West Virginia is an ideal place for outdoor enthusiasts, with more than 40 state parks and forests tucked along the Appalachian Mountains. The state is also home to businesses in aerospace, manufacturing, defense and other industries, and its cost of living is considerably lower than the national average, translating to a high homeownership rate.
If you’re a first-time homebuyer looking for a home in The Mountain State, consider starting with the West Virginia Housing Development Fund, the state’s housing finance authority, to find affordable mortgage programs and down payment assistance.
West Virginia first-time homebuyer loan programs
WVHDF Homeownership Program
The Homeownership Program offered through the West Virginia Housing Development Fund (WVHDF) connects first-time homebuyers with a 30-year, fixed rate mortgage for up to 100 percent of the home’s purchase price. In some cases, the loan can be paired with down payment and closing cost assistance. To qualify, you must be a first-time buyer, defined as someone who hasn’t owned a home in the last three years; buying a home in a targeted county; or a veteran.
Borrower requirements:
- 640 minimum credit score
- Maximum 45 percent debt-to-income ratio
- Might need to complete a homebuyer education course (depending on loan type)
- Must meet WVHDF income limits, which depend on county and range from $65,880 to $113,640 for a household of one or two people only
Property requirements:
- Can be a single-family home, condominium, townhome, planned unit development (PUD) or manufactured home
- Must be in West Virginia
- Must not exceed five acres
- Must meet WVHDF purchase price limits established by county; these range from $294,600 to $679,847
WVHDF Movin’ Up Program
WVHDF’s Movin’ Up Program is designed for current homeowners looking to trade up, but first-time homebuyers can also qualify. Notably, if you’re a first-time buyer, you could benefit from the Movin’ Up Special Program, which offers lower interest rates and mortgage insurance premiums if your income is at or below 80 percent of the area median income (AMI) where you’re buying your home.
Whichever situation you’re in, to qualify, your income can’t exceed $113,760 if your household is made up of one or two people or $132,720 for a household of three or more. You can use the Movin’ Up Program along with down payment assistance, as well.
West Virginia down payment assistance
WVHDF Homeownership Program down payment assistance
Used in conjunction with WVHDF’s Homeownership Program, this second loan can assist you with the down payment and closing costs associated with your home purchase. The assistance is offered as a 15-year second mortgage with a low, fixed rate. You can receive either:
- $7,500 if your mortgage has a loan-to-value (LTV) ratio equal to or greater than 90 percent
- $10,000 if your LTV is less than 90 percent
WVHDF Movin’ Up Program down payment assistance
Similar to the Homeownership Program down payment assistance, the Movin’ Up down payment assistance is a 15-year second loan, but designed to be paired with a Movin’ Up first mortgage. You can receive either:
- $5,000 if your mortgage has an LTV equal to or greater than 90 percent
- $8,000 if your LTV is less than 90 percent
Other first-time homebuyer loan programs
While you’re considering your first-time homebuyer program options in West Virginia, be sure to explore national programs, including FHA, VA and USDA loans, that could also help advance your goal of homeownership. Check out Bankrate’s helpful guide to first-time homebuyer loans and programs to learn what you might qualify for.
For other West Virginia homeownership programs, including by city, visit HUD.gov.
Get started
Now that you know more about your options as a first-time homebuyer in West Virginia, you’re ready for next steps. While the West Virginia Housing Development Fund does not make loans or financing decisions, the agency provides a list of participating mortgage lenders you can connect with for guidance. Regardless of which program you ultimately choose, remember that it’s important to compare mortgage rates and loan offers to make sure you’re getting the best terms for your situation.
Learn more:
"assistance" - Google News
April 01, 2021 at 11:05AM
https://ift.tt/3uhupwr
2021 West Virginia first-time homebuyer assistance programs - Bankrate.com
"assistance" - Google News
https://ift.tt/2Ne4zX9
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "2021 West Virginia first-time homebuyer assistance programs - Bankrate.com"
Post a Comment