West Virginia First-Time Home Buyer Programs

The West Virginia Housing Development Fund facilitates home loans with favorable interest rates for West Virginia residents, and can make the dream of a no-down-payment mortgage come true.

Also check out federal loan programs offering first-time home buyers low down payments and easier qualifying as you look into WVHDF options.

National first-time home buyer programs

A good starting point is to investigate the low- or no-down-payment loans available from these federally backed mortgage programs.

WVHDF highlights and eligibility requirements

These WVHDF programs are for first-time home buyers and other West Virginia residents. A first-time buyer is defined as not having had an ownership interest in a home during the past three years. An exception to that ownership-interest requirement is available in certain counties or if you're an eligible veteran.

Additional details vary by program, but here are some basics:

» MORE: Tips for first-time home buyers

Highlights

• WVHDF offers 30-year fixed-rate home loans.

• Offers down payment and closing cost assistance up to $10,000 in the form of a separate, low-interest loan.

Eligibility

• County limits apply to a borrower's household income.

• The purchase price of the home must comply with local guidelines.

• A home buyer education course is required.

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WVHDF first-time home buyer programs

Homeownership Program

Best for:

Low down payment, down payment assistance, closing cost assistance

What do you need to know:

This program offers 30-year fixed-rate mortgages to first-time home buyers, borrowers in targeted counties and qualified veterans. With down payment and closing cost assistance, up to 100% can be financed for purchases of new or existing single-family homes, as well as condos, townhomes and manufactured homes. Income, purchase price and acreage limits apply, and home buyer education is required.

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Movin’ Up Loan Program

Best for:

Low down payment, down payment assistance, closing cost assistance

What you need to know:

Designed for borrowers with moderate incomes, Movin’ Up does not have a first-time buyer requirement. Home buyers who have outgrown their residences or who are looking for a change can purchase new or existing single-family homes, condos, townhomes and manufactured homes. Down payment and closing cost assistance is available. Income limits apply, and home buyer education is required.

USDA 502 Direct Loan Program

Best for:

Rural, low-income borrowers, no down payment

What you need to know:

For low- and very-low-income borrowers looking to buy in rural areas of West Virginia, this program allows 100% financing — and monthly payment assistance. Eligibility factors determine the amount of the subsidy you might receive. Income limits apply, and there are specific guidelines for the property being financed, such as being 2,000 square feet or less and without an in-ground swimming pool.

Down Payment/Closing Cost Assistance Program

Best for:

Low down payment, down payment assistance, closing cost assistance

What you need to know:

This program offers $7,500 in a separate, very low fixed-rate 15-year loan to apply to closing costs if your down payment is 10% or less. If your loan-to-value is less than 90% of the purchase price — meaning you can put down more than 10% — you can borrow up to $10,000 in closing cost assistance. Assistance is slightly less when combined with the Movin’ Up program.

Summary: West Virginia first-time home buyer programs

• Homeownership Program offers 30-year fixed-rate mortgage for first-time home buyers.

• Movin’ Up Loan Program offers down payment and closing cost assistance to buyers who have outgrown their homes or are looking for a change.

• The USDA 502 Direct Loan Program allows no down payment and provides payment assistance.

• The Down Payment and Closing Cost Assistance program offers low-interest-rate loans to help you clear the upfront money hurdle.

These programs are implemented by WVHDF authorized lenders. For full details on any program, visit the WVHDF website.