The WVHDF Down Payment & Closing Cost Assistance program is a trusted initiative by the West Virginia Housing Development Fund (WVHDF). It provides affordable second loans to help eligible homebuyers cover their down payment and closing costs when purchasing a primary residence in West Virginia.
❓ What Is the WVHDF DPA Program?
This program provides a second mortgage loan for eligible buyers who use a WVHDF first mortgage loan. The funds can be used to cover:
- 💵 The required down payment
- 💳 Closing costs such as title fees, insurance, taxes, and more
The second loan is low-interest and affordable, with terms structured to match your ability to repay.
✅ Who Is Eligible for Assistance?
To qualify for the WVHDF Down Payment & Closing Cost Assistance, you must:
- 👨👩👧👦 Be a first-time homebuyer (or not have owned a home in the last 3 years)
- 🏡 Buy a home in West Virginia to use as your primary residence
- 📉 Meet income and purchase price limits
- 📊 Have a minimum credit score (typically 620+)
- 📘 Complete a homebuyer education course approved by WVHDF
- 💼 Work with a WVHDF participating lender
💵 Program Benefits
- 💲 Receive up to $10,000 in down payment and closing cost assistance
- 📉 Low interest rate on the second loan
- 📆 Long repayment terms (often 10–15 years)
- 🔗 Must be used with a WVHDF first mortgage program
📈 Why Use This Program in West Virginia?
Home values in West Virginia are more affordable than in many other states, but buyers—especially first-timers—still struggle with upfront costs. This is particularly true in cities like Charleston, Morgantown, and Huntington, where local wages haven’t kept up with closing cost inflation.
The WVHDF program provides trusted, low-cost financing to bridge the gap between what buyers can afford and what’s required to get into a home.
📝 How to Apply for WVHDF DPA
- 📞 Find a WVHDF-approved lender in your area
- 🧾 Apply for a WVHDF first mortgage loan
- 🎓 Complete a homebuyer education class
- 📂 Submit financial documents (income, employment, ID, etc.)
- 🏠 Receive DPA funds at closing to cover your down payment and closing costs
📋 Key Requirements Summary
- 📊 Minimum credit score: generally 620+
- 📝 Household income must be within program limits
- 📍 Home must be in West Virginia and be your primary residence
- 📘 Buyer education course is required
🔁 Types of First Mortgages Available
The DPA program is available only when used with one of WVHDF’s qualifying mortgage products:
- 🔹 Homeownership Program: For first-time buyers with low-to-moderate income
- 🔹 Movin’ Up Program: For repeat buyers or those purchasing in targeted areas
Your lender will help you choose the best option for your financial situation.
💡 Tips to Increase Your Chances of Approval
- 📋 Gather all documentation early—especially pay stubs and tax returns
- 📆 Take your homebuyer education course as soon as possible
- 📞 Ask about combining this assistance with 💵 local grants or employer support
- 🧾 Keep your credit score strong by avoiding new debt during the process
🔍 Buyer Story Example
Thomas, a medical assistant in Beckley, had a solid job but not enough saved for a down payment. With WVHDF’s help, he received $8,000 in down payment and closing cost assistance and was able to move into a two-bedroom home with minimal upfront costs. His second loan was at a low interest rate and affordable monthly payment.
❓ FAQs – WVHDF Down Payment & Closing Cost Assistance
📌 Is this a grant or a loan?
This is a second mortgage loan, not a grant. You must repay the amount borrowed over time with interest—but the terms are much more favorable than personal or private loans.
🔗 Can I combine this with other programs?
Yes. You can combine WVHDF assistance with certain city and employer-based DPA programs, as long as the lender and WVHDF approve the combination.
📊 What are the income limits?
They vary by county and household size. Your lender will confirm current limits. For example, in Kanawha County, a household of 2 must typically earn less than ~$80,000.
🏡 What homes qualify?
Single-family homes, condos, townhomes, and manufactured homes may qualify. The home must be located in West Virginia and be owner-occupied.
🎯 Why Choose WVHDF DPA?
The WVHDF Down Payment & Closing Cost Assistance program is a smart and affordable way to reduce the cash you need to buy a home in West Virginia. With low interest, long terms, and support from a state housing agency, this is one of the most reliable tools to help you achieve homeownership.
📥 Apply Now via WVHDF Official Website