Just in time for Move-Up or Down Buyers to find a home before April 20, 2010, WV Housing is offering an attractive program which is NOT restricted to first-time homebuyers or income limits. It does offer competitive interest rates with as little as 3% required for down payment. Applicants may also qualify for the Home Ownership Assistance Loan to help defray down payment and closing costs.
Loan Terms
This program offers 10, 15, 20, or 30-year, fixed-rate mortgage loans. Up to 97% of the sales price of the home can be financed, requiring only 3% down payment. Loans insured with USDA Rural Housing can be financed up to 100%. The maximum loan amount under this program is $417,000.
Eligible Borrowers
The program is open to all income levels and does not have a first-time homebuyer requirement.
Eligible Properties
The property must be located in the stateof West Virginia. Eligible properties include single, detached, existing, stick-built or modular homes; duplex, townhouse or condominium units; and new and used double-wide mobile/manufactured homes. (Single-wide mobile homes are not eligible.) This program includes loans to refinance, purchase, second homes or investment properties.
Mortgage Insurance
All loans than exceed 80% of the value of the home must be insured by either a private mortgage insurance company or by USDA Rural Development.
Counseling
All applicants that receive a loan higher than 95% (escept loans insured by USDA) of the value of the home must complete a home buyer education course.
Home Ownership Assistance Program
Down payment and closing cost assistance loans are available to homebuyers to reduce the amount of upfront money needed to purchase a home if they qualify.
For more information about this program, give me a call or contact their web site at www.wvhdf.com
This is a welcome entry into the mortgage market this year!
Kay Munchmeyer
As of February 1, 2010, th