NewHOME Program

This program is designed to assist low-moderate income families in Mingo, McDowell, Boone, Lincoln and Logan Counties in becoming homeowners. If a family meets the credit and income guidelines, they could be eligible for a 0%, 30-year mortgage with payments based on income.

What are these requirements?

  1. Families must be under income guidelines
  2. Have a credit score of 600 and/or
  3. Have non-traditional credit

 

In order to qualify, your household must meet one of the following criteria (developmental disabilities, elderly head of household with children, and/or be a large family, all explained in further detail below):

 


Person with Disabilities - means a person who:

  1. Has a disability as defined in Section 223 of the Social Security Act,

"Inability to engage in any substantial, gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than 12 months, or

In the case of an individual who attained the age of 55 and is blind and unable by reason of such blindness to engage in substantial, gainful activity requiring skills or ability comparable to those of any gainful activity in which he has previously engaged with some regularity and over a substantial period of time."

  1. Is determined, pursuant to regulations issued by the Secretary, to have a physical, mental, or emotional impairment that:

(1) is expected to be of long-continued and indefinite duration,

(2) substantially impedes his or her ability to live independently, and

(3) is of such a nature that such ability could be improved by more suitable housing conditions, or

  1. Has a developmental disability as defined in Section 102(7) of the Developmental Disabilities Assistance and Bill of Rights Act.

"Severe chronic disability that:

    1. is attributable to a mental or physical impairment or combination of mental and physical impairments;
    2. is manifested before the person attains age 22;
    3. is likely to continue indefinitely;
    4. results in substantial functional limitation in three or more of the following areas of major life activity: (1) self care, (2) receptive and responsive language, (3) learning, (4) mobility, (e) self-direction, (6) capacity for independent living, and (7) economic self-sufficiency; and
    5. reflects the person's need for a combination and sequence of special, interdisciplinary, or generic care, treatment, or other services that are of lifelong or extended duration and are individually planned and coordinated."

This definition does not exclude persons who have the disease of acquired immunodeficiency syndrome or any conditions arising from the etiologic agent for acquired immunodeficiency syndrome.

No individual shall be considered to be a person with disabilities for purposes of eligibility solely based on any drug or alcohol dependence.

Elderly Family - means a family whose head, spouse, or sole member is a person who is at least 62 years of age. It may include two or more persons who are at least 62 years of age living together, or one or more persons who are at least 62 years of age living with one or more live-in aides

Large Family - means a family of five or more persons

Also, if an applicant resides in federally assisted housing and can continue to reside in such housing, they do not qualify for this program.

Should you not meet these requirements, you may still qualify for Home Leverage. The qualifications are as follows:

  1. No outstanding debts (including medical)
  2. 600 minimum credit score
  3. Ability to pay $300 toward PITI payment (Principal, Interest, Taxes, and Insurance)

Income guidelines

1 25,100*
2 28,700*
3 32,300*
4 35,850*

*May Be Subject to Change
*Final approval is made by Lender

Apply Now for the NewHOME Program >

 

Do you own a home or land you wish to sell? Register your properties for our clients to see by sending details by email.

View current Houses for Sale.