Home Buying Steps

Buying a home

To qualify for a Homeownership Program Loan, three criteria must be met:

  1. borrower(s) gross income must not exceed a county income limit; *
  2. the house to be purchased must not exceed a house price limit; *
  3. the borrower cannot have owned a home within the prior three years in 20 counties.

     

Tens of thousands of West Virginians have discovered the secret to homeownership through the West Virginia Housing Development Fund.

After you have a sales contract on the home you select, you will need to meet with your lender again to complete the loan application. The following items may be requested by your lender. 

  • Fully executed purchase contract and a copy of the seller's deed.
  • Personal check to pay for appraisal of the property.
  • Names and addresses of your landlords for the last two years.
  • Copies of last three years signed federal tax returns, with all schedules and W2s.
  • List of all your assets, including bank accounts (checking, savings, Certificates of Deposit, Individual Retirement Accounts, etc.) with current bank statements for each.
  • Copy of award letter from pension/retirement fund, disability insurer, etc.
  • Names and addresses of your current employer (s) and other employers for the past two years.
  • List of all amounts you owe, including charge and credit card account balances (include account numbers).
  • If applicable, copy of divorce decree, property settlement and verification of child support or bankruptcy papers.
  • Two current pay stubs covering a 30-day period. 
  • Self Employed: Three years signed federal tax returns with all schedules and a year-to-date profit and loss statements.
  • Verification of child support income, if being used to qualify.