West Virginia Housing Development Fund

Getting Started 

The West Virginia Housing Development Fund offers affordable mortgage loans to finance the purchase of a home or offers help to most homeowners if they choose to refinance. Individuals and families can find affordable options offered by the Fund through our partnership with over 30 banks, financial lenders, mortgage brokers and non-profit housing agencies throughout the state. For a full list of our lending partners, please click here. Although we welcome any inquiry you might have, we suggest potential home buyers contact a lender in their area to discuss options and how they could benefit from a loan through the WVHDF. Once you and your lender have established that a Fund loan is right for you, your loan will be originated on site.

The Homeownerhsip Program

The Homeownership Program is commonly known as the First Time Homebuyer Program. This program provides a mortgage loan that has a below-market interest rate to make homeownership more affordable for families and individuals.

To qualify for a Homeownership Program Loan, three criteria must be met:

1. Borrower(s) gross income must not exceed a county income limit; *
2. The house to be purchased must not exceed a house price limit; *
3. The borrower cannot have owned a home within the prior three years in the following counties: 

Barbour, Berkeley, Boone, Brooke, Cabell, Greenbrier, Hancock, Harrison, Jefferson, Kanawha, Marion, Mercer, Monongalia, Morgan, Ohio, Putnam, Raleigh and Wood counties. 

Loan Terms

The Homeownership Program is a 30-year, fixed rate mortgage loan. Up to 100% of the purchase price of the home can be financed.

Eligible Properties

Eligible properties must be located in West Virginia, to be used as the primary residence of the applicant(s).

Eligible properties include single, detached, existing, stick-built or modular homes; duplex, townhouse, or condominium units, and new double-wide mobile/manufactured homes. (New or used single- and used double-wides are not eligible.) Property conveyed with the home transaction cannot exceed five acres.

New Construction - Permanent Financing

Permanent financing is available for newly constructed homes. Construction financing is not available.

Mortgage Insurance

Most loans must be insured by either: VA, FHA, USDA or by a private mortgage insurance company.

Approval Guidelines

You must have maintained an average credit rating and have acceptable stable income, sufficient to repay the loan based on the terms of the mortgage loan.

Down Payment/Closing Costs Assistance

In some cases you may qualify for a Down Payment/Closing Cost Assistance Loan. 

Please click here if you have further questions about this program.

After you have a sales contract on the home you select, you will need to meet with your lender again to complete the loan application.

• Fully executed purchase contract and a copy of the seller's deed.
• Personal check to pay for appraisal of the property.
• Names and addresses of your landlords for the last two years.
• Copies of last three years signed federal tax returns, with all scheduals and W2s.
• List of all your assets, including bank accounts (checking, savings, Certificates of Deposit, Individual Retirement Accounts, etc.) with current bank statements for each.
• Copy of award letter from pension/retirement fund, disability insurer, etc.
• Names and addresses of your current employer (s) and other employers for the past two years.
• List of all amounts you owe, including charge and credit card account balances (include account numbers).
• If applicable, copy of divorce decree, property settlement and verification of child support or bankruptcy papers.
• Two current pay stubs covering a 30-day period. 
• Self Employed: Three years signed federal tax returns with all schedules and a year-to-date profit and loss statement for all accounts.
• Verification of child support income, if being used to qualify.