First Time Homebuyer Program

Frequently Asked Questions

The First Time Homebuyer Program, otherwise known as the HOME program, enables first time homebuyers to receive down payment and closing cost assistance up to $10,000 toward the purchase of a home.



2. What do I have to do to obtain a HOME certificate?

• You must take a housing counseling class. These classes are offered year-round. Upon completion of the class you will be presented with a certificate, which you will need to present to your HOME Administrator.

• You must verify that you meet the income guidelines for the HOME program.

• You must be pre-qualified for mortgage financing through a lender.

• You must have a sales contract on a house.
  
  Funds are allocated on a first-come, first-served basis to individuals who have fulfilled all of these requirements.

3. What certificate will enable me to receive down payment and closing cost assistance through the HOME program?

A HOME certificate is required to be eligible to obtain funding. Housing Counseling Certificates (e.g. CHIP, Change, Inc.) DO NOT guarantee funding through the HOME program.

4. What is a first-time homebuyer?

A first-time homebuyer, according to our guidelines, is an individual who has never owned a home, or who has not owned a home within the past three years, or who is a displaced homeowner. (Note that the City of Weirton DOES NOT adhere to the three-year guideline; their guidelines stipulate that if a person received profit from the sale of a house at ANY time, that person is not a first-time homebuyer.)

5. Am I guaranteed $10,000 toward my down payment and closing costs if I meet all of the program requirements?

$10,000 is the maximum amount of funding you can receive. The amount of funding received is based on the sales price, closing costs and the availability of HOME funds.

6. How much money do I have to pay back each month for the First Time Homebuyer Program?

The down payment and closing cost assistance received through the HOME Program is not required to be paid back if you live in the home for five years. However, if prior to the end of the five-year period you sell, rent or give away the property, you are required to pay the full loan amount back.

7. Can I buy a property that has rental income?

No. You are only able to purchase homes which are owner-occupied, single family dwellings.

8. Do I have to purchase a home in the city or county where I live?

No. You can purchase a home in any of the counties or cities participating in the HOME Program. Also, you must apply for the HOME Program funds in the city or county where you want to buy a home.

9. What do I need to bring to the interview with the program administrator?

You should bring your Homebuyer Education Certificate, pre-qualification letter from the bank, the sales contract and verification of your income (pay stubs, W-2 forms, alimony and other benefits).