State Treasurer Riley Moore and Senate Majority Whip Ryan Weld, R-Brooke, today announced they have worked together to introduce a bill that will create a new home loan program for veterans that will help them purchase their first home in West Virginia at reduced mortgage rates.
Senate Bill 616, introduced Tuesday, would create the West Virginia Veterans’ Home Loan Mortgage Program Act of 2023. The program would be open to veterans and members of the National Guard and Reserves who are first-time home buyers and allow them to obtain home mortgage loans that are at least 1-percentage point lower than rates available in the marketplace or through other housing programs.
Under the proposal, the State Treasurer’s Office would transfer $8 million from its Unclaimed Property Trust Fund to provide start-up costs for the new program.
“This bill is part of our broader efforts to help West Virginia attract a new generation of veteran families to our state,” Sen. Weld said. “The younger generation of veterans who have served in Iraq, Afghanistan and elsewhere have returned home with a tremendous skill set, making them well-trained, valuable leaders in the workforce. With bills like this, we make it easier for these veterans to choose West Virginia as their new home.”
“West Virginia has a rich history of respect for military service, and we want to honor our returning veterans by making it easier for them to purchase and afford their first home here in our state,” Treasurer Moore said. “I’m proud to partner with Senator Weld to create this innovative program to help our servicemen and servicewomen.”
The new program would be administered through the West Virginia Housing Development Fund. There are no income limitations on the proposed loan program, and veterans could be eligible for the reduced-interest loan with as little as $2,500 in initial down payment and closing costs.
The bill has been referred to the Senate Military Committee, which Sen. Weld chairs, for further consideration.