Lease to Own Homeownership Program
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
- Applicants' mail in completed pre-application and a credit report fee.
- Applicants and are placed on a waiting list.
- Pre-applications are screened in the order of receipt.
- Next, the initial eligibility requirements are screened.
- If initial thresholds are met, a credit report is obtained then the applicant's family is interviewed.
- Detailed eligibility criteria are verified, references are checked, and a criminal background check is completed.
- Home visit is completed and an Individual Homeownership Plan is developed.
- A committee interview is completed.
- 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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Fairmont Housing Authority
103 12th Street - P.O. Box 2738
Fairmont, WV 26555-2738
Phone: 304-363-0860 Fax: 304-366-0469
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Morgantown Housing Authority
278 B Spruce Street
Morgantown, WV 26505
Phone: 1-304-296-2948
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