NewHOME Deferred Payment Loan
The NewHOME Deferred Payment Loan (NewHOME DPL) is a 0% interest, 30-year, forgivable, second mortgage loan. The NewHOME DPL may not exceed $30,000. Except as described in the following paragraph, the NewHOME DPL is not subject to repayment and will be forgiven at a rate of 1/360 per year over the term of the NewHOME Loan and is only available to qualified borrowers who are approved for the NewHOME direct loan above.
NewHOME DPL funds are available in 44 counties of the State. NewHOME DPL loans are not available in Berkeley, Boone, Cabell, Hancock, Jefferson, Kanawha, Marshall, Morgan, Ohio, Wayne and Wood. Income and sales price limit restrictions apply.