Homeownership Program

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The Homeownership Program makes homeownership more affordable for families and individuals.

1-800-933-8511

Eligible Borrowers – To qualify for a Homeownership Program Loan, borrowers must meet three criteria:

  1. The borrower’s gross income must not exceed the income limits in the county where the home is being purchased.
  2. The house to be purchased must not exceed the house price limits in the county where the home is being purchased.
  3. Borrowers must not have had an ownership interest in their principal residence at any time during the three-year period ending on the date the program loan is closed if they intend to purchase a residence located in one of the following non-targeted counties: Barbour, Berkeley, Boone, Brooke, Cabell, Greenbrier, Hancock, Harrison, Jefferson, Kanawha, Marion, Marshall, Mason Mercer, Monongalia, Morgan, Ohio, Putnam, Raleigh and Wood counties. This requirement does not apply to residences located in targeted counties which are all counties not listed, nor does it apply when the borrower is an eligible veteran under the Heroes Earnings Assistance and Relief Tax Act of 2008.

Income and House Price Limits

Loan Terms – A Homeownership Program Loan is a 30-year, fixed rate mortgage loan. Up to 100% of the purchase price of the home can be financed.

Low Down Home Loan- In some cases borrowers may qualify for help with their down payment and closing costs through our Low Down Home Loan. This is available only with the Homeownership Program and through a WVHDF Participating Lender.

Please refer to the Low Down Home Loan 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 double-wide manufactured homes. All must be located in West Virginia.

Is there an acreage limit? Property conveyed with the home transaction cannot exceed five acres.

New Construction – 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 West Virginia 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.

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