Program Overview

The First Time Home Buyer Program combines competitive mortgage options, flexible underwriting, and targeted assistance to help eligible buyers purchase their first primary residence. Whether you are buying a modest starter home, a condominium, or a single-family residence in West Virginia, the program aims to reduce common financial barriers such as large down payments and high closing costs while providing personalized support from experienced mortgage professionals.

Key Benefits

• Lower Down Payment Options: Access mortgage products with reduced down payment requirements to preserve savings for moving expenses and initial home improvements.
• Competitive Interest Rates: Benefit from mortgage pricing designed to be competitive within the current market to make monthly payments more manageable.
• Flexible Underwriting: Consideration of alternate credit references, compensating factors, and individualized review to support borrowers with limited credit history.
• Down Payment and Closing Cost Assistance: Potential eligibility for grants or second mortgage options that help cover initial costs, subject to program availability and qualification criteria.
• Homebuyer Education: Access to counseling, workshops, and online courses that explain the buying process, budgeting, and ongoing homeownership responsibilities.
• Local Market Expertise: Mortgage advisors familiar with West Virginia communities and regulations who can help navigate property-specific considerations.

Who Is Eligible?

The program is intended for first-time home buyers, typically defined as individuals who have not owned a principal residence during the past three years. Eligible participants usually include:

• Individuals and families purchasing a primary residence in West Virginia.
• Borrowers who meet income and purchase price limits when applicable.
• Applicants who complete required homebuyer education or counseling sessions.
• Those who meet standard credit and underwriting requirements or who demonstrate compensating strengths in their financial profile.

Specific eligibility criteria may vary by mortgage product and by program cycles. Prospective buyers are encouraged to discuss their individual situation with a United Bank mortgage specialist to determine the best pathway to qualification.

Available Mortgage Options

United Bank’s First Time Home Buyer Program typically offers a range of mortgage products to suit diverse borrower needs. Common options include:

• Conventional Loans: Standard fixed- and adjustable-rate mortgages with competitive terms and the possibility of low down payment options for qualifying buyers.
• Government-Backed Loans: FHA, VA, or USDA-backed loans when applicable, which may provide favorable down payment and credit flexibility for eligible borrowers.
• Special Assistance Products: Combination loans or second-lien programs that help cover down payment or closing costs while keeping monthly payments affordable.

Loan pairing and structure will depend on the buyer’s goals, income, property type, and eligibility for government or state-sponsored programs aimed at expanding access to homeownership.

Step-by-Step Process

1. Initial Consultation: Meet with a mortgage advisor to review goals, budget, and program options.
2. Prequalification: Receive an estimate of how much you may be eligible to borrow based on income, credit, and assets.
3. Homebuyer Education: Complete any required courses or counseling that provide essential insights into the buying process.
4. Loan Application: Submit documentation for income, assets, and credit to move from prequalification to a formal loan approval.
5. Property Search and Offer: Find a suitable property and make an offer. Advisor support can help evaluate affordability and loan options.
6. Underwriting and Approval: The loan is underwritten and, once approved, conditions are cleared to proceed to closing.
7. Closing: Finalize the mortgage, sign documents, and take possession of your new home.

Homebuyer Education and Counseling

Education is a core component of the program. Workshops and one-on-one counseling cover topics such as budgeting, credit management, home inspections, insurance, and long-term maintenance. These resources help first-time buyers approach homeownership with a sustainable plan and reduced risk of unexpected financial strain.

Common Questions

Do I need perfect credit to qualify?

No. While stronger credit improves options and pricing, the program often evaluates overall financial strength, stability of income, and compensating factors. Homebuyer education and the use of alternative credit documentation may improve eligibility for some applicants.

Can I use the program for any property type?

The program typically covers primary residences, including single-family homes and condos, subject to property guidelines and appraisal requirements. Investment properties and second homes are generally not eligible under first-time buyer assistance.

Are there income or purchase price limits?

Some assistance components may be subject to income or purchase price limits, especially when paired with state or federal affordability programs. Program advisors will clarify applicable limits during the qualification process.

Tips for Success

• Start with a realistic budget and include all ongoing homeownership costs such as taxes, insurance, and maintenance.
• Attend all recommended education sessions to strengthen your application and understanding of the process.
• Organize documentation (income verification, bank statements, ID) early to speed up the loan process.
• Work closely with a mortgage advisor to explore available assistance and to structure a loan that fits your circumstances.