Veterans could soon have an easier time purchasing their first homes in West Virginia.
State Treasurer Riley Moore announced the launch of the Veterans’ Home Loan Mortgage Program on Tuesday. The program provides reduced-interest loans to veterans and active-duty military service members who are looking to buy their first homes.
There is no income limit for the program. But participants must meet a credit score minimum and put forward at least $2,500 toward a down payment or closing costs. The program also has a $350,000 purchase limit.
The program received $8 million in start-up funding from the state treasurer’s unclaimed property trust fund.
The program was formally established during this year’s legislative session through Senate Bill 261, dubbed “The West Virginia Veterans’ Home Loan Mortgage Program Act of 2024” by lead sponsor Sen. Ryan Weld, R-Brooke and Sen. Randy Smith, R-Tucker.
The bill became law in June, with a formal start date of Sept. 12.