In an unprecedented offer that should give a boost to the beleaguered state, homebuyers in West Virginia will get the chance to apply for zero-down, 3.5 percent 30-year fixed-rate mortgage loans. Funds for the Housing Development program come from a $35M bond, and are limited to the first 280 eligible applicants. See the following article from HousingWire for more on this.
The governor of West Virginia announced an unparalleled housing strategy, and is now offering the best mortgage rates the state has ever seen — a 30-year fixed-rate of only 3.5%.
Not only that, but the program includes a 0% down payment policy and families are still eligible for closing cost assistance loans.
This program, run by the West Virginia Housing Development Fund, is able to achieve the rate through a $35m bond issue.
The mortgage does come with a few stipulations. The mortgage deal is available on a first-come, first-serve basis to only 280 qualified West Virginian families. The WV Housing Development Fund will move anyone into a targeted county, but any applicant wanting to move to a non-targeted county must be a first-time homebuyer.
"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 governor Joe Manchin in a press release. "I am confident that this new mortgage program will be a win-win for both our citizens and the state's housing industry."
The West Virginia Housing Development Fund said they will start taking applications for loans immediately.
This article has been republished from HousingWire. You can also view this article at HousingWire, a mortgage and real estate news site.