Special Loan Program For 1st Time Buyers In WV
Looking to purchase your 1st residence in West Virginia but find yourself at a loss as to where to turn for a mortgage loan? Look no further. First time home buyer loans in New York are provided by the West Virginia Housing Development Fund (WVHDF). Not only do they provide great interest rates on your home loan, they also provide other programs for 1st time home buyers.
Here are some details on WVHDF’s loan program:
USDA 502 Direct Loan Program
The Fund is excited to now offer, direct to potential homebuyers, the USDA 502 Direct Loan Program.
This program helps low- and very-low-income applicants in federally-determined rural areas of the state obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. This payment assistance is a type of subsidy that reduces the mortgage payment. The amount of assistance is determined by the adjusted family income.
A number of factors are considered when determining an applicant’s eligibility for this loan. At a minimum, applicants interested in obtaining a direct loan must have an adjusted income that is at or below the applicable low-income limit for the area where they wish to buy a house and they must demonstrate a willingness and ability to repay debt.
This is a zero down payment loan.
For complete details on this loan, including contact information and instructions on how to apply, please visit this WVHDF home loan page.
More West Virginia First Time Buyer Resources
In addition to the above first time homebuyer loan from WVHDF, there are resources available as well. Be sure to visit West Virginia down payment assistance, as well as our page that shares details about grants available in WV to purchase your first home.