CHARLESTON, W.VA.— The West Virginia Housing Development Fund has financed nearly $90 million in new mortgage loans since July, thanks in large part to our competitive interest rates.
Our flagship Homeownership Program loaned just over $80 million, including $28 million in October alone, to 411 first-time West Virginia home buyers, helping them achieve the dream of homeownership. In total, the Fund has loaned nearly $90 million through all our mortgage programs. These figures more than double year-over-year production and have shattered all previous loan records.
“Our goal at the West Virginia Housing Development Fund is to make housing more affordable. Our programs break down barriers to homeownership, allowing many West Virginians to buy homes at prices they can afford not just now, but long term,” said Jon Rogers, Senior Division Manager of the Fund’s Single-Family Lending Division. “These numbers are astounding and prove that people are still buying homes in West Virginia, despite today’s volatile rate market.”
As a state housing finance agency, the Fund can sell tax-exempt mortgage revenue bonds and offer below-market rates to qualified first-time home buyers. While other lenders offer interest rates close to 8 percent, our borrowers may qualify for rates as low as 5.83 percent. These competitive interest rates help borrowers save money on each monthly payment, resulting in thousands of dollars in savings over the life of the loan.
“Not only can borrowers take advantage of great rates that will help them save money on each monthly mortgage payment, but we can also help with their down payment and closing costs,” Rogers said. “Our Low Down Home Loan is another way we help first-time buyers who may not have enough in savings to cover these up-front costs. Taken together, our Homeownership and Low Down Home Loan programs break barriers and help many West Virginians become homeowners without heavy financial sacrifices.”
Prospective homeowners can contact the Fund at 800-933-8511 or visit www.wvhdf.com/home-buyers for more information on our home loan programs. We also partner with more than 60 banks, credit unions, and independent mortgage companies across the state to offer our products. A list of these lending partners is available at www.wvhdf.com/lenders.
The West Virginia Housing Development Fund was established in 1968 to increase the supply of residential housing for individuals and families of low to moderate income and to provide construction and permanent mortgage financing to public and private housing investors. The West Virginia Housing Development Fund is an Equal Housing Opportunity Lender, NMLS # 198038. For more information, visit www.wvhdf.com.
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