West Virginia is an ideal place for the outdoor enthusiast with more than 40 state parks and forests along the Appalachian Mountains. The state is also home to aerospace, manufacturing, defense, and other industries. The cost of living is well below the national average, resulting in a high home ownership rate.
West Virginia first time home loan loan programs
WVHDF Home Ownership Program
The home ownership program offered through the West Virginia Housing Development Fund (WVHDF) combines first-time buyers with a 30-year fixed-rate mortgage for up to 100 percent of the purchase price of the home. In some cases, the loan can be combined with a down payment and assistance with closing costs. To qualify, you must be a first time home buyer, defined as someone who has not owned a home in the past three years. Buying a house in a particular county; or a veteran.
- Minimum score of 640
- Maximum 45 percent debt-to-income ratio
- A homebuyer training course may need to be completed (depending on the type of loan).
- Must meet WVHDF Income limitswhich vary by county and range from $ 65,880 to $ 113,640 for a household of just one or two people
- Can be a single family home, condominium, townhouse, planned housing unit (PUD), or prefabricated house
- Must be in West Virginia
- Must not exceed five acres
- Must meet WVHDF Purchase price limits founded by the county; These range from $ 294,600 to $ 679,847
WVHDF Movin ‘Up Program
WVHDF’s Movin ‘Up program is aimed at current homeowners looking to trade, but first-time buyers can also qualify. Especially if you’re a first-time buyer, you can take advantage of 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) in which you are buying your home.
Regardless of your situation, your income cannot exceed $ 113,760 if your household is one or two people, or $ 132,720 for a household of three or more people. You can also use the Movin ‘Up program in conjunction with the Deposit Assistance.
Deposit Assistance in West Virginia
WVHDF Homeownership Program Down Payment Assistance
This second loan is used in conjunction with the WVHDF Home Ownership Program and can help 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 either get:
- $ 7,500 if your mortgage has a loan-to-value (LTV) of 90 percent or more
- $ 10,000 if your LTV is less than 90 percent
Assistance with the deposit of the WVHDF Movin ‘Up program
Similar to the Home Ownership Program Down Payment Assistance, the Movin ‘Up Down Payment Assistance is a 15 year second loan, but is intended to be combined with a Movin’ Up first mortgage. You can either get:
- $ 5,000 if your mortgage is at least 90 percent LTV
- $ 8,000 if your LTV is less than 90 percent
Other first-time buyer loan programs
While thinking about your options for first-time buyer programs in West Virginia, be sure to consider national programs like FHA, VA, and USDA loans that can also help meet your home ownership goal. Read Bankrate’s helpful guide too Loans and Programs for First Time Buyers to learn what you might qualify for.
For more home ownership programs in West Virginia, including by city, see HUD.gov.
Now that you know more about your options as a first-time home buyer in West Virginia, you are ready to take the next steps. While the West Virginia Housing Development Fund does not make any loan or funding decisions, the agency does provide a list of participating mortgage lenders You can connect to for orientation. Whichever program you ultimately choose, remember that this is important Compare mortgage rates and loan offers to ensure you are getting the best terms for your situation.