Income-eligible first time homebuyers in Jefferson County can apply for a deferred no-interest loan for down payment and closing costs through the Homebuyer Assistance Program, or HAP. HAP provides gap financing to make the home loan affordable to the buyer.
The amount of the loan depends on the buyer’s need for assistance but cannot exceed $14,500. The term of the loan is 5 years and carries a zero interest rate with no repayment if the buyer remains in the home. Qualifying applicants must meet federal requirements for household size, income, and the sale price of the home. The house must also undergo a HAP property maintenance code inspection and meet local property codes. Repairs must be made prior to closing. Applicants must provide at least $500 of their own funds toward the purchase of the home along with documented proof.
All applicants are required to complete a homebuyer education course through an approved housing counseling program and obtain a certificate of completion. Homebuyer education and credit counseling is offered through the Partnership for Affordable Housing, Inc. (304-725-6189) and the Telamon Corporation (304-263-0916).
The funding source for the HAP program is the federal HOME Investment Partnership Program, which is administered by the City of Martinsburg. The Eastern Panhandle HOME Consortium of West Virginia is the participating jurisdiction under the HOME Act, which encourages housing assistance in compliance with HUD regulations and the local Consolidated Plan of the member jurisdictions.
Applications are accepted at any time; however, funds are limited and are on a first-come, first-served basis. Currently, there is $65,480 of funding available in Jefferson County; $0 in Berkeley County; $6,285 in the City of Martinsburg; and $3,495 in Morgan County.
Complete program guidelines and application forms are available on the Homebuyer Assistance page.