The Homeownership Program makes homeownership more affordable for families and individuals.
please contact a team member in our single-family loan originations department. You may also call us at 1-800-933-8511 or 304-391-8738.
To qualify for a Homeownership Program Loan, three criteria must be met:
Borrower's gross income must not exceed a county income limit;
The house to be purchased must not exceed a house price limit;
Borrowers must not have had an ownership interest in their principal residence at any time during the three-year period ending on the date the program loan is closed if they intend to purchase a residence located in one of the following, non-targeted counties: Barbour, Berkeley, Boone, Brooke, Cabell, Greenbrier, Hancock, Harrison, Jefferson, Kanawha, Marion, Marshall, Mason Mercer, Monongalia, Morgan, Ohio, Putnam, Raleigh and Wood counties. This requirement does not apply to residences located in targeted counties which are all counties not listed, nor does it apply when the borrower is an eligible veteran under the Heroes Earnings Assistance and Relief Tax Act of 2008.
A Homeownership Program Loan is a 30-year, fixed rate mortgage loan. Up to 100% of the purchase price of the home can be financed.
Down Payment/Closing Cost Assistance Program
Eligible properties must be located in the state of West Virginia, to be used as the primary residence of the applicant(s).
Eligible properties include single, detached, existing, stick-built or modular homes; duplex, townhouse, or condominium units, and new double-wide mobile/manufactured homes. (New or used single- and used double-wides are not eligible.) Property conveyed with the home transaction cannot exceed five acres.
New Construction - Permanent Financing
Permanent financing is available for newly constructed homes. Construction financing is not available.
Most loans must be insured by either: VA, FHA, USDA or by a private mortgage insurance company.
You must have maintained an average credit rating and have acceptable stable income, sufficient to repay the loan based on the terms of the mortgage loan.
Homebuyer Education/Counseling is required for both the Movin’ Up and Homeownership programs on conventionally insured or uninsured loans. On the government insured loans (FHA, VA, and USDA) follow the insuring agencies guidelines for Homebuyer Education/Counseling requirements. Information on counseling providers may be found at http://data.hud.gov/housing_counseling.html
or with your mortgage insurance (MI) provider.