West Virginia Housing Fund Offering Below Market Interest Rates For Newly Constructed Homes!
Have you been thinking of building your new dream home or about purchasing a new home that has nevered been lived in, before? If so, the West Virginia Development Fund is now offering a new program to save you a considerable amount of money.
The West Virginia Housing Development Fund's 3-2-1 buy-down program allows homebuyers to secure loans substantially below-market interest rates.
For example, You lock in a mortgage rate of 5 percent on your new home. Under the new program, the interest rate will be lowered to 2 percent the first year, 3 percent the next and 4 percent the final year before returning to 5 percent for the remaining years of the loan.
This program which started this month does not require a borrower to be a first-time homebuyer and there is no income or home price limits.
The main stipulation is that the borrower must have a contract to buy a new home that is being built, or one that nobody has ever occupied.
This program most likely will not last a long time. The housing board authorized $40 million in loans to be offered from participating lenders across West Virginia. This money could last possibly three months. These discounts will only be available for about 200 to 300 new homes and possibily fewer.
It is suggested that the potential home buyer first speak with a local lender about this program. Information on this program has already been provided to banks, credit unions, and mortgage brokers about the 3-2-1 program. There is a few additional documents to fill out to sign up for the program.
For more information, contact a local lender or the West Virginia Housing Development Fund office at 877-WVA-DREAM, or go to www.wvhdf.com.