West Virginia Assistance Programs
If you are looking for highly competitive mortgage rates in West Virginia, you are in the right place. Total Mortgage is a renowned mortgage company offering the best WV mortgage rates. Our diligent team operates round the clock to update the current rates from different lenders so prospective borrowers like you can make well-informed decisions. You will be glad to know that several first-time home buyer programs in WV are available to support your financial needs in the home-buying process. Explore the lowest mortgage rates and first-time home buyer programs in WV here and save considerable money on your home loan over time. Get ready to put a nameplate on your sweet home’s entry gate, as Total Mortgage’s team will assist you from beginning to end in your home acquisition process. Contact us today!
If you have any questions about securing the best mortgage rates in West Virginia, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
West Virginia first-time homebuyer programs
WVHDF Homeownership Program
West Virginia Housing Development Fund (WVHDF) offers HOMEownership Program to West Virginia first-time home buyers. Under this program, eligible applicants get a 30-year fixed-rate mortgage loan of up to 100% of the residential property’s purchase value. In some scenarios, this program can be used in conjunction with a down payment and assistance with closing costs. To qualify for the WVHDF Homeownership Program, you must be a first-time home buyer in West Virginia (someone who hasn’t acquired a property within the last 36 months), a veteran, or someone buying a home in a targeted county.
Requirements for Borrowers:
- Requires a minimum credit score of 620.
- Depending on the loan type, the borrower might need to take up the home buyer education program.
- The borrower must fulfill WVHDF's income requirements. They may vary depending on the county and the household’s size.
Property eligibility criteria include:
- Acceptable property types: Single-family home, condominium, townhome, planned unit development (PUD), or manufactured home
- Location requirement: Property must be in West Virginia
- Size limitation: Property cannot exceed five acres
- Purchase price limits as per WVHDF guidelines: In non-targeted areas, the maximum home price is $349,525 for most counties, except Jefferson County, with a limit of $806,598; targeted areas have a maximum price of $427,198
WVHDF Movin’ Up Program
The WVHDF's Movin' Up Program caters to current homeowners who aim to upgrade, although West Virginia first-time home buyers are also eligible. Notably, first-time buyers may benefit from the Movin' Up Special Program, offering reduced interest rates and mortgage insurance premiums if their income falls at or less 80% of the area median income (AMI) in their home-buying location.
To qualify, your household income must be less than $130,560 for one or two people or $152,320 for three or more individuals. You can also use the Movin' Up Program with down payment assistance WV. There is no property acreage limit under this program.
West Virginia Down Payment Assistance
WVHDF Low-Down Home Loan
This down payment assistance WV program can be combined with WVHDF’s Homeownership Program. This second loan can help you with your residential property's down payment and closing costs. Under this program, eligible West Virginia first-time home buyers enjoy a 15-year second mortgage loan with a minimal interest rate (2%). Your upfront expenses can be covered by $ 8,000 in additional funds.
Other West Virginia Homebuyer Programs
Several cities in West Virginia offer funds to assist first-time home buyers who earn low to modern income. These funds are offered from the U.S. Department of Housing and Urban Development’s HOME Investment Partnership program and can be used to cover the down payment and closing costs. The cities include Huntington, Charleston, Martinsburg, and Parkersburg.
The amount of assistance offered and the precise requirements of this program vary depending on the location. However, in general, home buyers must make an initial contribution of at least $500 towards acquiring a residence. Additionally, they must finish the homebuyer education course. The best part about this program is that it can be forgiven if you reside in that property for 5-10 years, depending on the city.
FHA Loans
Being a first-time home buyer in West Virginia, you might have an insufficient credit history, but don’t worry. FHA Loans allow you to own a residential property with a lower credit score for a conventional loan i.e., 580 with a DP of 3.5% & a credit score of 500 with a 10% DP.
VA Loans
For existing service members, veterans, and qualified spouses, VA loans offer a great opportunity to own a home in West Virginia. There is no DP and no minimum credit score thresholds.
USDA Loans
If you plan to buy a home in an eligible rural region, USDA loans in West Virginia can significantly interest you. Lenders can provide you with a USDA loan with a credit score of at least 640 and won’t ask for any minimum down payment.
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