The Senate passed a bill on Friday that would help veterans receive lower mortgage rates in West Virginia.
Senate Bill 616 would create the West Virginia Veterans’ Home Loan Mortgage Program Act of 2023. Veterans and members of the National Guard and Reserves who are first-time home buyers would be eligible for this program that would allow them to obtain home mortgage loans that are at least one percentage point lower than rates available in the marketplace or through other housing programs.
The program would be administered by the West Virginia Housing Development Fund.
The legislation would require the veteran to contribute a minimum $2,500 down payment toward the purchase. Under the bill, this amount may go toward paying any closing costs incurred by the veteran.
The legislation places no limit on the maximum income that may be earned by an eligible veteran.
The bill calls for the State Treasurer’s Office to transfer $8 million from its Unclaimed Property Trust Fund to provide start-up costs for the program.
The legislation now heads to the House of Delegates for consideration.
The Senate is adjourned until tomorrow, Feb. 25, at 10 a.m.