By Craig Howell, The Weirton Daily Times
WEIRTON, W.Va. — A new program set to launch later this month is designed to aid eligible veterans in West Virginia who are looking to purchase their first home.
State Treasurer Riley Moore, state Sen. Ryan Weld, R-Brooke, and representatives of the West Virginia Housing Development Fund were in Weirton Tuesday afternoon to discuss the Veterans’ Home Loan Mortgage Program.
The program was developed through the passage of Senate Bill 261 – the West Virginia Veterans’ Home Loan Mortgage Program Act of 2024 – passed by the West Virginia Legislature earlier this year, and sponsored by Weld.
Weld explained the legislation was designed after a similar law enacted in Montana.
“In legislation, sometimes, it’s OK to plagiarize from programs that have worked,” Weld said, adding owning a home is part of the American dream, and this program will provide help for veterans to reach that dream.
Under the program, to be administered through the West Virginia Housing Development Fund, veterans of any branch of service who are first-time homebuyers could be eligible for a reduced-interest loan.
It also allows home mortgage loans at least 1 percent lower than rates available in the marketplace or through other housing programs.