NeighborWorks Blackhawk Region HOME Forgivable Down Payment Assistance (Beloit)

NeighborWorks Blackhawk Region HOME Forgivable Down Payment Assistance (Beloit) is a forgivable loan for homebuyers in Beloit, Wisconsin, administered by NeighborWorks Blackhawk Region. NeighborWorks Blackhawk Region offers a HOME-funded forgivable DPA loan up to $7,500 for buyers under 80% AMI purchasing in the City of Beloit. The loan is forgiven at month 60 of continuous owner-occupancy. Properties must meet Housing Quality Standards and a lead assessment is required before closing. Up to $7,500 forgivable at 60 months. 0% interest. No monthly payments. Open to all lenders.

NeighborWorks Blackhawk Region HOME Forgivable Down Payment Assistance (Beloit) offers up to $7,500 in assistance. Homebuyer contribution: Buyer contributes at least $1,000 of own funds; FHA borrowers minimum 3.5%. The program can be combined with Downpayment Plus, WHEDA programs. Amounts are the program's published maximums, not an offer — NeighborWorks Blackhawk Region determines any individual award.

NeighborWorks Blackhawk Region HOME Forgivable Down Payment Assistance (Beloit) is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Property sold, refinanced, or no longer owner-occupied before 60 months. The assistance is recorded in second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

NeighborWorks Blackhawk Region HOME Forgivable Down Payment Assistance (Beloit) is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through NWBR HUD-Certified Counseling; NWBR homebuyer education course. $100 non-refundable application fee. All DPA loans subject to NWBR Loan Committee approval. First mortgage cannot contain predatory features. A companion Deferred product (no income limit, up to $5,000) also exists.

NeighborWorks Blackhawk Region HOME Forgivable Down Payment Assistance (Beloit) limits household income to 80% of the area median income, which varies by county and household size. Under 80% of Beloit-Janesville AMI. 4-person 80% AMI = $76,800 (2024 HUD). 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.

NeighborWorks Blackhawk Region HOME Forgivable Down Payment Assistance (Beloit) caps the purchase price at $219,000. Eligible property types include Single Family, 2-4 Unit, Condo, and Townhouse. New construction is not eligible. Manufactured homes are not eligible.

NeighborWorks Blackhawk Region HOME Forgivable Down Payment Assistance (Beloit) serves homebuyers purchasing in Beloit, Wisconsin. The program targets specific areas: Property within City of Beloit; HOME Forgivable subject to $219,000 price cap.

Applications for NeighborWorks Blackhawk Region HOME Forgivable Down Payment Assistance (Beloit) go through NeighborWorks Blackhawk Region, 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.