$20 MILLION WILL HELP FIRST TIME HOUSE OWNERS

(02/22/2008)

Between 1,500 and 2,000 West Virginians will be eligible to use the state Housing Development Fund to purchase a home. The fund will provide $20 million to help stimulate West Virginia's housing industry by encouraging hundreds of West Virginians to buy homes this year. The fund has a 30-year, 4.99 percent fixed-rate loan available to first-time and other qualified home buyers. The action was taken at Gov. Joe Manchin's behest to ensure the state doesn't get caught up in the national housing slump. West Virginia hasn't seen the high number of foreclosures or credit crunches experienced by other states. But it has always been harder for residents to secure loans, said Joe Hatfield, the fund's executive director. There is an increase in funding to help with closing costs and borrower assistance programs.

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