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.
Eligible Borrowers – To qualify for a Movin’ Up Program loan, two criteria must be met.
- The statewide income limits are set at $130,560 for a one or two-person household and $152,320 for a household of three or more.
- The house to be purchased must not exceed the house price limits in the county where the home is being purchased.
House Price and Income Limits (4/27/2022)
Is there a first-time home buyer requirement? No. There is no first-time homebuyer rule for this program. That doesn’t exclude those who may be first-time homebuyers, but it is not a requirement.
Can I take advantage of Down Payment/Closing Cost Assistance? Yes! That’s one of the major benefits of this program. The options are listed below:
- Up to $5,000 for loans with a loan-to-value ratio greater than or equal to 90% of the purchase price
- Up to $8,000 for loans with a loan-to-value ratio less that 90% of the purchase price
Please refer to the Down Payment/Closing Cost Assistance Program section for more information.
What kind of home can I purchase? Single-family structures, townhomes and units in approved Planned Unit Developments or condominiums and new multi-sectional manufactured homes. All must be located in West Virginia.
Is there an acreage limit? There is no acreage limit with this program.
New Construction and Permanent Financing – Permanent financing is available for newly constructed homes. Construction financing is not available.
What types of mortgage insurance does the Fund accept? We take all mortgage insurance including FHA, VA, USDA and private mortgage insurance.
Do I have to participate in Homebuyer Education/Counseling?
Homebuyer Education/Counseling is required for both the Movin’ Up and Homeownership programs on conventionally insured or uninsured loans. On the government insured loans (FHA, VA, and USDA) follow the insuring agencies guidelines for Homebuyer Education/Counseling requirements. Information on counseling providers in W.Va. may be found here or with your mortgage insurance (MI) provider.
Update – Our requirement that income from all household occupants over the age of 18, excluding those dependents who are enrolled as a full-time student, is being amended to only include the “income of all parties on the note and/or taking title to the property.”
*Please note that any and all APR calculations presented throughout the wvhdf.com website will be based on a sales price of $100,000 with a 5 percent down payment.
** Movin’ Up Special is for potential applicants whose qualifying income is at or below 80 percent of Area Median Income for their federally-designated census tract. The program’s features include a reduced interest rate as compared to the regular Movin’ Up program and lower cost Private Mortgage Insurance (PMI). For more information, please contact the Fund at 1 800 933 8511.