Tap Into DPA Programs Available To You
First time home buyers in West Virginia have many options available to them for help in purchasing their first residence. If you feel that saving enough for a down payment will forever prevent you from buying your first residence, here’s some great news. The West Virginia Housing Development Fund (WVHDF) offers down payment assistance for West Virginia 1st time home buyers.
West Virginia DPA Details
Help coming up with the needed down payment is perhaps the greatest resource that you can tap into as a first time home buyer. Here are some details from the WVHDF website:
Down Payment/Closing Cost Assistance
Down payment and closing cost assistance loans are available in conjunction with the Homeownership and Movin Up programs to reduce the amount of upfront money needed to purchase a home.
Options for our Homeownership program:
- $7,500 for loans with a loan-to-value ratio greater than 90% of the purchase price
- $10,000 for loans with a loan-to-value ratio less that 90% of the purchase price
Options for our Movin’ Up program:
- $5,000 for loans with a loan-to-value ratio greater than 90% of the purchase price
- $8,000 for loans with a loan-to-value ratio less that 90% of the purchase price
- It is a 15-year, fixed-rate loan
- The current rate is 2%
To get complete program details, including income limits as well as how to get the application process started, please go to the WVHDF DPA page.
More Down Payment Assistance
In addition to the above DPA program offered by AHFA, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to prospective 1st time property buyers as well. To find out about more down payment assistance available near you, please visit local programs for 1st time buyers in West Virginia.