Fairmont/Morgantown Housing Authority

Program Overview

Fairmont/Morgantown Housing Authority Homeownership Department offers various affordable housing mortgage products.  These products are designed to assist low to moderate income families achieve the dream of homeownership.

Mortgage Products

• HOME PROGRAM

  Offered in cooperation with WVHDF.  This product is established for families up to 80% of statewide median income who are first time homebuyers.  Applicants  screened for eligibility based on income and credit are placed on a waiting list.  House payment is based on a percentage of gross annual income.  Taxes and insurance are escrowed monthly with payment.  House size limits apply.  Loan is a low interest rate with fixed term. Leverage packages are available in 2005..  Learn more...

• COMMUNITYWORKS

  In membership with Communityworks in WV, this product offers a revolving loan fund up to $30,000 for income eligible applicants.  Can be used as a complete loan or can be leveraged with other products.  Loan is six percent interest for fifteen years.

• 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 FAHE.

• Homeownership Counseling and Education    Learn more...

Fairmont/Morgantown Housing Authority offers homeownership counseling for any potential homeowner. Certified housing counselors offer two separate learning tracks based on the need of the homeowner. Curriculum includes:

• Pros and Cons of Homeownership
• Affordability
• Understanding Credit
• Budgeting
• Shopping for a Home
• Getting a Mortgage Loan
• Home Maintenance
• Maintaining your Finances
• Predatory Lending

Individual counseling available for budgeting and credit. FMHA also provides Post Purchase Counseling which includes sessions on debt restructuring, budget repair and foreclosure prevention. For more information call 304-363-0860 or 304-291-1660 or 1-800-637-7464 or email home@fmhousing.com.