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.  SHOP is funded by the HOME Investment Partnership (HOME), which is a Federal Entitlement Program through the U.S. Department of Housing and Urban Development.  The program was adopted to ensure mortgage costs are affordable and sustainable in the long-term for eligible households.

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 – $30,000
2 – $34,250
3 – $38,550
4 – $42,800
5 – $46,250
6 – $49,650
7 – $53,100
8 – $56,500

* All sources of income in the household must be disclosed when submitting an application.

* Effective as of March 6, 2015.

How does the program work?

Rather than financing the total cost of a home through a conventional bank for 30 years, the Consortium defers a portion of the debt through a secondary loan.  Here is how each loan is calculated:

1st Loan:  Participating lending institutions finance the balance of the mortgage, after the HOME Consortium’s approved amount is applied, for a period of 20 years at a fixed rate not to exceed 6%.    Households that quality for assistance through SHOP may choose to work with one of the partnering institutions below:

  • Wesbanco
  • United Bank
  • Community Bank
  • Huntington Bank

2nd Loan:  The HOME Consortium’s portion of the loan will be for a 10 year period at 3% after the first loan is paid.  The amount the Consortium will cover, depends on the level of household income, but will not exceed $25,000  Please see the income guidelines below:

  • 0 to 30% median income would be available for up to 40% of the overall home cost.
  • 30% to 50% median income would be available for up to 35% of the overall home cost.
  • 50% to 60% median income would be available for up to 30% of the overall home cost.
  • 60% to 80% median income would be available for up to 25% of the overall home cost.

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 304-424-8595.