The West Virginia Housing Development fund is launching a new mortgage lending program for low and moderate income families.
For the 280 qualifying first time home buyers, the program offers a 30-year fixed rate loan at 3.5 percent. There is also "no" down-payment and closing cost loans.
According to the web-site; www.wvhdf.com, in Kanawha County -- a family of 3 or more, with a median income of 74,000 dollars, can look at houses in the 270,000 dollar price range.
This deal is the lowest in the housing fund's 42-year history.
Meanwhile, with consumer confidence dropping, the National Association of Realtors is reporting existing home sales fell to a 3-month low and interest rates on 30-year fixed-rate mortgages were averaging at 4.5 percent.
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Rachel Tarr
