Bootcamp For Buyers

West Virginia Homeownership Program

The West Virginia Homeownership Program, offered by the West Virginia Housing Development Fund, is designed to assist eligible homebuyers in achieving affordable and sustainable homeownership. By providing competitive mortgage rates and financial assistance, the program helps reduce upfront costs and ensures long-term housing stability for residents across West Virginia.

Benefits

  • Offers 30-year fixed-rate mortgages with competitive interest rates, ensuring stable and predictable monthly payments.
  • Provides down payment and closing cost assistance, reducing upfront expenses for eligible homebuyers.
  • Supports first-time homebuyers and repeat buyers who meet program requirements.
  • Encourages long-term housing stability and equity building for low- and moderate-income households.
  • Combines well with other state and federal housing assistance programs for enhanced financial flexibility.

Eligibility Requirements

  • Applicants must meet income limits, which vary based on household size and property location within West Virginia.
  • The property must be located in West Virginia and used as the buyer’s primary residence.
  • A minimum credit score of 620 is typically required, with lender-specific underwriting criteria also applicable.
  • Debt-to-income ratios must comply with program guidelines to ensure affordability.
  • Completion of a West Virginia Housing Development Fund-approved homebuyer education course is required to prepare for homeownership responsibilities.

Additional Information

The West Virginia Homeownership Program is a critical resource for individuals and families looking to achieve homeownership while overcoming financial barriers. By offering affordable mortgage options and targeted assistance, the program empowers eligible buyers to secure stable housing and invest in their futures. Administered by the West Virginia Housing Development Fund, this initiative promotes sustainable homeownership and strengthens communities across the state.

Frequently Asked Questions About Our Program

What is the West Virginia Homeownership Program?

The West Virginia Homeownership Program offers low-interest fixed-rate mortgages and down payment assistance to help eligible residents afford the costs of buying a home.

Who qualifies for the West Virginia Homeownership Program?

Eligibility is based on income and purchase price limits, and applicants must use the home as their primary residence. Both first-time and repeat homebuyers may qualify.

Do I need to be a first-time homebuyer to qualify?

No, the program is available to both first-time and repeat buyers, although additional benefits may apply to first-time homebuyers.

What is the minimum credit score required?

Applicants typically need a credit score of at least 620 to qualify. Higher scores may improve eligibility and access to better loan terms.

How much down payment assistance is available?

Eligible buyers can receive up to $7,500 in down payment and closing cost assistance, depending on their income and other qualifications.

Are there income limits for the Homeownership Program?

Yes, income limits vary based on household size and the county where the property is located. These limits ensure the program benefits low- to moderate-income families.

What types of properties are eligible for the program?

Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may qualify if they meet program guidelines and are permanently affixed to a foundation.

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What is the maximum purchase price allowed?

As of 2025, the maximum purchase price varies by county but generally ranges from $200,000 to $400,000, depending on program criteria.

Does the down payment assistance need to be repaid?

The assistance is provided as a deferred loan with no interest. Repayment is required only if the buyer sells, refinances, or no longer uses the home as their primary residence within a specified timeframe.

Is homebuyer education required for the program?

Yes, completing a homebuyer education course is mandatory to ensure buyers are well-prepared for the responsibilities of homeownership.

Can the program help with closing costs?

Yes, the down payment assistance can also be applied toward eligible closing costs, reducing the upfront financial burden for buyers.

Are there location restrictions for properties?

Yes, properties must be located within West Virginia and meet the program’s eligibility criteria for type and price limits.

Can the program be used for newly constructed homes?

Yes, newly constructed homes are eligible as long as they meet the program’s purchase price and other requirements.

Are there debt-to-income (DTI) ratio requirements?

The maximum allowable DTI ratio is typically 45%, but exceptions may apply for applicants with strong credit or other compensating factors.

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Can the Homeownership Program be combined with other assistance programs?

Yes, the program can often be combined with other state or local assistance programs to maximize financial benefits.

What are the benefits of the West Virginia Homeownership Program?

The program provides affordable mortgage options, down payment assistance, and access to homebuyer education, making homeownership more accessible for eligible residents.

Can this program be used with FHA, VA, or USDA loans?

Yes, the program can be paired with FHA, VA, USDA, and conventional loans, provided all eligibility requirements are met.

How does the deferred loan for down payment assistance work?

The deferred loan provides assistance with no interest or monthly payments. Repayment is required only if the buyer sells, refinances, or no longer uses the home as their primary residence.

What is the application process for the Homeownership Program?

Applicants must work with an approved lender who will verify eligibility, guide them through the application process, and assist in securing both the loan and any available assistance.

Is there a fee to participate in the Homeownership Program?

No additional fees are charged for accessing the program’s benefits, but buyers should review standard closing costs and other expenses with their lender during the process.

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