West Virginia First-Time Homebuyer Programs

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The West Virginia Housing Development Fund provides eligible borrowers with up to $10,000 in financial assistance that can be used for the down payment and/or closing costs to purchase a new home in West Virginia.

Eligible Borrowers

Eligible Properties

  • Single-family homes
  • Townhomes and units in Approved Planned Unit Developments OR
  • Condominiums and new multi-sectional manufactured homes
  • Must be located in West Virginia.

Options for our Homeownership program:

Movin’ Up is for borrowers whose income is at or below 80 percent of the Area Median Income. The program’s features include a reduced interest rate as compared to the regular Movin’ Up program and lower cost Private Mortgage Insurance (PMI).

Eligible Borrowers

  • Income not exceeding the program income limits set at $113,760 for a one or two-person household and $132,720 for a household of three or more.
  • The house to be purchased must not exceed the purchase price limits in the county
  • $5,000 for loans with a loan-to-value ratio greater than or equal to 90% of the purchase price
  • $8,000 for loans with a loan-to-value ratio less than 90% of the purchase price

Loan Terms:

National First-Time Homebuyer Loan Programs

  • FHA LoansFHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
  • Conventional LoansConventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
  • USDA LoansUSDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
  • VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
  • HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.

Helpful Resources

Statewide and Regional Programs

Programs by City/Town

Getting Started

Buying a Home

Owning and Maintaining Your Home

Other West Virginia Resources

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