The NewHOME Loan Program was developed to provide direct loans to very-low income families to finance the acquisition or construction of affordable single-family housing. Eligible applicants may obtain a loan(s) to finance up to 100% of the costs associated with the acquisition or construction of a single-family dwelling. NewHOME Loan Program loans are originated by approved non-profit Local Originators under the terms of a Participation Agreement with the West Virginia Housing Development Fund.
A primary preference for NewHOME Loan Program is given to large families with dependent children, elderly families with dependent children, elderly families and disabled veterans. These preferences will not preclude other income eligible families from applying for financial assistance under the NewHOME Loan Program. The maximum household income of an applicant under the NewHOME Loan Program may not exceed 80% of the area median income for the county.
The NewHOME Loan Program provides eligible families financial assistance through the New HOME Loan. If the NewHOME Loan is insufficient to cover the cost of the house, an eligible family may qualify for a NewHOME Deferred Payment Loan.
Environmental Forms and Information
For more information on the HOME Program, please contact Cathy Colby