A great new program established the beginning of 2008 has made home buying in Berkeley County WV easier. Below are the some of the details of the program.

Eastern Panhandle HOME Consortium of West Virginia

HOMEBUYER ASSISTANCE PROGRAM  

WHAT IS IT?  A homebuyer assistance program (HAP) for first time homebuyers in Berkeley County and the City of Martinsburg. HAP provides income-eligible first time homebuyers with a deferred no-interest loan for downpayment and closing costs. The loan is forgiven if the buyer remains in the home for the term of the loan. The amount of the loan depends on the buyer's need for assistance.

WHO CAN USE HAP? 

•      FIRST TIME HOMEBUYERS

•       INCOME ELIGIBLE*

•      HOUSE MUST BE IN BERKELEY COUNTY

•      HOUSE MUST PASS CODE INSPECTION

HOW DOES HAP WORK? 

•     BE PRE-QUALIFIED BY A MORTGAGE LENDER

•     COMPLETE A HAP PRE-APPLICATION

•     COMPLETE HOMEBUYER EDUCATION

•     BORROW UP TO $20,000 FOR DOWNPAYMENT AND CLOSING COSTS

•     HAP LOAN AMOUNT DEPENDS ON HOMEBUYER'S ABILITY TO AFFORD THE FIRST MORTGAGE

•     TERMS ARE 5 YEARS FOR LOANS LESS THAN $15,000; 10 YEARS FOR LOAN OF $15,000 OR MORE.

•     HAP LOAN DOES NOT NEED TO BE REPAID IF YOU REMAIN IN THE HOME FOR THE TERM OF THE LOAN (5 OR 10 YEARS)

* HOUSEHOLD INCOME LIMITS SHOWN FOR EACH HOUSEHOLD SIZE

 1 Person-$37,050

 2 Persons-$42,350       

 3 Persons-$47,650       

 4 Persons-$52,650        

 5 Persons-$57,200         

 6 Persons-$61,400         

 7 Persons-$65,650        

 8 Persons-$69,900

For more details contact me. I will also put you in touch with a qualified lender to get you on your way to a new home.                                      

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