West Virginia State Housing Program

Are you a prospective homebuyer in West Virginia looking to turn your dream of owning a home into a reality? Look no further! At CBM Mortgage, we’re excited to introduce you to the West Virginia Housing Development Fund, a program designed to help low to moderate income homebuyers achieve their homeownership goals. With a range of loan programs tailored to your needs, including the Homeownership and Movin’ Up Programs, we’re here to guide you on your journey to owning a home in the beautiful state of West Virginia.

West Virginia Housing Development Fund – Your Partner in Affordable Homeownership

The West Virginia Housing Development Fund is dedicated to providing accessible and affordable homeownership opportunities for residents of West Virginia. Whether you’re a first-time homebuyer or looking to move up the property ladder, the Fund’s programs are tailored to meet your specific needs.

Property Eligibility Requirements

For both the Homeownership and Movin’ Up Programs, the Fund offers financing options for single family dwellings in West Virginia used as a primary residence. This includes various property types, such as:

Single-family homes (1-4 units) with the borrower required to occupy one of the units

• Condominiums
• Townhouses
• Modular homes
• New, never-occupied manufactured homes (double wide) with complete turnkey setup via the dealer

Please note that single wide manufactured homes are not eligible for these programs.

Homeownership Program

The Homeownership Program offers eligible homebuyers 30-year fixed rate mortgages with financing terms of up to 100% for qualifying applicants. Key program details include:

• Non-targeted counties: Borrowers and those taking title must not have owned their personal residence in the previous 3 years.
• Income and house price limits apply based on county and family size.
• Property cannot exceed 5 acres.
• Homebuyer education is required on Conventional loans and Government insured loans follow their agency guidelines.
• Mortgage insurance is required for Conventional loans exceeding 80% Loan to Value, while FHA, VA, or RD loans require appropriate default insurance as provided by those agencies.
• Co-signers/non-occupant borrowers are not allowed.

In addition to the 1st Deed of Trust, the Homeownership Program offers a 2nd Deed of Trust to assist qualified borrowers in purchasing their home, providing financial support with favorable terms.

Movin’ Up Program

The Movin’ Up Program offers a 30-year fixed rate conventional mortgage with financing terms of up to 100% for qualifying applicants. Key program details include:

• No first-time buyer restriction applies.
• Income limits apply based on family size, and house price limits are set by county.
• There is no acreage restriction.
• Homebuyer education is required.
• Mortgage insurance is required for loans exceeding 80% Loan to Value.
• Co-signers/non-occupant borrowers are not allowed.

Similar to the Homeownership Program, the Movin’ Up Program offers a 2nd Deed of Trust to assist qualified borrowers in achieving their homeownership goals.