If you’re planning to purchase a home in West Virginia, then you may be interested in learning about the programs offered by the West Virginia Housing Development Fund (WVHDF). These programs are designed to help with down payments and other expenses associated with buying a home. Keep reading to learn more about these specific programs. 

West Virginia Housing Development Fund (WVHDF) Home Buyer Programs  

The West Virginia Housing Development Fund (WVHDF) aims to make affordable housing more accessible to West Virginians. The organization achieves this objective by offering various home buyer programs and down payment assistance solutions. Let’s dive into these specific homebuyer programs, including their eligibility criteria, benefits, and requirements. 

WVHDF Homeownership Loan Program 

The WVHDF Homeownership Loan Program is designed to help first-time homebuyers. This program offers a 30-year fixed-rate mortgage for up to 100% of the home’s purchase price. In some cases, the Homeownership Loan Program can be combined with the WVHDF Low Down Home Loan to provide additional assistance with down payment and closing costs. 

Benefits 

  • 100% Financing: Eligible individuals can finance the entire purchase price of their home, eliminating the need for a down payment. 
  • Variety of Property Types: This program allows buyers to purchase various property types, including single-family homes, townhomes, condos, and double-wide manufactured homes. 
  • Down Payment & Closing Cost Assistance: The program could be combined with WVHDF’s Low Down Home Loan program, which could provide further financial support for homebuyers in the form of down payment and/or closing cost assistance. 

Eligibility and Requirements 

To qualify for the WVHDF Homeownership Loan Program, you must meet specific criteria. This includes being either a first-time home buyer, a Veteran, or purchasing in a non-targeted county. Additionally, your gross income must not exceed county limits, and the purchase price of the home must stay within set boundaries. 

See how much you can afford.

Your approval amount will give you an estimate of how much you can afford.

WVHDF Movin’ Up Loan Program 

The WVHDF Movin’ Up Loan Program is designed for home buyers who may have outgrown their current residence or those who want to make a change. The program offers financing options for newly constructed homes and has no acreage limit. 

Benefits 

  • No First-Time Homebuyer Requirement: Unlike some programs limited to first-time buyers, Movin’ Up welcomes current homeowners too.  
  • Variety of Property Types: This program offers financing for a range of property types, including single-family structures, townhomes, condos, and manufactured homes.  
  • Down Payment Assistance: Additional support is available for eligible applicants with income at or below 80% of the area median income in their area, ensuring that more individuals can access the benefits of homeownership. 

Eligibility and Requirements 

To qualify for the Movin’ Up program, your household income must meet certain limits established by the WVHDF. These limits vary depending on your family size and the county where you reside. In addition to income limits, there are also house price restrictions in place for each county to ensure affordability within the local housing market. 

WVHDF Movin’ Up Special Loan Program 

The WVHDF Movin’ Up Special Loan Program is designed for those who have a qualifying income at or below 80% of their federally designated census tracts area median income. This program could offer a lower interest rate compared to the regular Movin’ Up loan program and lower cost of Private Mortgage Insurance (PMI). 

Benefits  

  • Lower Interest Rates: Could offer lower mortgage rates compared to the standard Movin’ Up program, saving you money throughout your loan term. 
  • Reduced PMI Costs: Typically, loans with less than a 20% down payment require Private Mortgage Insurance (PMI). The Movin’ Up Special Program helps secure a mortgage with a lower PMI rate, cutting down your monthly payments. 

Eligibility and Requirements 

To qualify for the Movin’ Up Special Loan Program, applicants must meet statewide income and home limits. Additionally, your income must be at or below 80% of the area median income for your federally designated census tract. 

Down Payment Assistance WV 

In addition to several homebuyer programs, WVHDF offers down payment assistance to help alleviate upfront costs associated with purchasing a home. 

WVHDF Low Down Home Loan 

When you combine the Homeownership Loan Program with the WVHDF Low Down Home Loan, you could get additional support for purchasing your home. This secondary loan is specifically designed to help you with down payments and closing costs by offering a 15-year term and a low 2% interest rate. If you are eligible, then you can receive up to $8,000 to cover upfront expenses, which makes owning a home more affordable and accessible.

How can I apply for the WVHDF homeownership programs? 

To apply for the WVHDF homeownership programs, follow these general steps: 

  1. Find a Participating Lender: Look for a WVHDF-approved mortgage lender, like Direct Mortgage Loans, who can assist you in the process and verify your eligibility. 
  2. Gather Your Documents: Once your eligibility is confirmed, gather important financial documents such as pay stubs, tax returns, bank statements, and employment verification. 
  3. Submit Your Application: After collecting all the necessary documents, submit your application for pre-approval.  
  4. Complete a Home Buyer Education Course: Many WVHDF programs require you to complete a homeownership education course. Your lender can provide information on approved courses to satisfy this requirement. 

Other Loan Options for West Virginia First Time Home Buyers 

These loans are available in FHA, FHA 203(k), VA, Conventional and USDA formats. 

FHA loans

FHA loans are governed by HUD, offer flexibility for those with limited down payments and imperfect credit. Popular among first time home buyers due to lower credit score and down payment requirements. 

FHA 203(k) Loans

FHA 203(k) loans are special government-insured mortgages that finance both home purchase and renovations, providing a convenient single borrowing solution. 

VA home Loans

VA loans are flexible, $0-down payment options partially backed by the Department of Veterans Affairs, benefiting veterans for purchasing or refinancing a home.  

Conventional Loans

Conventional loans are not government-backed, are now accessible with down payment options as low as 3%, making them more attainable than before. 

 USDA Loans

USDA loans are government-insured, designed for low- to moderate-income borrowers in rural areas to purchase homes within designated regions.

Find out what your mortgage options are!

Get expert advice and find out what you qualify for when you submit your application online.

FAQ’s About WVHDF 

What does the WV housing Development Fund do?  

The West Virginia Housing Development Fund (WVHDF) is a local agency that aims to help West Virginia residents find affordable housing. They have various programs available to help West Virginians become homeowners. Some include loans and down payment assistance for families with moderate to low incomes. Additionally, the WVHDF provides funding for building affordable rental housing units across the state. 

How can I buy a house in West Virginia with no money down? 

For those looking to buy a home in West Virginia, there are options for zero down payment purchases. If you qualify, then you may be eligible for a VA loan, USDA loan, or FHA 100% Financing program. Speak with a Loan Officer to learn more about our no money down home loans. 

Does West Virginia have a first-time home buyer program?  

The Homeownership Loan Program offered through the West Virginia Housing Development Fund (WVHDF) offers eligible first-time homebuyers a 30-year, fixed-rate mortgage for up to 100 percent of the home’s purchase price.   

What is the income limit for the WV housing development Fund?  

Income limits for WVHDF programs vary depending on the specific program you’re interested in and the size of your household. Review the full list of income and house price limits to learn more.  

Can I combine DPA programs with other financial assistance options? 

In some cases, you can combine WVHDF Down Payment Assistance (DPA) programs with other financial options. For instance, you could combine the Homeownership Loan Program with the Low Down Home Loan program. 

Additionally, the Movin’ Up Program could be used with the Movin’ Up Special Loan Program, depending on your financial situation. Keep in mind that each program has their own set of eligibility requirements, so it’s best to speak with a loan officer to discuss your options.

Get Started Today

Name(Required)
Opt in SMS(Required)

Eligibility and approval is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral and underwriting requirements. Direct Mortgage Loans, LLC NMLS ID# is 832799 (www.nmlsconsumeraccess.com). Direct Mortgage Loans, LLC office is located at 11011 McCormick Rd Ste 400, Hunt Valley, MD 21031.