Housing Opportunities Home Ownership Initiative (First Time Buyer Program)

What is 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.

How much assistance does it provide?

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.
• Buyer 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.

Do you have to pay it back?

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.

Who qualifies?

Housing Opportunities Home Ownership Initiative (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?

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.

What kind of home can it be used for?

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

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

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

2. 2

   Contact Housing Opportunities, Inc. to reserve funds

   Funds are reserved through Initial consultation with Housing Opportunities; assistance as funds available., 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.