CHARLESTON, W.VA.— West Virginia veterans have another path to homeownership, thanks to a new mortgage loan program.
Earlier this year, Gov. Jim Justice signed into law Senate Bill 261 to create the West Virginia Veterans’ Home Loan Mortgage Program. This new program honors military service by offering qualified service members and veterans low-interest rate mortgages to purchase their first homes and is funded by a transfer of $8 million from the West Virginia State Treasury’s Unclaimed Property Trust Fund. The West Virginia Housing Development Fund will be responsible for administering the program and for servicing the loans. Lenders that partner with the Fund can begin locking in 30-year, fixed-rate loans for eligible borrowers on September 12.
“I am thrilled to see the launch of the West Virginia Veterans’ Home Loan Mortgage Program by the Housing Development Fund,” said Sen. Ryan Weld, R-Brooke, lead sponsor of Senate Bill 261. “Unfortunately, today’s high interest rates have prevented an untold number of Americans from being able to buy their first home—and that’s why I introduced this legislation to help ensure that the American Dream of homeownership isn’t out of reach for West Virginia’s veterans. I am certain the low interest rates offered by this program will benefit veterans and their families across West Virginia.”
Loans through the Veterans’ Home Loan Mortgage Program will be offered at one percent lower than the Fund’s Homeownership Program rate. Borrowers must be West Virginia residents, meet minimum qualifications, complete an approved first-time homebuyer education program, and contribute a minimum of $2,500 toward the transaction, which may cover down payment or closing costs. More information on borrower eligibility and current interest rates can be found at wvhdf.com/home-buyers/west-virginia-veterans-home-loan-mortgage-program.
“West Virginia has a rich history of military service, and as a state we need to do everything we can to support our military servicemen and servicewomen,” said State Treasurer Riley Moore. “I’m proud to have been able to partner with Senator Weld and the West Virginia Housing Development Fund on this bill and to provide the funds needed to launch this fantastic program which will make it easier for our returning veterans to purchase an afford their first home here in our state.”
The Veterans’ Home Loan Mortgage Program is just one way the Housing Development Fund works to make housing more affordable for West Virginians. Our signature Homeownership Program offers low interest rates, down payment assistance, and local loan servicing, primarily targeting first-time buyers. In fiscal year 2024, the Fund loaned a record high $284.5 million and helped 1,611 West Virginians purchase their first homes.
“Our mission since 1969 has been to make housing more affordable for all West Virginia,” said Erica Boggess, Executive Director of the West Virginia Housing Development Fund. “As the state’s housing finance agency, we commend Senator Weld for recognizing the need for affordable housing among our state’s veteran population, and we are proud to partner with the State Treasury to make homeownership a reality for those who have so bravely served our nation.”
For more information on the West Virginia Veterans’ Home Loan Mortgage Program, visit wvhdf.com/home-buyers/west-virginia-veterans-home-loan-mortgage-program or contact a lending partner in your area.
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