West Virginia Down Payment Assistance
West Virginia has both the lowest average mortgage debt and the lowest median home prices in the country! This means that people looking for real estate may find lots of affordable options here.
Those looking for extra help may also be able to utilize local and national programs that exist to offer down payment assistance and grants to qualified applicants. The West Virginia Housing Development Fund is one organization that offers such programs.
If you're thinking about purchasing a home in West Virginia, you may have options to help with the down payment or closing costs. Read below to learn more about any program and see if it can help with your home purchase!
Offered by the West Virginia Housing Development Fund, the Movin’ Up Program offers a loan with 3.75% interest (4.254% APR) (as of March 2022) as down payment assistance.
If the loan-to-value (LTV) is higher than 90%, $5,000 will be offered. If the LTV is lower than 90%, $8,000 will be offered.
In order to be applicable, the property must be a single-family structure, townhouse, condominium, manufactured home, or Planned Unit Development unit in West Virginia.
The applicant may have to partake in homebuyer education and/or counseling.
As of 2022, the income limits that applicants have to fall within are as follows:
- -1-2 person household: $113,760
- -3+ person household: $132,720
The HOMEownership Program, a part of the West Virginia Housing Development Fund, offers both a 30-year mortgage loan as well as down payment assistance.
If the loan-to-value (LTV) is higher than 90%, $7,500 will be offered as down payment assistance. If the LTV is lower than 90%, $10,000 will be offered.
Applicants have to fall within defined income limits. Applicants also have to show that they can maintain a stable credit score, have a steady source of income, and are financially responsible. Furthermore, the house the applicant is buying must fall within defined sales price limits, which vary by location.
If the applicant is buying a house in a non-designated target area (Barbour, Berkeley, Boone, Brooke, Cabell, Greenbrier, Hancock, Harrison, Jefferson, Kanawha, Marion, Marshall, Mason Mercer, Monongalia, Morgan, Ohio, Putnam, Raleigh or Wood county), then they must be a first-time homebuyer. The house must be in West Virginia and be owner-occupied. The property being purchased cannot be larger than 5 acres.
The applicant may have to partake in homebuyer education and/or counseling.
