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  • Whatever your situation, if you are looking to buy a new home and need mortgage assistance, the West Virginia Housing Development Fund has probably got a program for you. Despite the trying economic situation West Virginia has faced in the last three years, sales of new single-family homes are starting to rise.

    One reason for this is the availability of government mortgage assistance for first-time and regular homebuyers. This article will look at two mortgage assistance programs offered by the West Virginia Development fund.


    This innovative program is not restricted to first-time homebuyers or low-income households. In fact, there are no income or pricing restrictions. It provides fixed-rate mortgage loans with terms of 10, 15, 20 and 30 years. The Secondary Market Loan program offers loans of up to 97 percent of the sale price and require only a 3 percent down payment. If you qualify for a mortgage insured by the United States Department of Agriculture Rural Housing program, you could get a 100 percent financing on your new home.

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    To qualify for this generous mortgage assistance program you must purchase a home located in West Virginia. Most properties are eligible. This includes properties which are usually excluded from this type of program, such as modular homes, stick-built homes, condominiums and double-wide mobile or manufactured homes.

    If you get a mortgage loan for more than 80 percent of the value of the home you will need private mortgage insurance or qualify for insurance with the USDA Rural Development insurance program. Also, if you qualify for a 95 percent or higher mortgage loan, you will need to take a homebuyer education course.


    If you qualify for the Mountaineer Mortgage Credit Certificate you could claim a tax credit of up to 35 percent of the interest you paid on your mortgage. Note that this is a TAX CREDIT not a TAX DEDUCTION. With a tax credit your reduce your tax liability dollar by dollar; your savings do not depend on what tax bracket you are on. In other words, if you have a $1,000 tax credit, you will save $1,000 in your next income tax return. The maximum tax credit you can receive any one year with the Mountaineer Mortgage Credit Certificate is $2,000.

    To qualify for this mortgage assistance program the home you claim credit for must be your main residence and your household’s income must be at or below your county’s income and house price limits. Click here for more details on your county’s income and house price limits.

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