2023-11-21 23:13:38
West Virginia Housing Development Fund makes home ownership more affordable than you think
by Gianna Dapra
Tuesday, Nov 21st 2023
pMany are worried regarding breaking the bank to buy their first home, but the officials with the West Virginia Housing Development Fund say it’s more economical than you think. /p
OHIO COUNTY, W.Va. —
Many are worried regarding breaking the bank to buy their first home, but the officials with the West Virginia Housing Development Fund say it’s more economical than you think.
“Housing is still affordable today,” said Jon Rogers, senior division manager, WVHDF.
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Specifically for West Virginians, as the fund’s homeownership program offers mortgage loans to finance the purchase of a house or offers help to those who want to refinance.
“Unlike a traditional bank that loans money out of their vault, we raise lending capital by going to the bond market in New York and sell tax exempt mortgage revenue bonds,” Rogers said.
It works through roughly 60 lenders of banks, credit unions, and independent mortgage companies, providing cheaper interest rates.
According to Rogers, the national interest rates were just 7.44 percent. A year ago, it was at 6.61.
But today, the WVHDF offers 5.83 percent because of those tax-exempt revenue bonds.
“That has really driven a record amount of business to us,” Rogers said.
Since July, more than $80 million has been given out through this program.
In the Northern Panhandle, across the last 15 months, north of $13.5 million was loaned to 122 new home buyers.
The average loan amount in the area is $111,000.
“That is very affordable to most folks that have regular jobs, working people jobs,” Rogers said.
Although it is open to all West Virginians, there are some limitations, some being a first-time home buyer who has not owned a home in the last 3 years, income limits for families and house price limits.
Ohio County’s house price limit is roughly $350,000.
“We are really looking to serve low-to moderate income buyers,” Rogers said. “It’s our target market.
“We are trying to give young people that are looking for that first home a chance to remain in West Virginia. We don’t want them to leave.”
Rogers also notes to get approved for this program as soon as you can. Right when you think regarding buying a home, before you even go to look, so you know how much you’ll be approved for.
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