Fairmont/Morgantown Housing Authority

Program Overview

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

Currently not taking applications

Offered in cooperation with WVHDF.  This product is established for families up to 80% of statewide median income (see chart 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 2009 program offers 2 different categories for HOME funding.

• HOME Leverage - Eligible applicants could qualify for up to $40,000 at zero percent interest for 30 years when leveraged with another funding source. House restrictions apply. Income restricted up to 80% area median income. Call for more details or email.
  
  
• New HOME -Currently not taking applications
  - 100% financing available for targeted populations below 65% area median income. Email for more information.
  
  
• Community Works
• Communityworks in WV offers a revolving loan fund for eligible applicants.  Flexible and creative products with reduced interest rates to meet affordability issues.
• Community Works can also be used as a leverage piece for creative packages. Most commonly used in 80/20 leverage loans.
• Loan terms equal 30 years. Some recapture provisions apply. Most loans available at 100% financing with no PMI and are serviced in West Virginia.
• Contact Lorraine Gervella at 677-4880 to apply.
  
  
• Other Financing
  Call or email for daily rate sheets - lgervella@fmhousing.com & sefaw@fmhousing.com
  
  
• West Virginia First Time Homebuyer 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...

Fairmont/Morgantown Housing Authority also maintains affiliation with Rural Development and SunTrust.

• Federation of Appalachian Housing Enterprise (FAHE)

  FAHE offers a revolving loan product to eligible applicants. Flexible products are available including 100% financing and no private mortgage insurance programs for eligible applicants. Contact Lorraine Gervella at 677-4880 or email for more information.

• Chase Rural Housing

  Chase Rural Housing Guaranteed Rural Housing Program offers 102% financing based on appraised value, 30 year fixed loan. Property restrictions apply. Contact Lorraine Gervella at 677-4880 or email for more information.

• Income Chart 2009 HOME Guidelines

AREA	%  of	1	2	3	4	5	6	7	8
County (MSA)	Median	Person	Persons	Persons	Persons	Persons	Persons	Persons	Persons
Monongalia County (61)	30%	$11,400	$13,000	$14,650	$16,250	$17,550	$18,850	$20,150	$21,450
Morgantown, WV MSA	50%	$18,950	$21,700	$24,400	$27,100	$29,250	$31,450	$33,600	$35,750
	60%	$22,740	$26,040	$29,280	$32,520	$35,100	$37,740	$40,320	$42,900
	65%	$24,635	$28,210	$31,720	$35,230	$38,025	$40,885	$43,680	$46,475
	80%	$30,350	$34,700	$39,000	$43,350	$46,850	$50,300	$53,750	$57,250
	100%	$36,890	$42,160	$47,430	$52,700	$56,916	$61,132	$65,348	$69,564
Marion County (49)	30%	$10,150	$11,600	$13,050	$14,500	$15,650	$16,800	$18,000	$19,150
	50%	$16,950	$19,350	$21,800	$24,200	$26,150	$28,050	$30,000	$31,950
	60%	$20,340	$23,220	$26,160	$29,040	$31,380	$33,660	$36,000	$38,340
	65%	$22,035	$25,155	$28,340	$31,460	$33,995	$36,465	$39,000	$41,535
	80%	$27,100	$30,950	$34,850	$38,700	$41,800	$44,900	$48,000	$51,100
	100%	$33,880	$38,720	$43,560	$48,400	$52,272	$56,144	$60,016	$63,888
Taylor County (91)	30%	$9,050	$10,350	$11,650	$12,950	$14,000	$15,000	$16,050	$17,100
	50%	$15,100	$17,250	$19,400	$21,550	$23,250	$25,000	$26,700	$28,450
	60%	$18,120	$20,700	$23,280	$25,860	$27,900	$30,000	$32,040	$34,140
	65%	$19,630	$22,425	$25,220	$28,015	$30,225	$32,500	$34,710	$36,985
	80%	$24,150	$27,600	$31,050	$34,500	$37,250	$40,000	$42,800	$45,550
	100%	$29,890	$34,160	$38,430	$42,700	$46,116	$49,532	$52,948	$56,364
Harrison County (33)	30%	$10,300	$11,750	$13,250	$14,700	$15,900	$17,050	$18,250	$19,400
	50%	$17,150	$19,600	$22,050	$24,500	$26,450	$28,400	$30,400	$32,350
	60%	$20,580	$23,520	$26,460	$29,400	$31,740	$34,080	$36,480	$38,820
	65%	$22,295	$25,480	$28,665	$31,850	$34,385	$36,920	$39,520	$42,055
	80%	$27,450	$31,350	$35,300	$39,200	$42,350	$45,450	$48,600	$51,750
	100%	$34,370	$39,280	$44,190	$49,100	$53,028	$56,956	$60,884	$64,812
Preston County (77)	30%	$11,400	$13,000	$14,650	$16,250	$17,550	$18,850	$20,150	$21,450
Morgantown, WV MSA	50%	$18,950	$21,700	$24,400	$27,100	$29,250	$31,450	$33,600	$35,750
	60%	$22,740	$26,040	$29,280	$32,520	$35,100	$37,740	$40,320	$42,900
	65%	$24,635	$28,210	$31,720	$35,230	$38,025	$40,885	$43,680	$46,475
	80%	$30,350	$34,700	$39,000	$43,350	$46,850	$50,300	$53,750	$57,250
	100%	$36,890	$42,160	$47,430	$52,700	$56,916	$61,132	$65,348	$69,564

 

Frequently Asked Questions

Do I qualify for a mortgage?

Possibly but until we can meet with you, will will not be able to tell you how much you could qualify for. Please call us at your convenience to setup an appointment.

What does my credit score need to be?

In most cases your score needs to be 620 or above but we do have programs for credit challenged clients. So please give us a call.

What are the terms of your mortgages?

40, 30, 25, 20, 15, 10 years

How long do I need to be employed?

This is a commonly asked question and the normal time frame is 2 years.

Do I have to be a certain age to apply?

We do not discriminate for age but you must be the legal age of 18 to apply.

Can I buy a fixer-upper?

Yes, but you must have a licensed contractor to complete the work. All work must be completed shortly after the closing of the mortgage.