Important news for our veterans! On June 17, 2008, the Heroes Earnings Assistance and Relief Tax Act was enacted, granting special benefits to veterans of the U.S. Armed Forces. The most significant of the benefits provided for in the act is the exemption of veterans and their spouses from the first‐time home buyer requirement under the West Virginia Housing Development Fund's mortgage bond program. This program currently allows for a 30‐year, fixed interest mortgage at 5.79%.
The first‐time home buyer exemption applies to any qualified veteran who has been discharged or released under conditions other than dishonorable in the past 25 years. The exemption also applies to the spouses of these veterans. Per the new law guidelines, the exemption from the first‐time home buyer requirement may only be used once by the veteran and his/her spouse.
Governor Joe Manchin today announced that veterans who were previously unable to purchase a home as a result of the first time homebuyer requirement of the West Virginia Housing Development Fund's mortgage bond program, will now be able to do so. On June 17, 2008, President Bush signed into law the Heroes Earnings Assistance and Relief Tax Act of 2008 which amends certain requirements of the mortgage bond law to allow veterans' loans to be financed with the proceeds of those bonds.
Governor Manchin stated that "With this change, veterans that are not first time home owners now have a statewide exemption from the rule. This is good news for veterans and their families wanting to make West Virginia their permanent home."
"Veterans statewide can now take advantage of lower interest rates and closing cost assistance while using their veteran's benefits. This will produce significant savings for these homebuyers," added Joe Hatfield, Executive Director of the Housing Development Fund.
For more information contact a participating West Virginia Housing Development Fund lender. A list of participating lenders can be found on the WVHDF website at http://wvhdf.com, or call the West Virginia Housing Development Fund for a mortgage information packet: 877.WVADREAM
