CHARLESTON, W.VA.—The West Virginia Housing Development Fund announces the West Virginia Veterans’ Home Loan Mortgage Program, an innovative program that created a new pathway to homeownership for qualified veterans, has allocated all available funding.
Since launching on September 12, 2024, the program has connected more than 30 qualified borrowers to millions of dollars in mortgage financing at the Fund’s lowest interest rate.
“This Program has been a significant step forward in providing our veterans with the support they deserve,” said Jon Rogers, Senior Division Manager of Single-Family Lending for the West Virginia Housing Development Fund. “By offering the loans at our lowest interest rates with optional down payment assistance, we made homeownership more accessible for those who have served our nation. We are proud to have offered this program that has made a lasting impact in the lives of more than 30 veteran families.”
The Veterans’ Home Loan Mortgage Program was created by the passage of Senate Bill 261 during the 2024 legislative session and was funded by a transfer of $8 million from the State Treasury’s Unclaimed Property Trust Fund. The bill required the Program to offer an interest rate one percentage point lower than the Fund’s Homeownership Program rate, ensuring affordability and accessibility for veterans and service members purchasing their first home. To qualify, borrowers had to be eligible veterans who are West Virginia residents and first-time home buyers. Additionally, veterans were required to meet minimum qualifications, complete an approved first-time homebuyer education program, and contribute at least $2,500 toward the transaction. Notably, the Veterans’ Home Loan Mortgage Program did not include income limits typical of other WVHDF programs, allowing more veterans to benefit from this unique opportunity.
“It is absolutely incredible to see the impact the Veterans’ Home Loan Mortgage Program has already had in such a short period of time,” said Sen. Ryan Weld, R-Brooke, who championed the bill through the legislative process. “As chair of the Senate Military Committee, my goal has always been to make West Virginia a place where those who have served will want to call home. By allowing so many of our state’s military veterans to finally be able to afford their first home, this program is helping to make that possible. I want to thank the Housing Development Fund and the office of the State Treasurer for all of the work they’ve done to make this program such a huge success.”
The Veterans’ Home Loan Mortgage Program is just one way the Housing Development Fund works to make home buying more affordable for West Virginians. Our signature Homeownership Program primarily targets first-time buyers and offers competitive interest rates, down payment assistance, and local loan servicing. In 2024, the Fund loaned $260.8 million to help nearly 1,500 West Virginians purchase their first homes.