HomeBuyer Mortgage Financing

Fairmont-Morgantown Housing Authority Homeownership Department offers various affordable housing mortgage products.  FMHA has products to meet every income level. Creative and unique financing options are available.

Mortgage Products:

Home Program

Call for details - 304.363.8060 x105

Offered in cooperation with WVHDF.  This product is established for families up to 80% of statewide median income (see chart linked below).  Applicants  screened for eligibility based on income and credit.  House payment is based on a percentage of gross annual income.  Taxes and insurance are escrowed monthly with payment.  House limits apply. 

The 2012 program offers 2 different categories for HOME funding.

  • HOME Leverage - Eligible applicants could qualify for the lesser of 20% of the purchase price or appraised value up to $20,000 at zero percent interest when leveraged with another funding source. Restrictions and income limits apply. Call for more details or email.

  • New HOME -Currently taking applications
    Up to 100% Financing available for eligible applicants below 80% of the area median income. Some Deferred payment loans may be available to qualified borrowers. Income restrictions and property restrictions apply. Homebuyer Education is required.
    Download Zero % Interest Flyer    .

Home Program

Now processing Rural Development 502 Direct loans, an affordable mortgage program for eligible borrowers, below 80% of the area median income.

Community Works

An affordable mortgage option. Call for details and availability.

WVHDF Bond Loan


Also known as QMRB  (Qualified Mortgage Revenue Bond).  In cooperation with WVHDF, this product is available for   income eligible participants.  Affordability is determined by income.  Applicants are approved based on various underwriting criteria.  Some restrictions apply.  Learn more...

Call or email for info -Christal Crouso, 304-363-0860 x105 or ccrouso@fmhousing.com

Down Payment Programs:

Resources:

 

Mortgage Financing FAQ's