Managers wanted to learn more about Enhanced Secondary Market Loan Program
CHARLESTON, WV _ The West Virginia Housing Development Fund recently hosted an information session at the request of executives from the North Carolina Housing Finance Agency to explain one of its most utilized mortgage programs.
NCHFA managers were in town to learn more about the Fund’s Secondary Market Loan Program. While most West Virginians are familiar with the Fund because of its Bond Program, which is geared toward helping first-time home buyers, the WVHDF has a number of mortgage programs.
“It’s great when we can share our expertise and knowledge with another housing agency or any of our partners,” said Erica Boggess, the Fund’s acting executive director. “We’re honored that they reached out to us and wanted to learn more about this program. Our mission is the same – to provide safe, decent, affordable housing to those who need it.”
David Rathbun, the Fund’s director of single-family loan origination, hosted Rob Rusczak and Bill Dowse with the NCHFA. Rusczak serves as manager of home ownership production. Dowse is the director of strategic investment.
“It was great having Rob and Bill in for the day. We’re proud of our Secondary Market Loan Program and we’re glad to share what we’ve learned with others,” Rathbun said. “We gave them a very detailed breakdown of what we do and how we do it. We think we have one of the nation’s premier secondary market programs and we’re so glad they wanted to learn more about it.”
Rathbun detailed for Rusczak and Dowse how the Housing Development Fund’s lending partners process the application, underwriting procedures, federal guidelines, the confirmation process and how WVHDF markets the program.
Rathbun noted that North Carolina is not the first state to inquire about the Fund’s Secondary Market Loan Program. Representatives from Kentucky Housing Corporation have also spent some time with the Fund in order to gain a better understanding of how the program benefits homebuyers.
Unlike the Bond Program, the Secondary Market Loan Program is not restricted to first-time homebuyers. There are no income restrictions or house price limits, and applicants may still qualify for some Fund programs, including a Home Ownership Assistance Loan to help defray down payment and closing costs.
Through the Secondary Market Loan Program, the Fund offers 10-, 15-, 20- or 30-year fixed-rate mortgage loans. The property must be located in West Virginia. Eligible properties include single, detached, existing, stick-built or modular homes; duplexes, townhouses or condominiums; and new and used double-wide and manufactured homes. The maximum loan amount under this program is $417,000.
(David Rathbun, the Fund’s director of single-family loan origination, recently hosted Rob Rusczak and Bill Dowse with the NCHFA. Rusczak, left, serves as manager of home ownership production. Dowse, right, is the director of strategic investment.