Hey, everyone! Are you a first time buyer confused about owning a home in West Virginia? If you like city life, West Virginia isn't for you, but if you want the great outdoors, it's a great place. And, although housing markets across the United States can make buying a home difficult, West Virginia remains a bright spot with easier home-buying opportunities.
West Virginia offers several programs designed to help first-time home buyers secure affordable housing. Let’s explore the assistance programs from the West Virginia Housing Development for first time home buyer loans in West Virginia.
WVHDF Homeownership Program
The West Virginia Housing Development Fund (WVHDF) offers the HomeOwnership Program, providing first-time home buyers with a 30-year, fixed-rate mortgage for up to 100% of the home’s purchase price. In some cases, this loan can be paired with a down payment and closing cost assistance.
The requirements to qualify for the first time home buyer loans in West Virginia:
- Minimum credit score: 620
- Education: Might need to complete a homebuyer education course (depending on loan type)
- Income limits: Vary by county and household size
- Must be a single-family home, condominium, townhome, planned unit development (PUD), or manufactured home
- Must not exceed five acres
- Must meet WVHDF purchase price limits
- Must be a first-time buyer, defined as someone who hasn’t owned a home in the last three years; is buying a home in a targeted county; or is a veteran
WVHDF Movin’ Up Program
The Movin’ Up Program is designed for current homeowners looking to trade up, but first-time homebuyers can also qualify. The Movin’ Up Special Program offers lower interest rates and mortgage insurance premiums for those with incomes at or below 80% of the area median income (AMI).
- Income limits: Cannot exceed $130,560 for households of one or two people, or $152,320 for households of three or more
- Can be used with down payment assistance
WVHDF Low Down Home Loan
This program is used in conjunction with WVHDF’s Homeownership Program. You can use it as a second loan, to help with the down payment and closing costs. This program offers assistance with down payments and closing costs through a 15-year second mortgage at a 2% interest rate. You could get as much as $8,000 to assist with your initial costs.
*** Several cities in West Virginia offer down payment and closing cost assistance through the U.S. Department of Housing and Urban Development’s HOME Investment Partnership Program, including Huntington, Charleston, Martinsburg, and Parkersburg. Requirements and available assistance vary by location.
- Must contribute at least $500 to the purchase
- Must complete a homebuyer education course
- Loans are forgiven if you live in the home for 5 to 10 years, depending on the city
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Other First-Time Home Buyer Loans
These nationwide programs can also help first-time homebuyers in West Virginia:
Credit score: As low as 580 with a 3.5% down payment, or as low as 500 with a 10% down payment
Eligibility: Current service members, veterans, and eligible spouses
Benefits: No minimum down payment, no minimum credit score requirement, and competitive rates.
Eligibility: Available for homes in qualifying rural areas
Benefits: No minimum down payment requirement, though a credit score of at least 640 is usually needed
*** Additionally, we proudly offer exclusive Down Payment Assistance (DPA) programs to help you achieve your homeownership goals. Here are some of the DPA programs we offer:
Imagine: you'll receive up to $7,500 for your down payment or closing costs. Plus, you get a $500 credit toward your home appraisal and another $500 toward your home warranty. This is how Loan Factory brings peace of mind and saves you money.
Loan Factory allows you to take advantage of a $5,250 credit combined with a $500 appraisal credit, calculated as a discount for the Loan Level Price Adjustment (LLPA). This helps you maximize your savings and makes homeownership more affordable.
If you're looking to secure first time home buyer loans in West Virginia, Loan Factory has your back. Reach out to our team at 714-444-9999 or check out our website at www.LoanFactory.com to discover the available options for you. Let Loan Factory help you achieve your dream of owning a home in West Virginia! Don't forget to snag our First Time Home Buyer ChecklistChecklist. Our team is always willing to accompany you, from the first step until you officially become the owner of your home. Ready to turn your dream of a home into reality? Reach out today!
