Parkersburg/Wood County HOME Consortium Down Payment Assistance Program

What is Parkersburg/Wood County HOME Consortium Down Payment Assistance Program?

Parkersburg/Wood County HOME Consortium Down Payment Assistance Program is a forgivable loan for homebuyers in Parkersburg, West Virginia, administered by City of Parkersburg, Development Department (Parkersburg/Wood County HOME Consortium).

• The Parkersburg/Wood County HOME Consortium DPAP provides up to $15,000 in HOME-funded forgivable loans to first-time, low- and moderate-income homebuyers in Wood County for down payment and closing costs. The loan carries 0% interest and a 5-year term; if the buyer maintains ownership and occupancy for 5 years the loan is fully forgiven. Closing-cost assistance is capped at $2,500 of the total.
• Up to $15,000 forgivable.
• 0% interest.
• Forgiven after 5 years of occupancy.
• Covers down payment and closing costs.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from HUD HOME Investment Partnership funds via Parkersburg/Wood County HOME Consortium.

How much assistance does it provide?

Parkersburg/Wood County HOME Consortium Down Payment Assistance Program offers up to $15,000 in assistance.

• Buyer contribution: Homebuyer must provide minimum of $500 OR 3% of total down payment and closing costs, whichever is higher; plus refundable $50 application fee.
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — City of Parkersburg, Development Department (Parkersburg/Wood County HOME Consortium) determines any individual award.

Do you have to pay it back?

Parkersburg/Wood County HOME Consortium Down Payment Assistance Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, lease, transfer, or failure to occupy as primary residence before the 5-year affordability period expires; lapse of required flood insurance or failure to maintain property to code also triggers full repayment.
• 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.

Who qualifies?

Parkersburg/Wood County HOME Consortium Down Payment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Parkersburg/Wood County HOME Consortium Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• HUD Section 8 income limits for Parkersburg MSA; effective 6/15/2022: 1-person $37,900 up to 8-person $71,450 (limits update periodically).
• 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?

Parkersburg/Wood County HOME Consortium Down Payment Assistance Program caps the purchase price at $144,400.

• Eligible property types include Single Family.

Where does it apply?

Parkersburg/Wood County HOME Consortium Down Payment Assistance Program is a federal program, so it is not limited to West Virginia.

How do you apply?

Applications for Parkersburg/Wood County HOME Consortium Down Payment Assistance Program go through City of Parkersburg, Development Department (Parkersburg/Wood County HOME Consortium), 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 HUD-certified Housing Counselor (course completion certificate required at application).

2. 2

   Contact City of Parkersburg, Development Department (Parkersburg/Wood County HOME Consortium) to reserve funds

   Funds are reserved with the provider 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.