W.Va. launches new 3.5 percent mortgage program

CHARLESTON, W.Va.

The West Virginia Housing Development Fund is launching a new mortgage loan program that offers fixed 3.5 interest loans to 280 qualifying families.

The 30-year loan program also includes a zero percent down payment and closing cost assistance loans.

Gov. Joe Manchin and fund Executive Director Joe Hatfield announced the program Tuesday. It was made possible by the sale of $35 million in bonds coupled with a special bond refunding.

The program is available statewide, but in 20 counties it's limited to first-time home buyers.