Program Description

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.

How Do I Qualify?

Families ranging from 2 to 6 members 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 and 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
FY 2005 - MFI: 45,800	Number of family members
	1	2	3	4	5	6	7	8
30% of Median	9,600	11,000	12,350	13,750	14,850	15,950	17,050	18,150
50% of Median	16,050	18,300	20,600	22,900	24,750	26,550	28,400	30,250
80% of Median	25,650	29,300	33,000	36,650	39,550	42,500	45,450	48,350

Monongalia County
FY 2005 - MFI: 54,200	Number of family members
	1	2	3	4	5	6	7	8
30% of Median	11,400	13,000	14,650	16,250	17,550	18,850	20,150	21,450
50% of Median	18,950	21,700	24,400	27,100	29,250	31,450	33,600	35,750
80% of Median	30,350	34,700	39,000	43,350	46,850	50,300	53,750	57,250

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

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