Anyone purchase home through WVHDF?

[Anonymous]

By chance, is anyone familiar with WV Housing Development Fund? (Specifically the Homeownership Program Loan). Hoping to begin the process of purchasing a home as a first time homebuyer. Was originally going to use the USDA guaranteed, but found out that I'm a couple thousand over the income limits. Then I came across WVHDF's website but am slightly confused as to how the program works and what the requirements are. The website also mentions possible down payment/closing cost assistance. Any advice? My mortgage scores are between 670-680 and don't have much saved for downpayment/closing costs...having trouble finding a loan that would work for my situation.

[Anonymous]

     I see you have not had many responses lately so I am going to chime in. You need to give a lot of additional information for folks to help you in this and other areas. The program you are mentioning is highly specific (West VA) and WV is not a highly populated state on the board and in the nation as a whole. So the more information you can give, the more generic data we can supply.

     You said: “Then I came across WVHDF's website but am slightly confused as to how the program works and what the requirements are.” I’m not going to do your homework, but a simple, quick, cursory glance shows that this is a government supported program for West Virginia residents. https://www.wvhdf.com/ Government supported means it works under specific rules. The website states those rules upfront.

     Okay, I’ll get you started. Go to the website.

1. Since you said you are a first time buyer, I will assume you are buying in WV (if not forget the program you do not qualify).
2. Click on the link “We have programs for 1st time buyers. Find Yours”
3. Then answer the questions:
   1. Are you a WV resident?
      1. Yes
   2. Are you planning on purchasing a home in WV?
      1. Yes
   3. Home Ownership Program or Down Payment Closing Cost.
      1. Click Home Ownership

      Here you will find your qualification requirements. “Eligible Borrowers – To qualify for a Homeownership Program Loan, three criteria must be met…”

1. The borrower’s gross income must not exceed the income limits in the county where the home is being purchased. WVHDF County Income Limits. View/Download File
2. The house to be purchased must not exceed the house price limits in the county where the home is being purchased. WVHDF House Price Limits. View/Download File
3. Borrowers must not have had an ownership interest in their principal residence at any time during the three-year period ending on the date the program loan is closed if they intend to purchase a residence located in one of the following, non-targeted counties: Barbour, Berkeley, Boone, Brooke, Cabell, Greenbrier, Hancock, Harrison, Jefferson, Kanawha, Marion, Marshall, Mason Mercer, Monongalia, Morgan, Ohio, Putnam, Raleigh and Wood counties. This requirement does not apply to residences located in targeted counties which are all counties not listed, nor does it apply when the borrower is an eligible veteran under the Heroes Earnings Assistance and Relief Tax Act of 2008.

     Now if you click the Down Payment Closing Cost Assistance link you will see the following:

1. Options for our Homeownership program
   1. 7,500 for loans with a loan-to-value ratio greater than or equal to 90% of the purchase price
   2. $10,000 for loans with a loan-to-value ratio less than 90% of the purchase price
2. Options for our Movin’ Up program:
   1. $5,000 for loans with a loan-to-value ratio greater than or equal to 90% of the purchase price
   2. $8,000 for loans with a loan-to-value ratio less than 90% of the purchase price
3. Loan Terms:
   1. It is a 15-year, fixed-rate loan
   2. The current rate is 2%

     You said: “[I] don't have much saved for down payment/closing costs.” For this situation (assuming you have researched further on the above data), follow the proper advice. “Please Contact A Team Member In Our Single-Family Loan Originations Department.”

     If you want (and qualify for) the WVHDF program; then I suggest scouring their website. It seems to answer most of your questions. If I qualified for their loan program (and wanted their loans), I’d spend a whole lot of time there.

Respectfully,

Y

[Anonymous]

Dear potential homebuyer,

I am very familiar with the programs of WV Housing as I am the director of our mortgage programs. The advice I want to offer is to ask you to contact us directly. We successfully put thousands of West Virginians into homes each year. With our 2nd mortgages for down payment and closing cost assistance most can get into a home with little to no money out of pocket. Your credit scores are high enough if we see the same when we order your credit report. 

You can work through us directly or with a lender who participates in our programs. Those lenders are listed on our website. Either way, it's still best to contact us first and talk through the different programs.

Good luck and thank you.