Your Doorway Home Program in West Virginia.

This is a great progam that is being offered here in West Virginia. The Doorway Home Progam is for both First Time Home Buyers and existing home buyers. So if you looking to take advantage of the tax incentive before the April 30th, 2010 deadline you may qualify.

There is 150 million dollars available for people who qualify to purchase a new residence. The theory is that that is 1000 buyers that can take advantage of the prograham, and purchase a $150,000.00 dollar home. With interest rates as low as 4.75% and fixes rate loans for up to 30 years and possible 0% down payment!

Call the West Virginia Housing Development Fund at 1-877-WVADREAM for a information packet.

Click on the links below to find out more about the program.

Home Buyer Education Classes (Pre-Purchase) in Greenbrier County

SOUTHEASTERN APPALACHIAN RURAL ALLIANCE
RT. 2 Box 139
Lewisburg, WV 24901
Contact: Susan Rosshirt
Phone: 304-645-4966
E-mail: srosshirt@hotmail.com

Post-Purchase Housing Counselors in Greenbrier County

Southern Applalachian Rural Alliance
Route 1 Box 139
Lewisburg, WV 24901
Contact: Susan Rosshirt
Phone: 304-645-4966
E-mail: srosshirt@hotmail.com

Mortgage Revenue Bond Program Information for Greenbrier County

The Mortgage Revenue Bond Program is commonly known as the First Time Homebuyer Program. This program provides a mortgage loan that has a below-market interest rate to make homeownership more affordable for families and individuals.

Eligible Borrowers

To qualify for a Single Family Bond Loan, three criteria must be met:

1. borrower(s) gross income must not exceed a county income limit; *
2. the house to be purchased must not exceed a house price limit; *
3. the borrower cannot have owned a home within the prior three years in 20 counties.

Income Limits:	House Price Limits:
1-2 People: $51,360.00	3+ People: $59,920.00	New: $237,031.00	Existing: $237,031.00

Loan Terms

The Bond program is a 25- to 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.

New Construction - Permanent Financing

Permanent financing is available for newly constructed homes. Construction financing is not available.

Mortgage Insurance

Most loans must be insured by either: VA, FHA, USDA or by a private mortgage insurance company.

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.

Closing Costs Assistance

In some cases you may qualify for a Home Ownership Assistance Loan. Please refer to the Home Ownership Assistance Loan section for more information.

More Information

For more information, please contact one of the participating lenders in your county of interest, or contact a real estate professional.

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.

Homebuyers will be able to select one of two options if they qualify:

• Option One: an 11-year loan with a maximum amount up to $15,000 with a deferment period of one (1) year. During the deferment period, the interest rate would be 0% with no payment due. The remaining ten years would be a fully-amortizing loan at 4% interest.

• Option Two: a 10-year loan with a maximum amount up to $3,000, with a deferment period of five (5) years. During the deferment period, the interest rate would be 0% with no payment due. The remaining five years would be a fully-amortizing loan at 4% interest.

Ask Your Lender for Monthly Plus

The West Virginia Housing Development Fund is now offering all of its new homebuyers Monthly Plus, a new mortgage product that protects home buyers in the event of involuntary unemployment or suffer an accident that prevents a home owner from working for 30 days. The program benefits borrowers who can't make a down payment of more than 20% of the house price and are required to buy mortgage insurance. This program is offered by Genworth Financial as a benefit to the mortgage insurance, at no additional cost to borrowers.

Monthly Plus provides:

• For the first 5 years of the mortgage loan, Monthly Plus covers all or a portion of the required monthly mortgage payment, up to $2,000 per month, for up to 6 months.
• In the unfortunate event of a job loss, Monthly Plus will help protect your credit by preventing default on mortgage payments, make emergency savings go farther, safeguard your home and provide you with "peace of mind" during the stress of unemployment.
• This program is only offered with West Virginia Housing Development Fund mortgage programs. If you are in the market to purchase a home, ask your lender for a West Virginia Housing Development Fund mortgage and the Monthly Plus Program.

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