CHARLESTON, W.Va. – Gov. Joe Manchin has announced that the West Virginia Housing Development Fund is offering a new mortgage program for West Virginia families that includes a 30-year fixed rate loan at approximately 3.5 percent. The program also includes a zero percent down payment and closing cost assistance loans.
“I am so pleased with the diligent work that the West Virginia Housing Development Fund has done to bring this tremendous housing opportunity into fruition for so many West Virginians,” said the governor. “This mortgage rate is unprecedented and is the lowest in the Housing Development Fund’s history. I am confident that this new mortgage program will be a win-win for both our citizens and the state’s housing industry,” said Gov. Manchin.
“We are extremely pleased with this interest rate and realize that it is a once-in-a-lifetime opportunity for 280 qualifying West Virginia families who wish to purchase a home and realize their dream of homeownership. Applicants must be first-time homebuyers in all non-targeted counties. Families that need homebuyer counseling to prepare to take on the responsibility of a mortgage can call the Housing Development Fund for more information” stated Joe Hatfield, Executive Director of the Housing Development Fund.
This rate was achieved as a result of a $35 million bond issue coupled with a special bond refunding by the Housing Development Fund.
With low cost financing, down payment and closing cost assistance and homebuyer counseling, many West Virginia families should qualify to own a home. Applications for loans will be taken immediately through banks, mortgage brokers and credit unions. The funds for these low rate loans are limited and applications will be taken on a first-come, first-served basis.
Those interested in the program should contact their realtor, builder, lending institution or the Housing Development Fund for more information about how to apply for a mortgage loan, income and house price limits and targeted/non-targeted county information.
Visit the Housing Development Fund’s website at www.wvhdf.com for a list of participating lenders or call the West Virginia Housing Development Fund for a mortgage information packet at 1-877-WVADREAM.
The West Virginia Housing Development Fund is a public body corporate and governmental instrumentality of the State of West Virginia established to increase the supply of residential housing for persons and families of low- and moderate-income, and to provide construction and permanent mortgage financing to public and private sponsors of such housing. To date, the Housing Development Fund has issued more than $3 billion in tax-exempt bonds to finance more than 108,000 housing units since it began operation in 1969. No tax dollars were utilized to provide this information. The West Virginia Housing Development Fund is an Equal Housing Opportunity Lender.