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WVHDF Homeownership Program
The Homeownership Program offered through the West Virginia Housing Development Fund (WVHDF) connects first-time homebuyers with a 30-year, fixed rate mortgage for up to 100 percent of the home’s purchase price. In some cases, the loan can be paired with down payment and closing cost assistance. To qualify, you must be a first-time buyer, defined as someone who hasn’t owned a home in the last three years; buying a home in a targeted county; or a veteran. Borrower requirements
640 minimum credit score Maximum 45 percent debt-to-income (DTI) ratio Might need to complete a homebuyer education course (depending on loan type) Must meet WVHDF , which depend on county and the size of your household Property requirements
Can be a single-family home, condominium, townhome, planned unit development (PUD) or manufactured home Must be in West Virginia Must not exceed five acres Must meet WVHDF established by county WVHDF Movin Up Program
WVHDF’s Movin’ Up Program is designed for current homeowners looking to trade up, but first-time homebuyers can also qualify. Notably, if you’re a first-time buyer, you could benefit from the Movin’ Up Special Program, which offers lower interest rates and mortgage insurance premiums if your income is at or below 80 percent of the area median income (AMI) where you’re buying your home. Whichever situation you’re in, to qualify, your income can’t exceed $130,560 if your household is made up of one or two people or $152,320 for a household of three or more. You can use the Movin’ Up Program along with down payment assistance, as well. West Virginia down payment assistance
WVHDF Homeownership Program down payment assistance
Used in conjunction with WVHDF’s Homeownership Program, this second loan can assist you with the down payment and closing costs associated with your home purchase. The assistance is offered as a 15-year second mortgage with a low, fixed rate. You can receive either: $7,500 if your mortgage has a loan-to-value (LTV) ratio equal to or greater than 90 percent $10,000 if your LTV ratio is less than 90 percent WVHDF Movin Up Program down payment assistance
Similar to the Homeownership Program down payment assistance, the Movin’ Up down payment assistance is a 15-year second loan, but designed to be paired with a Movin’ Up first mortgage. You can receive either: $5,000 if your mortgage has an LTV ratio equal to or greater than 90 percent $8,000 if your LTV ratio is less than 90 percent Other first-time homebuyer loan programs
While you’re considering your first-time homebuyer program options in West Virginia, be sure to explore national programs, including FHA, VA and USDA loans. Check out Bankrate’s helpful guide to to learn what you might qualify for. Get started
While the West Virginia Housing Development Fund does not make loans or financing decisions, the agency provides a list of you can connect with for guidance. Regardless of which program you ultimately choose, remember that it’s important to and loan offers to make sure you’re getting the best terms for your situation. First-time homebuyer programs in nearby states
SHARE: Jennifer Bradley Franklin is a multi-platform journalist and author, often covering finance, real estate and more. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Related Articles