportunities Home Ownership Initiative (First Time Buyer Program) is a grant for homebuyers in Beaver, Lawrence County, Pennsylvania, administered by Housing Opportunities, Inc. Housing Opportunities, Inc. administers down payment/closing cost grants for first-time buyers in Beaver and Lawrence Counties. Two grant types: an Income-Based Grant of $3,000 (<=80% AMI) and a Location-Based Grant of $2,000 (homes in Qualified Census Tracts). Grants forgiven 20%/year over five years; free counseling included. Up to $3,000 forgivable assistance. Free homebuyer counseling. Location-based option for revitalization areas. Funding comes from Beaver County (and Lawrence County) HOME/CDBG allocations.

Housing Opportunities Home Ownership Initiative (First Time Buyer Program) offers between $2,000 and $3,000 in assistance. Award tiers: Income-Based Grant $3,000 (<=80% AMI) and Location-Based Grant $2,000 (home in a Beaver/Lawrence County Qualified Census Tract); qualify under at least one. Homebuyer contribution: Beaver County rule: must not have $5,000 or more in liquid assets at closing. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — Housing Opportunities, Inc. determines any individual award.

Housing Opportunities Home Ownership Initiative (First Time Buyer Program) is structured as a grant, so it is not repaid. Repayment is triggered by Forgiven 20% per year over 5 years; remaining balance repaid if sold before the 5-year anniversary. The assistance is recorded in Forgivable grant secured by a subordinate lien/note. position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Housing Opportunities Home Ownership Initiative (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 homebuyer workshop / counseling (HUD-approved agency). Income-Based Grant requires <=80% AMI; Location-Based Grant requires home in a Beaver/Lawrence County QCT; Beaver County caps liquid assets at <$5,000 at closing. Verified via Housing Opportunities primary site; covers both Beaver County and Lawrence County (New Castle) jurisdictions.

Housing Opportunities Home Ownership Initiative (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 <=80% AMI by household size (per Beaver County reference: 1 $47,500; 2 $54,300; 3 $61,100; 4 $67,850; 5 $73,300; 6 $78,750). Location-Based Grant has no income test but home must be in a HUD Qualified Census Tract. The limit applies to total household income, not only the borrower&rsquo;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.

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

Housing Opportunities Home Ownership Initiative (First Time Buyer Program) serves homebuyers purchasing in Beaver, Lawrence County, Pennsylvania.

Applications for Housing Opportunities Home Ownership Initiative (First Time Buyer Program) go through Housing Opportunities, Inc., which publishes the current terms and the application steps on its own site. Funds are reserved through Initial consultation with Housing Opportunities; assistance as funds available. 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.