Programs To Help
Buy a Home
The West Virginia Housing Development Fund provides affordable
mortgage financing for individuals and families of most incomes
through partnerships with over 200 banks, financial lenders, mortgage
brokers, and nonprofit housing agencies throughout West Virginia.
In order to purchase a home with Housing Development Fund financing,
you must contact us to start the pre qualification process.
Single Family Bond Program
30 - year, below-market
rate mortgages, providing 97% to 100% financing. Income and house
price limits apply, as well as first time home buyer restrictions
in 20 counties. (First time home buyer means that applicants cannot
have owned a home in the prior three years.)
Closing Cost Assistance Loan ProgramThis loan
is available for applicants qualifying for the Single Family Bond
Program. It is a ten-year loan available up to $3,500. No payment
is required nor does interest accrue for the first three years.
Ask Us About The Monthly Plus Program
The West Virginia Housing Development Fund is now offering all of its new homebuyers Monthly Plus, a new mortgage product that protects home buyers in the event of involuntary unemployment or suffer an accident that prevents a home owner from working for 30 days. The program benefits borrowers who can’t make a down payment of more than 20% of the house price and are required to buy mortgage insurance. This program is offered by Genworth Financial as a benefit to the mortgage insurance, at no additional cost to borrowers.
Monthly Plus provides:
*For the first 5 years of the mortgage loan, Monthly Plus covers all or a portion of the required monthly mortgage payment, up to $2,000 per month, for up to 6 months.
In the unfortunate event of a job loss, Monthly Plus will help protect your credit by preventing default on mortgage payments, make emergency savings go farther, safeguard your home and provide you with “peace of mind” during the stress of unemployment.
This program is only offered with West Virginia Housing Development Fund mortgage programs. If you are in the market to purchase a home, ask your lender for a West Virginia Housing Development Fund mortgage and the Monthly Plus Program.
Secondary Market Program10 to 30-year, conventional,
fixed-rate mortgages for all income levels, providing 97% financing
for the purchase of a primary residence. No first time buyer restriction
applies. Maximum loan amount is $333,700.
Closing Cost & Down Payment Assistance LoanThis loan is available for applicants using the Secondary Market Program, whose income does not exceed $55,000. The loan is to be used to cover closing costs and down payment. The loan includes 1% of the price of the house PLUS $1,000.
Refinancing ProgramMortgage refinancing is available. Interest rates are quoted daily. Applicants apply directly to the WVHDF.
Employer Assisted Loan ProgramThe Housing Development
Fund provides a mortgage program designed to allow employers in the
public and private sectors to participate in providing affordable
housing opportunities for their employees. All Employer Assisted Loan
Program applicants must participate in a Home Buyer Education class
in order to receive zero down payment loans.
The HOME Program
The HOME Program is a federally funded housing program for low
and very low-income individuals and families. It provides affordable
financing for home repair, home purchases, and rental development.
Families that are currently renters, sharing housing units with
other family members, or owners of a home requiring substantial
repairs to achieve property code compliance are eligible to participate.
All applicants must apply through an approved nonprofit housing
Housing Emergency Loan (HELP) Program
The HELP Program is designed to meet the emergency housing repair needs of
low-income home owners. "Emergency" in this context includes any
structural or construction problem that threatens the health and/or
safety of its inhabitants, such as heating and cooling systems,
roof and window repairs and sewer or water systems. Loans range
in amount from $1,000 to $10,000 and are available through a nonprofit
housing organization in your county.