West Virginia First Time Homebuyer Programs

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Updated on Thursday, February 21, 2019

Looking to buy a home in West Virginia? If it’s your first time, the financial commitment can be daunting. You’ve got to come up with a down payment and closing costs upfront, plus make monthly mortgage payments.Fortunately, a variety of resources can help you transition into homeownership.

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If you’re a prospective first-timer in the state of West Virginia, keep reading to find out what financial aid you may qualify for.

West Virginia first-time homebuyer programs

From comprehensive state-run funds to county-specific programs, there are a few ways to get the support you need to become a first-time homeowner. Funding comes from a number of different sources. The first is the West Virginia Housing Development Fund (WVHDF), which offers two programs that include affordable mortgage packages and the potential for down payment assistance. There are also several county-specific agencies worth looking into.

Here we’ll dive into eligibility requirements as well as what kind of help you can expect to receive from these organizations.

WVHDF Homeownership Program

Offered by the West Virginia Housing Development Fund, this program helps make homeownership more affordable for West Virginia residents.

Features

The Homeownership Program offers

  • Up to 100% financing on the purchase price of a home.
  • Down payment assistance of up to $7,500 for loans with a loan-to-value (LTV) ratio of 90% or higher, or up to $10,000 in assistance for loans with an LTV of less than 90%. Your LTV is the amount of the loan you’re seeking divided by the value of the property.
  • Permanent financing for newly constructed homes.

Eligibility

In order to qualify for this program, you must

  • Meet certain income limits.
  • Purchase a home within the purchase price limits.
  • Not have had an ownership interest in your principal residence during any time in the three years before the loan closure date if you want to buy a home in one of the following counties: Barbour, Berkeley, Boone, Brooke, Cabell, Greenbrier, Hancock, Harrison, Jefferson, Kanawha, Marion, Marshall, Mason Mercer, Monongalia, Morgan, Ohio, Putnam, Raleigh and Wood.Note: This requirement does not apply if you are an eligible veteran under the Heroes Earnings Assistance and Relief Tax Act of 2008.
  • Purchase one of the following home types in the state of West Virginia: a single-family home or townhome (in a planned unit development or otherwise), a condo or a new multi-sectional manufactured home.
  • Purchase a property on no more than five acres.
  • Meet all homebuyer education and counseling requirements, as applicable.

How it works

Your first step in applying for WVHDF’s Homeownership Program is to contact the organization’s loan origination department at 1-800-933-8511, or get in touch via the online contact form. They can give you more information, tell you if you’re eligible and help you get started with your loan.

WVHDF Movin’ Up Program

Also offered by the WVHDF, this program is for moderate-income homebuyers who need financial help buying a new home. The program can be used by first-time homebuyers as well as previous homeowners.

Features

The Movin’ Up program offers

  • Down payment assistance of up to $5,000 for loans with an LTV ratio of 90% or higher, or up to $8,000 in assistance for loans with an LTV ratio of less than 90%
  • Permanent financing for newly constructed homes

Eligibility

In order to qualify for this program, you must

  • Meet an income limit of $113,760 for a one- or two-person household, or $132,720 for a household of three or more.
  • Purchase one of the following home types in the state of West Virginia: a single-family home or townhome (in a planned unit development or otherwise), a condo or a new multi-sectional manufactured home.
  • Meet all homebuyer education and counseling requirements, as applicable.

How it works

To start, you’ll want to contact the WVHDF’s loan origination department at 1-800-933-8511, or get in touch using the online contact form. You can ask them whether you qualify, and they can help you apply for the program if you do.

Regional programs for first-time homebuyers in West Virginia

In addition to statewide programs, there are also several city- and county-specific programs available to West Virginia residents. Some of these departments update their online information more regularly than others, and it’s always recommended to contact your local housing department directly for the most up-to-date information on eligibility requirements and fund availability.

According to the U.S. Department of Housing and Urban Development, the following cities offer various forms funding for first-time homebuyers:

  • Charleston- First-time homebuyers in Charleston may qualify for one or more of the aid programs available through the Community Development Block Grant Program (CDBG).
  • Huntington- First time homebuyers in Cabell or Wayne Counties may qualify for assistance through the Cabell-Huntington-Wayne Housing Consortium. More information can be found on their application form.
  • Martinsburg- First-time homebuyers of Martinsburg or other cities within the state’s Eastern Panhandle region may be eligible for funding through the Homebuyer Assistance Program (HAP). Additional funding for Martinsburg residents may be available through the Community Development Block Grant (CDBG). You’ll find more information on both of these programs on the city’s Community Development page.
  • Parkersburg- First-time homebuyers of Parkersburg and other cities in Wood County may qualify for aid through the Single-Family Housing Opportunity (SHOP) and Down Payment Assistance Program (DPAP).

National first-time homebuyer programs

In addition to the state- and county-specific programs offered in West Virginia, there are also several chapters of Habitat for Humanity (HFH) scattered throughout the state. If you’re interested, you should contact your nearest HFH office to learn more.

If you’re struggling to secure safe or sanitary housing, the state chapter of the U.S. Department of Agriculture Rural Department may be able to help. Its Section 502 Direct Loan Program helps low- to very-low-income residents obtain safe housing in eligible rural areas.

For more information on other nationwide programs available to first-time homebuyers, see LendingTree’s comprehensive national first-time homebuyer guide.

The information in this article is accurate as of the date of publishing

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