Down payment and closing cost assistance also available.
April 11, 2012 – (RealEstateRama) — There has never been a better time to purchase a home in West Virginia. The West Virginia Housing Development Fund is providing qualifying families a 30-year fixed rate loan at 3.25%. Down payment and closing cost assistance loans are also available for those who qualify.
“This is a great mortgage rate and one of the lowest in the Housing Development Fund’s history,” stated Fund Acting Executive Director Erica Boggess. “We are extremely pleased with this interest rate and realize that it is a truly unique opportunity for qualifying West Virginia families who wish to purchase a home and realize their dream of homeownership.”
This rate was achieved as a result of a $30 million new money bond issue coupled with a $36.7 million bond refunding by the Housing Development Fund.
“The housing market is showing strong signs of recovery across the nation and here in the Mountain State. This is a fantastic rate and we’re excited about helping West Virginia families,” Boggess said.
An exciting aspect of this bond issue was the resumption of a partnership between the Fund and the Federal Home Loan Bank of Pittsburgh. Like WVHDF, FHLBank Pittsburgh’s mission focuses on housing finance and community and economic development. Serving 300 financial institution members across three states, FHLBank’s Affordable Housing Program has, to date, provided millions in grants for lower-income owner-occupied and rental housing in West Virginia. Its purchase of $12.9 million in WVHDF bonds this year represents the third time that it has participated in such a bond offering, and it has partnered with the agency on a number of other community development initiatives.
David Rathbun, the Fund’s Senior Director of Single-Family Loan Origination, said the new rate will open the door for many state residents to purchase a home.
“Our lending partners across the state are excited about this rate and we have seen an increased demand over the last few months,” Rathbun said. “With so much positive economic activity in West Virginia right now, it’s vital that we be ready to assist those looking to purchase a home.”
Rathbun noted that this rate only applies to purchase loans and cannot be used on refinances.
With low cost financing, down payment and closing cost assistance and homebuyer counseling, many West Virginia families may find they qualify to own a home. 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.
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 sold over $4 billion in tax-exempt bonds to finance nearly 110,000 housing units (more than 1 in 7 West Virginia homes) since it began operation in 1968. No tax dollars were utilized to provide this information. The West Virginia Housing Development Fund is an Equal Housing Opportunity Lender.
David Rathbun (304) 391 – 8737