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
Homebuyer Mortgage Financing
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
Currently Taking
Applications - call for details
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 2011 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 by approved provider is required. Download Zero % Interest Flyer.
- Other Financing
Now processing Rural Development 502 Direct loans, an affordable mortgage program for eligible borrowers.
Call or email for info - ccrouso@fmhousing.com & sefaw@fmhousing.com
- Community Works
- 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.
- Federation of Appalachian Housing Enterprise (FAHE)
- Chase Rural Housing
- Download Affordable Financing for Home Repairs
- Income Chart 2011 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% | $11,750 | $13,400 | $15,100 | $16,750 | $18,100 | $19,450 | $20,800 | $22,150 |
| Morgantown, WV MSA | 50% | $19,600 | $22,400 | $25,200 | $27,950 | $30,200 | $32,450 | $34,700 | $36,900 |
| 60% | $23,520 | $26,880 | $30,240 | $33,540 | $36,240 | $38,940 | $41,640 | $44,280 | |
| 80% | $31,300 | $35,800 | $40,250 | $44,700 | $48,300 | $51,900 | $55,450 | $59,050 | |
Marion |
30% | $10,300 | $11,800 | $13,250 | $14,700 | $15,900 | $17,100 | $18,250 | $19,450 |
| 50% | $17,150 | $19,600 | $22,050 | $24,500 | $26,500 | $28,450 | $30,400 | $32,350 | |
| 60% | $20,580 | $23,520 | $26,460 | $29,400 | $31,800 | $34,140 | $36,480 | $38,820 | |
| 80% | $27,450 | $31,400 | $35,300 | $39,200 | $42,350 | $45,500 | $48,650 | $51,750 | |
| Taylor County (91) | 30% | $9,600 | $10,950 | $12,300 | $13,650 | $14,750 | $15,850 | $16,950 | $18,050 |
| 50% | $15,950 | $18,200 | $20,500 | $22,750 | $24,600 | $26,400 | $28,250 | $30,050 | |
| 60% | $19,140 | $21,840 | $24,600 | $27,300 | $29,520 | $31,680 | $33,900 | $36,060 | |
| 80% | $25,500 | $29,1500 | $32,800 | $36,400 | $39,350 | $42,250 | $45,150 | $48,050 | |
| Harrison County (33) | 30% | $10,450 | $11,950 | $13,450 | $14,900 | $16,100 | $17,300 | $18,500 | $19,700 |
| 50% | $17,400 | $19,900 | $22,400 | $24,850 | $26,850 | $28,850 | $30,850 | $32,850 | |
| 60% | $20,880 | $23,880 | $26,880 | $29,820 | $32,220 | $34,620 | $37,020 | $39,420 | |
| 80% | $27,850 | $31,800 | $35,800 | $39,750 | $42,950 | $46,150 | $49,300 | $52,500 | |
| Preston County (77) | 30% | $11,750 | $13,400 | $15,100 | $16,750 | $18,100 | $19,450 | $20,800 | $22,150 |
| Morgantown, WV MSA | 50% | $19,600 | $22,400 | $25,200 | $27,950 | $30,200 | $32,450 | $34,700 | $36,900 |
| 60% | $23,520 | $26,880 | $30,240 | $33,540 | $36,240 | $38,940 | $41,640 | $44,280 | |
| 80% | $31,300 | $35,800 | $40,250 | $44,700 | $48,300 | $51,900 | $55,450 | $59,050 | |
| Wetzel County (103) | 30% | $10,500 | $12,000 | $13,500 | $15,000 | $16,200 | $17,400 | $18,600 | $19,800 |
| 50% | $17,500 | $20,000 | $22,500 | $25,000 | $27,000 | $29,000 | $31,000 | $33,000 | |
| 60% | $21,000 | $24,000 | $27,000 | $30,000 | $32,400 | $34,800 | $37,200 | $39,600 | |
| 80% | $28,000 | $32,000 | $36,000 | $40,000 | $43,200 | $46,400 | $49,500 | $52,800 | |
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.
