West Virginia First-Time Home Buyer Programs of 2021

NerdWalletMay 10, 2021
GettyImages_976813474_Story.jpg
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

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:

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.

WVHDF first-time home buyer programs

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.

More from NerdWallet