W.Va. launches new 3.5 percent mortgage program
CHARLESTON, W.Va. (AP) — The West Virginia Housing Development Fund announced Tuesday a new mortgage program where 280 families can qualify for the fund's lowest interest rate in its history - 3.5 percent.
The program also includes a 30-year fixed-rate loan with zero percent down payment. The program also offers closing cost assistance loans, said Gov. Joe Manchin and fund Executive Director Joe Hatfield.
Financing for the program comes from the sale of $35 million in bonds and a special bond refunding.
Hatfield called the program a "once-in-a-lifetime opportunity" for first-time home buyers living in the fund's 20 non-targeted counties. A first-time buyer is someone who hasn't lived in an owner-occupied house for the past three years.
The counties are Barbour, Berkeley, Boone, Brooke, Cabell, Greenbrier, Hancock, Harrison, Jefferson, Kanawha, Marion, Marshall, Mason, Mercer, Monongalia, Morgan, Ohio, Putnam, Raleigh and Wood.
The program covers new or existing houses, duplexes, townhouses and new doublewide mobile/manufactured homes. It does not cover new or used single- and used doublewide homes.
Applications will be taken at banks, mortgage brokers and credit unions.
Copyright 2010 The Associated Press.
The program also includes a 30-year fixed-rate loan with zero percent down payment. The program also offers closing cost assistance loans, said Gov. Joe Manchin and fund Executive Director Joe Hatfield.
Financing for the program comes from the sale of $35 million in bonds and a special bond refunding.
Hatfield called the program a "once-in-a-lifetime opportunity" for first-time home buyers living in the fund's 20 non-targeted counties. A first-time buyer is someone who hasn't lived in an owner-occupied house for the past three years.
The counties are Barbour, Berkeley, Boone, Brooke, Cabell, Greenbrier, Hancock, Harrison, Jefferson, Kanawha, Marion, Marshall, Mason, Mercer, Monongalia, Morgan, Ohio, Putnam, Raleigh and Wood.
The program covers new or existing houses, duplexes, townhouses and new doublewide mobile/manufactured homes. It does not cover new or used single- and used doublewide homes.
Applications will be taken at banks, mortgage brokers and credit unions.
Copyright 2010 The Associated Press.