Homeownership Interest Rate for March 24, 2017:
4.25% (APR: 4.742%)

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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 Launches Movin' Up Loan Program

The Movin’ Up Home Loan Program is an exciting new mortgage finance option offered by the West Virginia Housing Development Fund.

 

Fund Creates Self-Sustaining Lending Program

Movin’ Up Loan Program offers flexibility for West Virginia homebuyers

 For More Information, Contact George Gannon at 304-391-8643

 

The West Virginia Housing Development Fund has created a new mortgage finance option. The Fund's Board of Directors has authorized the creation of a new, self-funding lending program.

The new Movin’ Up Loan Program isn't just for first time homebuyers.

The program makes it easier for homeowners who may have outgrown their current homes to move up to a larger home or move on to a home of greater value by incorporating down payment and closing cost assistance into the loan package.

"Many qualified buyers want to take advantage of today's low interest rates and move up to a larger home, but lack equity. The Movin' Up program is a perfect fit for these clients," said Erica Boggess, the Fund's Acting Executive Director. 

Because the federal government intends to keep interest rates low, the tax-exempt bond market, which is our primary vehicle for funding our single-family mortgage program, is more challenging than ever. By creating a self-sustaining fund, we can better manage our finances and still offer homebuyers an affordable home loan, Boggess said.

The new program has some exciting changes. By removing the first-time homebuyer requirements mandated by the bond program, we can better serve moderate income buyers, Boggess said.

“Staff is prepared and this should be a seamless execution. We will still work with our statewide network of lending partners and the loans we make will still be serviced right here in West Virginia,” said David Rathbun, the Fund’s Senior Director of Single-Family Loan Origination. “Our customers and lenders will be positively impacted by whatever changes we make and we hope we’ll be able to expedite loan closings.”

This model is not new to Fund. This method of self sustainment is used with our down payment and closing cost assistance loans.

“These are not uncharted waters. We know how this kind of financial mechanism works. The reason we can do this is the same reason we’re AAA rated by Standard & Poor’s and Aaa by Moodys. We have been prudent managers of our resources and West Virginia residents who use our programs pay their bills on time,” Boggess said.

For more detailed information about the program and to determine whether or not you qualify, please call 1-800-933-8511 or contact one of our many lending partners

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.