Making Homeownership a Reality: West Virginia’s HOMEownership Program

The West Virginia Housing Development Fund’s HOMEownership Program is a valuable initiative aimed at making the dream of homeownership a reality for eligible individuals. This program provides prospective homebuyers with a 30-year, fixed-rate mortgage loan that can finance the entire purchase price of their new home. Additionally, it offers the option of down payment assistance, providing extra support to those looking to leap into homeownership.

For those considering the HOMEownership Program, there are two distinct options for down payment assistance. If your mortgage has a loan-to-value ratio equal to or greater than 90 percent of the purchase price, you can receive a generous $7,500 in assistance funds. However, if your loan-to-value ratio falls below 90 percent, the assistance amount increases to an even more substantial $10,000, giving you the flexibility you need to secure your dream home.

To be eligible for this program, your gross income must fall within the specified limits set for your county. It’s essential to demonstrate a solid credit history and a stable source of income to qualify. Moreover, the purchase price of the home you intend to buy must not exceed your county’s established limit.

The first-time buyer requirement applies to those purchasing homes in non-targeted counties, which include Barbour, Berkeley, Boone, Brooke, Cabell, Greenbrier, Hancock, Harrison, Jefferson, Kanawha, Marion, Marshall, Mason, Mercer, Monongalia, Morgan, Ohio, Putnam, Raleigh, and Wood counties. A first-time buyer is defined as someone who has not had an ownership interest in a principal residence in the three years leading up to the closing date of the program loan.

It’s important to note that the property you’re purchasing must be located within the state of West Virginia and serve as your primary residence. The program encompasses various property types, including single, detached, existing, stick-built, or modular homes, as well as duplexes, townhouses, condominium units, and new double-wide mobile or manufactured homes. However, the property’s acreage should not exceed five acres.

Furthermore, the HOMEownership Program mandates Homebuyer Education/Counseling for conventionally insured or uninsured loans. For government-insured loans such as FHA, VA, and USDA loans, borrowers are required to adhere to the guidelines set by the respective insuring agencies regarding Homebuyer Education/Counseling requirements.

With the HOMEownership Program, the West Virginia Housing Development Fund aims to empower individuals with the financial assistance and knowledge they need to embark on their journey to homeownership. This program opens doors and creates opportunities for those aspiring to make a house their cherished home.