Homeownership Interest Rate for October 30, 2014: 3.75% (APR: 4.099%)

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September 16, 2014
Fund reaches goal for distribution of HOME funds                      ...
August 11, 2014
BLUEFIELD - From blighted to beautiful.   That’s how many are describing the transformation along the 1100 block of Highland Avenue...
June 26, 2014
The West Virginia Housing Development Fund has unveiled a new interactive tool that allows homebuyers to connect with lenders who use...
May 12, 2014
  The West Virginia Housing Development Fund is pleased to announce the promotion of a longtime employee. Julie Aliff was recently...
April 25, 2014
How do young people view equality and fair housing? The West Virginia Housing Development Fund hoped to answer some of these questions by...
April 18, 2014
The West Virginia Housing Development Fund has been recognized for assisting homeowners and helping to create a cleaner environment....
April 10, 2014
A Message for Current Customers:   The West Virginia Housing Development Fund is excited to announce a new line up of interactive...
March 12, 2014
A message from Erica Boggess, the West Virginia Housing Development Fund's Acting Executive Director:     We are proud to...
February 28, 2014
Building full of charm and character   After fire destroyed their home, Albert Priddy and his sister Charlotte Thomas were in the...
January 17, 2014
Founders Landing redeveloped with help from Fund program   HUNTINGTON – Kellie Weidenhammer hurt her back at work a few years ago...

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Online Mortgage Packet

Getting Started 
 

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, mortgage brokers 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:

  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 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. 
 

Loan Terms
 

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
 

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.

 

Mortgage Insurance

Most loans must be insured by either: VA, FHA, USDA or by a private mortgage insurance company.

 

Approval Guidelines

 

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.

 

Down Payment/Closing Costs Assistance

 

In some cases you may qualify for a Down Payment/Closing Cost Assistance Loan.

 

Please click here if you have further questions about this program
 

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.
 

  • 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 statement for all accounts.
  • Verification of child support income, if being used to qualify.

The West Virginia Housing Development Fund is the state's affordable mortgage finance agency.

The WVHDF was established to develop and improve the state's housing opportunities for residents.