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February 14, 2017
We are pleased to present the West Virginia Housing Development Fund’s Fiscal Year 2016 Annual Report. This is an important record of...
January 26, 2017
  The West Virginia Housing Development Fund is excited to welcome Governor Jim Justice and Agriculture Commissioner Kent Leonhardt...
December 21, 2016
  West Virginia’s natural beauty is truly unmatched.   Our citizens are among the brightest, hardest working and...
December 6, 2016
The West Virginia Housing Development Fund is proud to announce a new video designed to help our partners across the lending and banking...
October 6, 2016
          Standard & Poor’s Rating Service has once again affirmed West Virginia Housing...
August 25, 2016
  To assist those affected by flooding in towns and communities across our state, the West Virginia Housing Development Fund...
August 10, 2016
Borrowers can pay mortgage, check balance from smart phone or tablet    Now there’s an easy, secure way to access your...
June 23, 2016
CHARLESTON – The West Virginia Housing Development Fund is excited to announce a new initiative that will help our state’s low-income...
May 18, 2016
    We are pleased to present the West Virginia Housing Development Fund’s Fiscal Year 2015 Annual Report. This is an...
March 22, 2016
Program vital for West Virginia   CHARLESTON – The West Virginia Housing Development Fund is taking time in 2016 to celebrate 30...

Fund Hosts Information Session for North Carolina Housing Executives

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.

 

West Virginia Housing Development Fund

 

(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.

The West Virginia Housing Development Fund is the state's affordable mortgage finance agency.

The WVHDF was established to develop and improve the state's housing opportunities for residents.