Rotary learns about HomeOwnership Center
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The HomeOwnership Center's Executive Director Kate Somers addressed the Rotary Club of Elkins, giving insight into the Center's activities within the eight-county region it serves.
The HomeOwnership Center (HOC) is a 501(c)(3) nonprofit organization that originated as part of the Randolph County Housing Authority but become its own entity in 1998. During June, the organization celebrated National Homeownership Month, debuting a new logo, website and quarterly newsletter, all aimed at keeping the community up to date on its projects and programs. "We made an effort in June to be out in the community with different workshops and events," said Somers. "We had a First Friday booth to kick things off and we had half price credit reports for our customers as a way to promote Homeownership Month."
The mission of the HOC is to strengthen the communities of north central West Virginia by creating and supporting successful homeowners. "We want first time homebuyers to get into homes, and we want them to stay in their homes and be successful homeowners," added Somers. To achieve this goal, the HOC provides responsible mortgage lending, credit counseling, financial advising and homebuyer education.
Since its inception, the HOC has assisted over 6,400 customers, provided education and counseling to over 5,100 customers, made 1,300 customer homeowners and generated over $150 million in property investment in the communities it serves. "We're very proud of the impact we're making in this region," said Somers. The Elkins-Randolph County area is at the heart of the HOC's region that also includes Barbour, Lewis, Pendleton, Pocahontas, Tucker, Upshur and Webster counties. Approximately 94% of the HOC's homebuyers in the region are first-time homeowners.
The five basic services provided by the HOF are credit and financial counseling, homebuyer and financial education, down payment assistance loans, mortgage loans and home improvement loans.
Credit and financial counseling are one-on-one meetings between a homeownership advisor and the customer. The customer brings their financial information and the advisor reviews that information. "She's going to say, 'you are mortgage ready now, fantastic, let's move on to the next step' or she's going to say, 'you have a few things to work on'," said Somers. If the customer isn't ready, the advisor is going to give them an action plan of things that need to be addressed. Once all the issues are addressed, the customer can become homeownership ready. "We don't say the word 'no,' we just say, 'not quite yet' to those people who need a little more work," added Somers. Customers can return as many times as necessary to work through the process. The only fee associated with this step in the process is for a credit report and there are no income restrictions for this service.
The HOC also provides homebuyer education, connecting buyers with an online course that provides an overview of the home buying process in order to make their customers successful in their journey. The online course gives potential customers a flexibility that may not exist with in-person courses. All customers must complete this course and receive their certificate of completion.
Connecting with local lenders is an important part of the HOC process. "One of the greatest things that we can do is connect with our local lenders. Over a third of our customers are working with a local lender and then they come to us to get downpayment assistance," said Somers. "This is a great partnership that we've developed. We have been able to benefit our customers and benefit the local banks as well. If it weren't for our piece, that deal's not going to happen." Over the last five years, HOC has provided over $750,000 in downpayments for local homebuyers.
The HOC has a preferred realtor program. The included realtors meet quarterly with the HOC to find out about available loan products. "When customers come to them, they know exactly what they need to be looking for in those houses. Some of the programs have property standards. They want to make sure if you're getting into a house you don't immediately need to do a whole lot of work on it," added Somers. "When our preferred realtors go through our education, they know how to work with those customers best."
The HOC also offers mortgage lending, including conventional lending, FHA lending and USDA Rural Development loan products. There are two USDA programs, one that offers a close to market rate with no downpayment and the 502 Direct program that is geared toward lower and moderate-income households that calculates an interest rate that is affordable to the customers. The 502 Direct program includes a provision to adjust the interest rate and payments based on changes in income over the life of the loan.
The HOC also has a program for current homeowners. Home improvement loans are available for enhancements or upgrades such as energy efficiency, accessibility accommodations or a new bathroom. The Affordable Fix product fills the gap between customers who would be eligible for a grant program and those who are eligible for a regular home improvement loan. The product has a lower interest rate and lower fees for those who qualify.
The HOC also provides comprehensive financial education for young adults through partnerships with social service organizations YouthBuild North Central and the Mountain Schools as well as local high schools. HOC provides workshops focused on topics such as credit counseling, budgeting and other foundational financial issues.
The HOC will be launching a number of initiatives in the coming months. A construction loan product will be made available to smaller developers to encourage more workforce housing in the community. The HOC will also offer expanded financial education workshops that will be offered to local employers as a benefit for their employees. Completing the workshops will qualify the employees for an appointment with a homeownership advisor. In-person homebuyer education classes will also be returning for those who wish a more personalized experience than that offered by the online courses.
"Communication is absolutely the key," said Somers. "When we have folks come to us, we're there for the long haul. You come wherever you are in the process and we'll work with you. The individualized attention is where we shine and where we are the most excited to be. It's so fun to work with these folks who are so enthusiastic about purchasing their first home and we’re so grateful we get to be along on that journey."
More information about The HomeOwnership Center and its various programs can be found at https://hocwv.org/ or by calling 304.636.9115.
Rotary is a global network of 1.4 million neighbors, friends, leaders and problem-solvers who see a world where people unite and take action to create lasting change - across the globe, in their communities, and in themselves. Visit www.Rotary.org to learn more about Rotary International, visit the club's Facebook page - Rotary Club of Elkins – or contact 2026-2027 club president Karen Wilmoth at wilmothk@gmail.com for more information about the Rotary Club of Elkins.