The Mortgage Revenue Bond Program is commonly known as the First Time Homebuyer Program. This program provides a mortgage loan that has a below-market interest rate to make homeownership more affordable for families and individuals.
Eligible Borrowers
To qualify for a Single Family Bond 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 20 counties.
Loan Terms
The Bond program is a 25- to 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 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.
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.
Closing Costs Assistance
In some cases you may qualify for a Home Ownership Assistance Loan. Please refer to the Home Ownership Assistance Loan section for more information.
More Information
For more information, please contact one of the participating lenders in your county of interest, or contact a real estate professional.
Contact Us for more information on the Mortgage Revenue Bond Program.