West Virginia’s Movin’ Up Program Offers Financial Aid to Homebuyers
The West Virginia Housing Development Fund is dedicated to assisting moderate-income individuals in realizing their homeownership aspirations through the Movin’ Up Program. This initiative is uniquely tailored not just for first-time buyers but also for those who find their current residence no longer meets their needs or who simply desire a change in their living situation.
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The Movin’ Up program extends beyond the traditional scope of homebuyer assistance. It offers an attractive home loan option with an interest rate of 4.25 percent, amounting to an APR of 4.751 percent. Additionally, the program provides two distinct choices for Down Payment Assistance to prospective buyers. These options include a $5,000 assistance for loans where the loan-to-value ratio exceeds 90 percent of the purchase price and higher assistance of $8,000 for loans where this ratio is less than 90 percent of the purchase price.
To be eligible for the Movin’ Up program, there are specific requirements that must be met:
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- Location of Homes: All homes purchased under this program must be situated within the state of West Virginia.
- Type of Properties Financed: The program is designed to finance a variety of residential properties, including single-family homes, townhomes, units in approved Planned Unit Developments (PUDs), condominiums, and new multi-sectional manufactured homes.
- Mortgage Insurance: Applicants are required to obtain mortgage insurance as per lender specifications. The West Virginia Housing Development Fund is flexible in accepting various types of insurance, which include FHA, VA, RD, and private mortgage insurance.
Furthermore, the program mandates Homebuyer Education or Counseling for certain loans. This requirement is compulsory for conventionally insured or uninsured loans, while government-insured loans (such as FHA, VA, and USDA loans) adhere to the respective insuring agencies’ guidelines regarding Homebuyer Education/Counseling.
Income limits are also a crucial aspect of the eligibility criteria. For a household comprising one or two persons, the income limit is set at $113,760. For larger households with three or more members, the limit is increased to $132,720. It’s important to note that the income of all parties on the note and/or those taking title to the property is taken into account for determining eligibility.
In summary, the Movin’ Up Program by the West Virginia Housing Development Fund presents a comprehensive and accessible path to homeownership for moderate-income individuals, offering financial assistance, education, and a range of property choices to suit different needs and preferences.
