Wood County HOME Consortium – First Time Homebuyer Program

The Wood County HOME Consortium’s Single Family Housing Opportunity Program (SHOP) provides low interest loans to qualified households for the purchase of homes or the construction of new homes for first time homebuyers. This program defers payments on 40% of the home loan, which gives residents more buying power.

Who is eligible for the program?

To be eligible for the program you must:

• Be a first time homebuyer (have not owned a home in the last 3 years);
• Be searching for or building a home in Wood County;
• Submit a $500 application fee (refundable if not approved);
• Meet and verify income eligibility requirements.

What are the income guidelines?

Households cannot exceed the following household income levels to be eligible*:

2014 Income Guidelines

Number of persons in household  - Maximum adjusted gross income

1 – $30,100
2 – $34,400
3 – $38,700
4 – $42,950
5 – $46,400
6 – $49,850
7 – $53,300
8 – $56,700

*Income levels are revised annually; the last revision was in January 2014.

How does the program work?

The financing is a combination of two loans, as follows:

1st Loan: 60% of total cost financed through participating local banks for 20 years at a fixed rate.

2nd Loan: 40% of total costs plus closing costs financed through the Parkersburg/Wood County HOME Consortium for 10 years at 3% AFTER the first loan is paid.

The total combined mortgage is for 30 years.
Here’s an example:

Purchase Price of home is $65,000
1st Loan:
$39,000 bank loan
Payment of $279.41 for 20 years at 6%* per month for 20 years
*Actual bank interest rate varies with market conditions.
2nd Loan:
$26,000 Consortium loan
Payment of $261.06 per month for last 10 years at 3%.
No interest is paid or accrued on the 2nd loan for the first 20 years.

I don’t have a house yet, but I’m looking. Can I apply?

Yes! This program operates on a first-come, first-served basis, and there may be a waiting list for funding. Applying at the beginning of your new home search is highly recommended.

What about new construction?

New construction is also eligible if it is under the maximum loan amount and approved by the local bank.

Can I buy a mobile home through this program?

Mobile homes (otherwise known as single-wide or double-wide trailers) ARE NOT eligible.
Manufactured homes, however, ARE eligible if they sit on a permanent non-mobile foundation.

Is the application fee refundable?

If you do not qualify for a loan or decide not to go through the program to buy a house, your $500 will be refunded.

How do I sign up for this program?

For more information and to apply for the program, call Angie Smith, Financial Compliance Officer, at 304-424-8495.