Getting several competing quotes and getting the best offer can save you thousands over the course of your loan.
West Virginia offers first time buyers home loans at very low interest rate and also provides multiple home loan assistance programs including low and no interest loan programs for funding down payment and closing expenses. Before contacting mortgage companies, you can use mortgage calculator tools for estimating how much you can afford to spend on a home and for comparing mortgage loans. A mortgage rate calculator is helpful for comparing multiple mortgage loan options.
Selecting Home Loan or Refinancing Terms
Establishing how much you can afford to borrow can help in selecting potential homes. The mortgage payment calculator provides an estimate of how much your monthly payment will be based on loan amount, interest rate, and repayment term. If you're considering an interest-only mortgage, or a home loan or refinancing with a shorter term, using either the interest only or amortization calculator.
If you're considering refinancing your current mortgage, you can use a refinance calculator for comparing refinancing offers or compare your existing home loan to possible refinancing terms. Having enough cash to meet down payment and closing costs can be challenging for first time homebuyers. The West Virginia Home Development Fund (WVHDF) provides several programs that can assist eligible first time buyers in covering the up-front costs of buying a home.
Homeowner Programs Assist with Maintenance and Energy Savings
Homeowners facing emergency repairs for eliminating climate and safety hazards may qualify for a HELP loan through WVHDF. Homeowners seeking refinancing due to financial hardship or fallen property values get help at this HUD website.
The following list of resources can help you find information about many aspects of buying and owning a home in West Virginia.
Resources for Homebuyers
- WVHDF: This site offers information about homebuyer programs and resources for homeowners..
- WVHDF Secondary Market Program: This program offers home loans with low interest rates. This program is unique in that it is not limited to first time buyers, and does not have income constraints.
- WVHDF 3-2-1 Buydown Program: This program assists homeowners by providing very low interest rates for the first three years of homeownership.
- WVHDF Mortgage Revenue Bond Program: Provides low interest rate home loans for qualified first time buyers.
- WVHDF Homeownership Assistance Program: Provides low interest loans to assist with down payment and closing costs. Interest rate is zero during initial deferred payment period.
- WVHDF American Dream Down Payment Initiative (ADDI): Program participants are provided with down payment assistance loans that may be forgiven after five years if all program requirements are met.
- Home Leverage Loan Program: This program provides homebuyer assistance via loans to low income residents of some WV counties.
- US Department of Housing and Urban Development (HUD) in WV: Provides links to WV homebuyers and homeowners.
Resources for Homeowners
- Mountaineer Mortgage Credit Certificate (MMTCC): This website outlines a program for receiving a federal tax credit for up to $2000 toward income taxes.
- Homeowner Emergency Loan Program (HELP): This program provides loans for repairing or removing hazardous conditions from homes. Income restrictions apply.
- Septic System Improvement Loan: These loans are available for installation, repair, replacement of septic systems, and may also be used for connecting to a public sanitation system.
- HUD in WV Energy Efficiency Information: Links to programs for reducing energy use and
- expense.
- HUD approved Housing Counseling Agencies in WV: Provides links to housing and credit counseling services statewide.
- HUD Refinancing Information: This site provides basic information about refinancing and links to federal refinancing programs.
