Down Payment Assistance - 10 Years

What is Down Payment Assistance - 10 Years?

Down Payment Assistance - 10 Years is a forgivable loan for homebuyers in Charleston, West Virginia.

• HOC's higher-credit (700+ FICO) DPA tier - $15,000 deferred 0% forgivable second over 10 years. Charleston-area (Kanawha/Putnam/Boone/Clay).
• Homeownership Center, Inc (HOC) Down Payment Assistance - 10 Years product provides a deferred 0% forgivable second mortgage up to $15,000 for down payment and closing-cost assistance to first-time homebuyers with strong credit (700+ FICO) in HOC's Charleston-area service region (Kanawha, Putnam, Boone, Clay, and adjacent counties). Forgiven over 10 years of continuous owner-occupancy (10% per year). No monthly payment. If borrower sells/refinances/vacates within 10 years, unforgiven balance is due. Income range $110,650 (1p) - $136,050 (8p) reflects HOC's WVHDF-aligned moderate-income workforce target. Funded via partnerships with WVHDF, employer match, and private donor sources. Pairs with WVHDF Movin' Up / HOME-MAP first or any conventional/FHA/VA/USDA first. HOC homebuyer education and 1-on-1 counseling required.
• Funding comes from State, Private, and Employer.

Do you have to pay it back?

Down Payment Assistance - 10 Years is forgiven after 10 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by 0% deferred forgivable second mortgage. Forgiven 10% per year over 10 years of continuous owner-occupancy. Unforgiven balance due in full on sale, refinance, transfer, or non-owner-occupancy during 10-year period. No monthly payment.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Down Payment Assistance - 10 Years is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Down Payment Assistance - 10 Years limits household income to $136,050.

• The limit applies to total household income, not only the borrower’s.
• 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?

Down Payment Assistance - 10 Years caps the purchase price as follows: No HOC-specific purchase price ceiling published; defers to first-mortgage product limits (e.g., WVHDF $300,000 statewide / $350,000 targeted; FHA county limits; conventional conforming).

• Eligible property types include Single-family detached, condominium, townhouse, PUD. Per first-mortgage overlays.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

Down Payment Assistance - 10 Years names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves.

• 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?

Down Payment Assistance - 10 Years serves buyers purchasing in Charleston, West Virginia.

How do you apply?

Applications for Down Payment Assistance - 10 Years go through the administering agency, 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 Homeownership Center Inc (HOC) - HUD-approved housing counseling agency. In-house education and 1-on-1 counseling required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Direct intake with HOC. First-come, first-served subject to funding availability., 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.