Home Buyers

The West Virginia Housing Development Fund offers affordable mortgages to finance the purchase of a home and help to most homeowners if they choose to refinance.

Borrowers can find affordable options offered by the Fund through our partnership with more than 40 banks, credit unions, and independent mortgage companies as well as non-profit housing agencies throughout the state.

Although we welcome any inquiry you might have, we encourage potential home buyers to contact a lender in their area to discuss options and how they could benefit from a WVHDF program.

Once you and your lender have established that a Fund loan is right for you, your loan will be serviced at our office in Charleston.

Customer Testimonial: Angela Iafrate

Angela Iafrate feared her marital status, income, and student loan debt would permanently close the door to homeownership. Then she found our Homeownership Program and Low Down Home Loan. Thanks to those programs, Angela and her son now have a home of their own.

Angela started her homebuying journey in July 2022. Her first step was to begin gathering financial documents, such as paystubs and tax records, that she would need to apply for a mortgage. Her next step was to research programs available to first-time homebuyers. That’s when she came across the West Virginia Housing Development Fund.

“There were a couple of things specifically that made me gravitate toward the Fund, and one was the down payment assistance,” she said. “I had enough for a small downpayment, but it would have completely wiped out my reserves. Secondly, I thought the Fund is geared toward people like me who can buy a house but we’re not necessarily on paper a great financial prospect even though I can afford the payment. The bank seemed intimidating to me whereas the Fund looked friendly. That is probably my own insecurities, but that was the vibe—they’re here to help people like me.”

To read more about Angela’s experience with the West Virginia Housing Development Fund, visit our Customer Testimonial Page.

Programs for Homebuyers

The Homeownership Program offers low-interest rate loans to qualified first-time home buyers. This program is  compatible with the Low Down Home Loan.	The Movin’ Up Program is geared toward those with a higher income who can afford more or need more space. This program has no first-time buyer requirement.	The Veteran’s Home Loan Mortgage Program is a special loan available to military veterans, active service members, and surviving spouses. Borrowers must be first-time home buyers.	The Low Down Home Loan offers up to $8,000 in down payment and closing cost assistance for borrowers using the Homeownership Program.

 

Call 800-933-8511 to speak with one of our experienced loan originators!

The Home Loan Process

After you have a sales contract on the home you select, you will meet with your lender again to complete the loan application. Your lender may request the following:

1. Fully executed purchase contract and a copy of the seller’s deed.
2. Personal check to pay for appraisal of the property.
3. Names and addresses of your landlords for the past two years.
4. Copies of last three years signed federal tax returns, with all schedules and W2s.
5. List of all your assets, including bank accounts (checking, savings, Certificates of Deposit, Individual Retirement Accounts, etc.) with current bank statements for each.
6. Copy of award letter from pension/retirement fund, disability insurer, etc.
7. Names and addresses of your current employer(s) and other employers for the past two years.
8. List of all amounts you owe, including charge and credit card account balances (include account numbers).
9. If applicable, copy of divorce decree, property settlement and verification of child support or bankruptcy papers.
10. Two current pay stubs covering a 30-day period.
11. If Self-Employed: Three years of signed federal tax returns with all schedules and a year-to-date profit and loss statements.
12. Verification of child support income, if being used to qualify.

Are You Ready for Homeownership?

Buying a home is a big decision, and not one that should be taken lightly. There’s a lot a potential homeowner must consider, including their credit history and financial situation.

Before you begin the mortgage process, we encourage you to watch the short video below to help you determine if you’re ready for homeownership.