The West Virginia Housing Development Fund offers affordable mortgage loans to finance the purchase of a home or offers help to most homeowners if they choose to refinance. Individuals and families can find affordable options offered by the Fund through our partnership with over 30 banks, financial lenders and non-profit housing agencies throughout the state. For a full list of our lending partners, please click here. Although we welcome any inquiry you might have, we suggest potential home buyers contact a lender in their area to discuss options and how they could benefit from a loan through the WVHDF. Once you and your lender have established that a Fund loan is right for you, your loan will be originated on site.
The Homeownerhsip Program
The Homeownership Program is commonly known as the First Time Homebuyer Program.
To qualify for a Homeownership Program Loan, three criteria must be met:
Barbour, Berkeley, Boone, Brooke, Cabell, Greenbrier, Hancock, Harrison, Jefferson, Kanawha, Marion, Marshall, Mason Mercer, Monongalia, Morgan, Ohio, Putnam, Raleigh and Wood counties.
The Homeownership Program is a 30-year, fixed rate mortgage loan. Up to 100% of the purchase price of the home can be financed.
Eligible properties must be located in 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.
In some cases you may qualify for a Down Payment/Closing Cost Assistance Loan.
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.