NewHOME Program

The NewHOME Program makes homeownership more affordable for families and individuals.

Eligible Borrowers

To qualify for a NewHOME Program Loan, three criteria must be met:

Loan Terms

A Homeownership Program Loan is a 30-year, fixed rate mortgage loan. Up to 100% of the purchase price of the home can be financed.

Eligible Properties

Eligible properties must be located in the state of West Virginia, to be used as the primary residence of the applicant(s).

Eligible properties include single, detached, existing, stick-built or modular homes; duplex, townhouse, or condominium units, and new double-wide mobile/manufactured homes. (New or used single- and used double-wides are not eligible.) Property conveyed with the home transaction cannot exceed five acres.

Approval Guidelines

You must have maintained an average credit rating and have acceptable stable income, sufficient to repay the loan based on the terms of the mortgage loan.

You must be able to pay 1st years homeowners insurance before closing. After 1st year, insurance and taxes will be taken from an escrow that is added in your payment each month.

To qualify for a Home Loan you must obtain the following:

Income guidelines

1 34,800
2 39,700
3 44,700
4 49,600


The NewHOME Direct Loan Program

The NewHOME Loan Program was developed to provide direct loans to very-low income families to finance the acquisition or construction of affordable single-family housing. Eligible applicants may obtain a loan(s) to finance up to 100% of the costs associated with the acquisition or construction of a single-family dwelling. NewHOME Loan Program loans are originated by approved non-profit Local Originators under the terms of a Participation Agreement with the West Virginia Housing Development Fund.

A primary preference for NewHOME Loan Program is given to families with dependent children, elderly families with dependent children, elderly families and disabled veterans. These preferences will not preclude other income eligible families from applying for financial assistance under the NewHOME Loan Program. The maximum household income of an applicant under the NewHOME Loan Program may not exceed 80% of the area median income for the county.

The NewHOME Loan Program provides eligible families financial assistance through the NewHOME Loan. If the NewHOME Loan is insufficient to cover the cost of the house, an eligible family may qualify for a NewHOME Deferred Payment Loan.

HOME Deferred Payment Loan

The HOME Deferred Payment Loan (HOME DPL) is a 0% interest, 30-year, forgivable second mortgage loan. The HOME DPL may not exceed $30,000.00. The HOME DPL is not subject to repayment and will be forgiven at a rate of 1/360 per year over the term of the HOME Loan and is only available to qualified borrowers who are approved for the HOME Direct Loan above.


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