Creates WV Veterans' Home Loan Mortgage Program of 2024; set up WV Veterans' Home Loan Mortgage Fund to be administered by WV Housing Development Fund.
Bill provides definitions of relevant terms, including eligible veteran, fund, mortgage loans, participating financial institution, as well as under honorable conditions.
Defines the process, procedure for obtaining loan (including interest as the lesser of 1% below FNMA rate or WV Housing Development Fund's Homeownership rate.
Set maximum loan amount at 100% of value of statewide allowable purchase price.
Requires at least a downpayment of $2,500 unless Housing Development amends.
Also requires first-time homebuyer education and loan to have government guarantee.
Requires that name and last known address of each person to be entitled to property and the same of each insured person holding an insurance policy or annuity.
Unclaimed funds received per this section are to be deposited in Unclaimed Property.
Legislative History
On Jan. 11, 1013, bill introduced in Senate; on Jan 29, 2024, bill passed Senate.
On Jan. 30, 2024, bill introduced in House; on Mar. 7, 2024, bill passed House.
Effectiveness
Upon governor's approval or veto override, SB 261 will be effective 90 days after the completion of the legislative acts necessary to cause the bill to become a law.
Mar. 27, 2024 WV LEG Governor Approval
On Mar. 27, 2024, WV LEG reported governor signed bill into law, effective Jun. 6.
