photo by: Photo courtesy of WV Legislative Photography

STATE SEN. RYAN WELD, R-BROOKE

WHEELING – Legislation introduced Tuesday by West Virginia Senate Majority Whip Ryan Weld would help veterans get lower home mortgage rates in the state.

Senate Bill 616 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 homebuyers, and would allow them to obtain home mortgage loans that are at least one percentage point lower than rates available in the marketplace or through other housing programs.

The bill’s language requires the veteran to contribute a minimum amount of $2,500 toward the purchase. The required contribution may go toward paying any closing costs incurred by the veteran.

There is no limit on the maximum amount of income that may be earned by an eligible veteran for the purposes of the reduced rate loan.

The program would be administered by the West Virginia Housing Development Fund.

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.

Weld, R-Brooke, and State Treasurer Riley Moore collaborated in crafting the measure.

“This bill is part of our broader efforts to help West Virginia attract a new generation of veteran families to our state,” 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.”

Weld hopes the measure will serve as an incentive to veterans to make West Virginia their home.

“We talk about doing all we can to move people here from across all groups and demographics,” Weld said. “This bill is aimed at one specific group – veterans, and it’s aimed at first-time homebuyers.

“In my mind, it would attract a younger subsection of veterans, and that’s what we want in the state.”

The timing for such a program is especially beneficial right now as the nation sees high mortgage rates, according to Weld.

“And home prices are lower here than in neighboring states – by and large,” he continued. “I’m grateful to the state treasurer for partnering with me and making these funds available.”

The bill has been referred to the Senate Military Committee, which is chaired by Weld.

“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,” Moore added. “I’m proud to partner with Senator Weld to create this innovative program to help our servicemen and servicewomen.”