Changes allow more homebuyers to use Movin’ Up Program
For more information, contact George Gannon at 304.391.8643
The West Virginia Housing Development Fund has revamped its newest home ownership program to make it available to more West Virginia homebuyers. In an effort to expand the Movin’ Up program, the Fund has raised income limits and eliminated county-related stipulations.
Under the old requirements, buyers had to make less than a predetermined annual income and . income limits varied from county to county. With the new plan, income limits have not only increased significantly, but are now the same in each county.
The new limits are set at $108,960 for a one or two person household and $127,120 for a household of more than three.
“We made these changes after listening to feedback from our lending partners, Realtors and other stakeholder’s in our state’s housing industry,” said Erica Boggess, the Fund’s Acting Executive Director. “We want this program to be open and accessible and we think these changes reflect that.”
"The foundation of the program remains the same," Boggess said. "The Movin’ Up Program has been designed to help moderate-income homebuyers purchase a new residence. Unlike our more commonly known homebuyer programs, Movin’ Up does not have a first-time homebuyer requirement and is geared toward home buyers who might have outgrown their current residence or just want to make a change."
“When we developed Movin’ Up, we wanted it to be dynamic and we wanted to have the ability to make the product work for homebuyers,” said David Rathbun, the Senior Director of Single Family Loan Origination. “These changes speak to that and we hope even more customers can utilize this program.”
Single-family structures, townhomes and units in approved Planned Unit Developments or condominiums and new multi-sectional manufactured homes can be purchased under Movin’ Up. All homes must be located in West Virginia.
All types of mortgage insurance including FHA, VA, RD and private mortgage insurance can be used with this program.