Usually, potential buyers of properties have what it is required to qualify for a mortgage but are not able to save enough for a down payment or don’t want to put all their savings on a down payment. Therefore money from many types of West Virginia down payment assistance programs, which available through the state and other housing agencies, is not used because most buyer think they don’t qualify. Often, when people think of down payment, they picture borrowers who are financially challenged but these programs are not for low income people. They are actually for people who have a decent income but lack enough savings for a down payment.
With these programs in West Virginia, buyers can earn anything from 120 percent to 150 percent for middle class earners and qualify for the assistance programs. They can qualify for a grant of up to 5 percent of a home’s buying price but these percentages are dictated by a West Virginia down payment assistance program. The grant has no-strings attached once you automatically qualify through one of the participating lenders in the assistance program. Housing authorities have a list of the existing programs and names of the participating lenders on their websites. Potential buyers can see if they qualify by contacting these lenders. Some lenders have come up with their own programs to assist people who are buying a home for the first time by giving them a low down payment. These programs are very safe.
Many programs are structured a second and silent mortgage which is repaid specifically when the home is sold or the mortgage has been settled in full. The funds come from a number of initiatives by the government and housing authorities. A buyer in West Virginia earning about $75,000 per year can qualify for up to $10,000 as interest free loan that does not have to be repaid until the buyer decides to sell the house. On average, people get between $5,000 and $20,000 from these West Virginia down payment assistance programs.
Below is a list of West Virginia Down Payment Assistance Programs:
- Benwood/McMechen Housing Authority
- Charleston Housing Authority
- Huntington Housing Authority
- Wheeling Housing Authority
- West Virginia Association of Housing Agencies
- West Virginia Housing Authority
- 2018 West Virginia Down Payment Assistance Programs
- Down Payment Assistance Program
- Homeownership Program
- Movin Up Loan Program