Lease to Own Homeownership Program
*HOME now available in Fairmont*

Program Description

Leased HomeNew homes are being developed in Marion and Monongalia Counties. Program is currently at capacity. Interested parties can apply to waiting list. Fairmont/Morgantown Housing Authority Homeownership Program was established in 1994 to meet the Marion and Monongalia Counties needs for affordable housing for low to moderate income families. The Lease-To-Own Homeownership Program is a lease to purchase arrangement that provides an opportunity for families to own their own home within a two-year period. Families enter into a lease from a property owned by the Housing Authority. Within 18 months, the family becomes mortgage ready and enters into a permanent mortgage. Families rent calculation is based on 30% of their adjusted annual income. Each month 50% of monthly rent amount is placed in an escrow account to assist family with saving for down payment. A silent second mortgage is available to make the home affordable.

   New Homes Coming Soon at Augusta Pines in Fairmont,
                     a new residential subdivision.

How Do I Qualify?

Families must meet the following requirements:

  • Be a First time Homebuyer.
  • Family income must fall between 50-80% of area median income.
  • Have steady employment record or constant source of income.
  • Have responsible or repairable credit.
  • Have responsible rental history.
  • Have no criminal record.
  • Have willingness to participate in Home Buyer Education

Application Process

  1. Applicants' mail in completed pre-application and a credit report fee.
  2. Applicants are placed on a waiting list.
  3. Pre-applications are screened in the order of receipt.
  4. Next, the initial eligibility requirements are screened.
  5. If initial thresholds are met, a credit report is obtained then the applicant's family is interviewed.
  6. Detailed eligibility criteria are verified, references are checked, and a criminal background check is completed.
  7. Home visit is completed and an Individual Homeownership Plan is developed.
  8. A committee interview is completed.
  9. Finally, after a walk through inspection is completed your family moves in.

How do I apply?

Call 304-363-0860 ext. 105 or 304-291-1660 or 1-800-637-7464.

Lease-To-Own Homeownership Program Income Limits

Income Limits: Gross annual income must fall between 50% to 80% of the area median income based on how may members are in your household.

Marion County

2011

Number of family members

1
2
3
4
5
6
7
8
50% of Median
17,150
19,600
22,050
24,500
26,500
28,450
30,400
32,250
60% of Median
20,580
23,520
26,460
29,400
31,800
34,140
36,480
38,820
80% of Median
27,450
31,400
35,300
39,200
42,350
45,500
48,650
51,750

Monongalia County

2011

Number of family members

1
2
3
4
5
6
7
8
50% of Median
19,600
22,400
25,200
27,950
30,200
32,450
34,700
36,900
60% of Median
23,520
26,880
30,240
33,540
36,240
38,940
41,640
44,280
80% of Median
31,300
35,800
40,250
44,700
48,300
51,900
55,450
59,050

Contact the Fairmont/Morgantown Housing Authority to find out what we can do for you!

View Homes for Sale

* HOME now available in Fairmont

Fairmont Housing Authority
103 12th Street - P.O. Box 2738
Fairmont, WV 26555-2738
Phone: 304-363-0860    Fax: 304-366-0469
Toll Free in WV: 1-800-637-7464
Get Directions


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