West Virginia

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.

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.

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.