The Housing Development Fund provides a mortgage program designed to allow employers in the public and private sectors to participate in providing affordable housing opportunities for their employees, which, as a result makes you eligible for additional mortgage benefits in buying a home that are not available with conventional mortgages, such as:

• Up to 100% mortgage financing;
• Competitive, fixed interest rate;*
• As little as $500 or 1% of the sales price to complete the sale.

* In some cases, applicants may qualify for a lower interest rate based on income.

Rent vs. Mortgage Payment

If you can afford a rent payment, chances are you can afford a mortgage payment. The only problem may be coming up with the upfront costs associated with buying a home. The Employer Assisted Loan Program alleviates that problem. Only a 3% down payment is required, and the West Virginia Housing Development Fund will finance that amount as part of the total mortgage. Closing costs may be covered by a gift from a family member, seller, etc. It may also be provided as a grant or a loan. You may only be required to pay as little as $500 or 1% of the sales price, whichever is less, when the house purchase is completed, at closing.

Home Buyer Education is Required

All applicants receiving 100% mortgage financing must participate in a Home Buyer Education Class. The classes may be held at the work site or may be held in the evening or on weekends in a designated classroom or meeting area. A Home Buyer Education Agency in your area is available for you. A list of Home Buyer Education Providers is included by viewing more information in your county of interest below.

To Get Started

1. Contact and enroll in a Home Buyer Education Class.
2. Complete the Home Buyer Education course. Now you are ready to initiate the buying process.
3. Contact a participating mortgage lender to prequalify, or initiate the mortgage application process. This will help you determine the house price you can afford.
4. Shop for a qualified home.
5. Return to the participating lender and make a formal application to purchase your home.

Contact Us for more information on the Employer Assisted Loan Program.