The Homeownership Program makes homeownership more affordable for families and individuals.
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; *
- The borrower cannot have owned a home within the prior three years in the following counties: Barbour, Berkeley, Boone, Brooke, Cabell, Greenbrier, Hancock, Harrison, Jefferson, Kanawha, Marion, Marshall, Mason Mercer, Monongalia, Morgan, Ohio, Putnam, Raleigh and Wood counties.
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
In some cases you may qualify for a Down Payment/Closing Cost Assistance Program Loan. Please refer to the Down Payment/Closing Cost Assistance Program section for more information.
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.