City of Morgantown Employee Down Payment Assistance Program (Morgantown Homecoming)

What is City of Morgantown Employee Down Payment Assistance Program (Morgantown Homecoming)?

City of Morgantown Employee Down Payment Assistance Program (Morgantown Homecoming) is a forgivable loan for homebuyers in Morgantown, West Virginia, administered by Fairmont-Morgantown Housing Authority (FMHA) HomeOwnership Center, in partnership with the City of Morgantown.

• An employer-based down payment assistance loan offered to City of Morgantown employees through the Fairmont-Morgantown Housing Authority's Morgantown Homecoming Program. FMHA's loan-options page lists the 'Employee Based Down Payment Loans (City of Morgantown)' as a currently available product. The companion WVU employee tier provides up to $5,000 at 0% interest as a forgivable loan over five years; specific terms for the City of Morgantown tier are not separately published.
• Forgivable employer-based down payment assistance loan for City of Morgantown employees purchasing in targeted near-campus neighborhoods.
• Funding comes from City of Morgantown employer-sponsored down payment funds, administered via the FMHA Morgantown Homecoming Program (not federal HOME funds).

How much assistance does it provide?

City of Morgantown Employee Down Payment Assistance Program (Morgantown Homecoming) offers up to $5,000 in assistance.

• The program can be combined with FMHA mortgage financing and other homebuyer services.
• Amounts are the program's published maximums, not an offer — Fairmont-Morgantown Housing Authority (FMHA) HomeOwnership Center, in partnership with the City of Morgantown determines any individual award.

Do you have to pay it back?

City of Morgantown Employee Down Payment Assistance Program (Morgantown Homecoming) is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Home cannot be rented and must remain the owner's primary residence; a deed restriction is imposed to keep the home owner-occupied. Loan is forgiven over the term if owner-occupancy is maintained.
• The assistance is recorded in Second / deed restriction position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City of Morgantown Employee Down Payment Assistance Program (Morgantown Homecoming) is open to buyers who will live in the home as their primary residence.

What are the income limits?

City of Morgantown Employee Down Payment Assistance Program (Morgantown Homecoming) sets its income limit as follows: No income restrictions for the parallel WVU employee tier of the Morgantown Homecoming Program; income terms for the City of Morgantown employee tier are not separately published.

• 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?

City of Morgantown Employee Down Payment Assistance Program (Morgantown Homecoming) can be used for Single Family, Townhouse, and 2-4 Unit.

• New construction is eligible.

Is there eligibility for specific groups?

City of Morgantown Employee Down Payment Assistance Program (Morgantown Homecoming) is limited to employees of City of Morgantown employees.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

City of Morgantown Employee Down Payment Assistance Program (Morgantown Homecoming) serves buyers purchasing in Morgantown, West Virginia.

• The program targets specific areas: Near-campus Morgantown neighborhoods: Wiles Hill, Greenmont, Woodburn, First Ward.
• Targeted neighborhoods: Wiles Hill, Greenmont, Woodburn, First Ward.

How do you apply?

Applications for City of Morgantown Employee Down Payment Assistance Program (Morgantown Homecoming) go through Fairmont-Morgantown Housing Authority (FMHA) HomeOwnership Center, in partnership with the City of Morgantown, 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 FMHA HomeOwnership Center (8-hour homebuyer education class required under the Morgantown Homecoming Program).

2. 2

   Contact Fairmont-Morgantown Housing Authority (FMHA) HomeOwnership Center, in partnership with the City of Morgantown to reserve funds

   Funds are reserved through First-come, first-ready basis subject to fund availability; apply through FMHA HomeOwnership Center., 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.