WV 'Movin' Up' home ownership program expands to higher incomes - WBOY.com: Clarksburg, Morgantown: News, Sports, Weather

WV 'Movin' Up' home ownership program expands to higher incomes

Posted: Updated:
  • BusinessBusinessMore>>

  • Jam-band magazine celebrates 2-year anniversary

    Jam-band magazine celebrates 2-year anniversary

    Sunday, April 20 2014 4:00 PM EDT2014-04-20 20:00:13 GMT
    Appalachian Jamwich, a Shepherdstown-based magazine dedicated to jam-band music, art and culture in West Virginia and the surrounding region, is celebrating its two-year anniversary this month.
    Appalachian Jamwich, a Shepherdstown-based print and online magazine dedicated to jam-band music, art and culture in West Virginia and the surrounding region, is celebrating its two-year anniversary this month.
  • City-wide scavenger hunt in Wheeling

    City-wide scavenger hunt in Wheeling

    Sunday, April 20 2014 2:00 PM EDT2014-04-20 18:00:09 GMT
    A new fundraising event in the Upper Ohio Valley to raise funds for Youth Services System is in the works for June 21 in downtown Wheeling.
    A new fundraising event in the Upper Ohio Valley to raise funds for Youth Services System is in the works for June 21 in downtown Wheeling.
  • Barboursville plans to grow its recreation opportunities

    Barboursville plans to grow its recreation opportunities

    Sunday, April 20 2014 1:00 PM EDT2014-04-20 17:00:13 GMT
    Commercial growth in Barboursville has allowed for improved services, and now village officials plan to build on the village's role in recreational opportunities in the region.
    Commercial growth in Barboursville has allowed for improved services, and now village officials plan to build on the village's role in recreational opportunities in the region.

The West Virginia Housing Development Fund wants moderate-income West Virginians to be able to make a change.

Its newest home ownership program, the Movin' Up program, started in January, and despite a lot of enthusiasm, it didn't have a lot of production, according to WVHDF Senior Director of Single Family Loan Origination David Rathbun.

So, the program is changing.

"What happened was we went out with an income limit and a house price limit, and we waived the first-time home buyer limit, and it went over pretty well," Rathbun explained. "After we listened to the lenders and the Realtors, we realized if we were to expand or increase our income gap on the program, that we probably would help many, many more families acquire their second home or even their first home in some cases."

Rathbun said the program is aimed at helping families with down payment assistance so they have the ability to "move up," if their families have grown and the need something bigger, hence the program's name. But, Rathbun said, it also could help an older couple downsize or it could include a first-time home purchase as well.

The new income limits for the program are now $108,960 for a one or two-person household and $127,120 for a household of more than three.

"We want this program to be open and accessible, and we think these changes reflect that," Erica Boggess, the WVHDF's acting executive director, said in a news release. "The foundation of the program remains the same."

Rathbun said the first-time homebuyer program is in every state, but Movin' Up is something unique to West Virginia.

"This is tailor-made here," he said. "It's because of our financial strength that we're able to do these sorts of things."

And the WVHDF will continue to listen to Realtors, lenders and others, in case the program needs additional changes and they're feasible.

"Our desire is to make this a long-term program, therefore, we're going to manage it very closely to make sure it's not just a short run in and out," Rathbun said.

He said currently the WVHDF helps about 1,500 families with $15 million in funding, and they hope the Movin' Up program will add 400 families to that number with $40 million in assistance.