Down Payment Assistance - 7 Years

Down Payment Assistance - 7 Years is a forgivable loan for homebuyers in Charleston, West Virginia. HOC's mid-credit (600-699 FICO) DPA tier - $10,000 deferred 0% forgivable second over 7 years. Charleston-area (Kanawha/Putnam/Boone/Clay). Homeownership Center, Inc (HOC) Down Payment Assistance - 7 Years product provides a deferred 0% forgivable second mortgage up to $10,000 for down payment and closing-cost assistance to first-time homebuyers with mid-range credit (600-699 FICO) in HOC's Charleston-area service region (Kanawha, Putnam, Boone, Clay, and adjacent counties). Forgiven over 7 years of continuous owner-occupancy (~14.3% per year). No monthly payment. If borrower sells/refinances/vacates within 7 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.

Down Payment Assistance - 7 Years is forgiven after 7 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by 0% deferred forgivable second mortgage. Forgiven ~14.3% per year over 7 years of continuous owner-occupancy. Unforgiven balance due in full on sale, refinance, transfer, or non-owner-occupancy during 7-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.

Down Payment Assistance - 7 Years is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer typical but HOC may waive on case-by-case basis for displaced homemakers, single parents, or qualifying veterans. On credit, the program states: 600 minimum FICO; tier serves borrowers with 600-699 FICO. Borrowers with 700+ FICO directed to the 10-year tier. A homebuyer education course is required, through Homeownership Center Inc (HOC) - HUD-approved housing counseling agency. In-house education and 1-on-1 counseling required. Residency requirement: Property must be located in HOC's Charleston-area service region (Kanawha, Putnam, Boone, Clay, and adjacent counties). Citizenship or immigration status: U.S. citizen or qualifying lawful permanent resident. First-time homebuyer typical (HOC may waive case-by-case). Property must be located in HOC's Charleston-area service region. Owner-occupied primary residence. 600-699 FICO range. Maximum 45% DTI. HOC homebuyer education + 1-on-1 counseling required (typically more intensive for this tier). Minimum borrower contribution of $1,000 from own funds.

Down Payment Assistance - 7 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.

Down Payment Assistance - 7 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.

Down Payment Assistance - 7 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.

Down Payment Assistance - 7 Years serves homebuyers purchasing in Charleston, West Virginia.

Applications for Down Payment Assistance - 7 Years go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Direct intake with HOC. First-come, first-served subject to funding availability. 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.