West Virginia - Government Backed Loans

The HDF is a public body corporate, and governmental instrumentality of the State of West Virginia, established to develop and improve housing opportunities for its residents.

Purchase Programs

Mortgage Revenue Bond Program

The Mortgage Revenue Bond Program provides first-time homebuyers with a first mortgage loan that offers below market, fixed-rates and a 25- to 30-year term. Up to 100% financing is available to qualifying borrowers. In order to qualify, homebuyers must fall within income and purchase price limits.

Continue reading about the Mortgage Revenue Bond Program.

Secondary Market Program

Not limited to first-time homebuyers, the Secondary Market Program offers below market interest rates and requires a minimum 3% downpayment. Loans are available in 10-, 15-, 20- or 30-year terms, and up to 97% of the home's purchase price may be financed, with the maximum loan amount at $417, 000.

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Home Ownership Assistance Program

The Home Ownership Assistance Program provides first-time homebuyers with a downpayment and closing costs assistance. This loan is to be used in conjunction with the Secondary Market Program, and is a 10-year loan available up to $3, 000 in amount.

Consider reading about the Home Ownership Assistance Program.

Mortgage Credit Certificate

Eligible homebuyers are able to save money via Mortgage Credit Certificates, as this program offers income tax benefits, and homebuyers are to use savings toward monthly mortgage payments. The benefits are procured by taking a 20% credit against their federal income tax liability, and an 80% deduction for the mortgage interest paid.

Continue reading about the Mortgage Credit Certificate.