Charleston offers loans to first time home buyers

CHARLESTON, W.Va. — Charleston is offering first-time home buyers financial help through a new Home Blend Loans program.

Down payment and closing cost assistance are offered as part of the program.

“We pay 20 percent down on the self-price of the home. That loan is forgivable. We do put on a second mortgage. It’s forgiven over a period of 10 years,” said Zora Rogers, HOME Program Supervisor for the City of Charleston, on Monday’s “580 Live” heard on 580-WCHS.

Roger said if the homeowner occupies the property for the full 10 years, he or she will then own the equity on the property.

The Mayor’s Office of Economic and Community Development Office announced the program last month for Charleston and Kanawha County residents.

There is no application fee for the program.

To qualify for this program, household annual income limits may not exceed the following limits:

1 person – $34,250
2 people – $39,150
3 people – $44,050
4 people – $48,900
5 people – $52,850

The program is funded by the federal government.

“One of the other things we do is we fund non-profits to do construction,” Rogers said. “The new construction housing is also sold the same clients that can qualify for the first time home buyers.”

For more information, call MOECD at (304)-348-8035.