Employer Assisted Loan Program

Marshall University participates in the Employer Assisted Loan Program sponsored by the West Virginia Housing Development Fund.


Affordable Mortgages Available
Marshall University participates in the West Virginia Housing Development Fund’s Employer Assisted Loan Program.  As a result, you are eligible for additional mortgage benefits in buying a home that are not available with conventional mortgages, such as:

  • Up to 100% mortgage financing;
  • Competitive, fixed interest rate;*
  • As little as $500 or 1% of the sale price to complete the sale.

* In some cases, applicants may qualify for a lower interest rate based on income.

Rent vs. Mortgage Payment
If you can afford a rent payment, chances are, you can afford a mortgage payment.  The only problem may be coming up with the upfront costs associated with buying a home.  The Employer Assisted Loan Program alleviates that problem.  Only a 3% down payment is required, and the West Virginia Housing Development Fund will finance that amount as part of the total mortgage.  Closing costs may be covered by a gift from a family member, seller, etc.  It may also be provided as a grant or loan.  You may only be required to pay as little as $500 or 1% of the sales price, whichever is less, when the house purchase is completed, at closing.

Home Buyer Education is Required
All applicants participate in a Home Buyer Education Class.  The classes may be held here at the University or at a convenient location elsewhere in the community.  Classes may be held in the evenings or on weekends.   The University has established a relationship with an authorized Home Buyer Education Agency in Huntington.  Additional information on Home Buyer Education may be found athttp://www.wvhdf.com, the web site of the West Virginia Housing Development Fund.

University Participation in Your Mortgage
Marshall University participates in the Employer Assisted Loan Program (1) by making available literature and information in brochure form or through web pages such as this one; (2) supporting the costs of providing the Home Buyer Education Class (up to limits in the letter of understanding); and (3) providing a meeting site for the classes.

To Get Started

  • Contact and enroll in a Home Buyer Education Class.  Human Resource Services can assist.
  • Complete the Home Buyer Education course.  Now you are ready to initiate the buying process.
  • Contact a participating mortgage lender to prequalify, or initiate the mortgage application process.  This will help determine the house price you can afford.
  • Shop for a qualified home.
  • Return to the participating lender and make a formal application to purchase your home.

Mortgage Loan Example

House Purchase Price $70,000
1st Loan – 97% @ 6.25%*, 30 yrs. $67,900
Monthly Payment $418
2nd Loan – 3% @ 5%**, 8 yrs. $2,100
Monthly Payment $27
Total Monthly Payment $445
Estimated Closing Costs $2,200
Minus – gift, grant or loan $1,700
Cash to complete home purchase $500
* APR 6.91%; ** APR 5%

To get more information about West Virginia Housing Development Fund Mortgage Programs send a card or letter to:

Mr. David H. Rathbun
WV Housing Development Fund
814 Virginia Street East
Charleston, West Virginia 25311

Include your name, address, city, state, ZIP, county, telephone, and e-mail address (if applicable).