Lending | Technical Support | Development | Training & Counseling

HOC works with a variety of governmental and private lenders, such as the West Virginia Housing Development Fund, the USDA Rural Development, and the Federation of Appalachian Housing Enterprises, to find affordable financing for those who are 115 percent or below median income. HOC’s lending activities include loan origination, underwriting, and processing. With a mortgage broker’s license from the WV Division of Banking, HOC staff attends required continuing education courses and become individually licensed loan originators. HOC will also work with those over 115 percent median incomes through loan programs offered by West Virginia Housing Development Fund.

• Buyer Assessments and Loan Origination

HOC’s lending goal is to serve a wide range of homebuyers and owners, from those ready to purchase a home on the private market to those needing additional assistance to take out a new loan or avoid foreclosure. While serving a range of borrowers, HOC’s primary lending focus will be low-to-moderate income homeowners and first-time homebuyers. To meet this demand HOC originates both purchase and purchase-rehabilitation loans for new homebuyers, as well as rehabilitation loans for existing homeowners. HOC is committed to finding the right loan product for each client.

HOC has developed access to a full range of loan products to make this search more beneficial for both the borrower and the lender. HOC meets the financing needs of its homebuyers through a combination of development subsidies, private loans, and low-cost mortgages with financing subsidies.
In terms of financial assistance to homebuyers, downpayment and closing cost assistance is offered by HOC to those otherwise qualified to purchase. The HOC revolving loan fund and the loan fund leveraged with local lenders makes this assistance available to those below 130% of area median income. Those requiring additional assistance will benefit from other HOC loan products, as well as governmental and private lending support.
For customers needing even greater assistance, HOC will convene homebuyer clubs, in conjunction with lease-purchase programs, as a means of savings and credit repair. RCHA’s lease-purchase program requires each buyer to enroll in a homebuyer club.
For every monthly club meeting attended over the lease period, RCHA applies $100 toward the purchaser’s downpayment and closing costs. The cumulative total may approximate three percent or less of the lease-purchase program’s current average first mortgage of $70,000, depending on the length of the lease. With some lenders and products offering 97% or higher loan-to-value financing, customers successfully participating in the homebuyer club will accumulate the 3% or less downpayment needed.