Housing Development Fund Interest Rate Drops

The West Virginia Housing Development Fund’s home mortgage interest rate has dropped below 2.81 percent, the lowest level in the fund’s history.

Gov. Earl Ray Tomblin and the fund announced the rate for a 30-year fixed rate loan on Tuesday in a news release. They attribute the low rate to a $15 million bond issue by the fund.

The fund helps low- to moderate-income West Virginians become homeowners. The income limit is $45,000 per year for households comprised of up to two people and $55,000 per year for households comprised of three or more people.

Tomblin and the fund say applications for the low-rate loans will be accepted on a first-come, first-served basis because funding is limited.