The West Virginia Housing Development Fund (WVHDF) has launched the Movin' Up Home Loan Program, a new mortgage finance option.
The new program is designed for first-time home buyers and homeowners who have outgrown their current homes and seek to move up to a larger home or a home of greater value. The $10 million program is self-funding, which the WVHDF says will enable more moderate-income buyers to participate because it removes first-time home buyer requirements that are mandated in the tax-exempt bond market.
‘Many qualified buyers want to take advantage of today's low interest rates and move up to a larger home, but lack equity,’ says Erica Boggess, the fund's acting executive director. ‘The Movin' Up program is a perfect fit for these clients.’