West Virginia provides many home financing assistance programs through its Housing Development Fund (HDS). The Employer Assisted Loan Program is designed to allow employers in the public and private sectors to participate in providing affordable housing opportunities for their employees. The Single Family Bond Program offers 30-year, below-market rate mortgages, providing 97% to 100% financing. In some counties, however first-time buyer regulations apply. (first-time home buyer means that applicants cannot have owned a home in the prior three (3) years.) HDS also provides a Closing Cost Assistance Loan which is available for applicants qualifying for the Single Family Bond Program. It is an eight-year, deferred payment loan in the amount of $2,000. Once homebuyers have determined whether or not to use the services provided by the HDS, they still need to follow the following steps in financing their home:
1. Choose a lender or mortgage broker.
A lender actually makes the loan. A broker acts as a go-between for a buyer and a lender. Don’t hesitate to ask friends or associates for recommendations. Ask the lender or broker for references if you need more input.
2. Submit your records.
A lender will ask for your financial records, including pay stubs for the last 30 days and three months of bank statements. You may also have to answer tough questions about your financial history. Be prepared: gather your financial documents ahead of time.
3. Check interest rates.
Interest rates tend to fluctuate. Follow interest rate news and if rates are low, you may ask your lender to lock-in, or commit to that rate, that day. Just make sure the lock-in period includes the day you close on the house and doesn’t incur extra charges.
4. Choose a loan.
You may think you want a 30-year, fixed-rate mortgage, but an adjustable-rate mortgage may be more appropriate for your circumstances.
Our featured West Virginia Home Financing partners:
With interest rates at all-time lows, there has never been a better time to refinance.
Take advantage of getting additional cash out to improve your home, buy a new car, or pay for a child’s education. GuideToLenders.com will provide you with competitive loan quotes from up to four lenders. Different types of refinance loans offered are 30-year fixed, 15-year fixed, adjustable rate, and interest only. You’ll receive the best rates and options available, regardless of your credit. It takes less than a minute to apply, and you have nothing to lose.
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Countrywide Home Loans
Qualified homeowners – even those with less-than-perfect credit – may now access their home’s equity to get cash, consolidate debts, and lower monthly expenses. Countrywide Home Loans may also help applicants who are self-employed or have high consumer debt. We offer competitively priced home loan programs, including fixed rate, adjustable rate, refinance and home equity loans.
DebtWave Credit Counseling, Inc.
DebtWave Credit Counseling, Inc. offers a program to its clients that enables them to repay their debt in a timely fashion. We specialize in working primarily credit cards; however, we are usually able to assist clients with any bills that are considered to be unsecured. Below is a list of benefits that we are typically able to obtain for our clients:
– Reduce your interest rates
– Lower your monthly payment
– Consolidate into one monthly payment
– Eliminate late & overlimit fees
– Stop harassing phone calls (if behind)
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