West Virginia § 31-18F-6 Rules to be adopted by fund

West Virginia Statutes

§ 31-18F-6 — Rules to be adopted by fund

West Virginia § 31-18F-6

Ch. 31CORPORATIONS

Art. 18FTHE WEST VIRGINIA VETERANSâ HOME LOAN MORTGAGE PROGRAM OF 2024

This text of West Virginia § 31-18F-6 (Rules to be adopted by fund) is published on Counsel Stack Legal Research, covering West Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

W. Va. Code § 31-18F-6 (2026).

Text

The fund shall promulgate rules, including emergency rules, if necessary, in accordance with §29A-3-1et seq. of this code, including rules:

(1)Specifying qualifications for financial institutions to participate in the program;

(2)Specifying underwriting criteria for a program loan, such as minimum down payment, credit score, ratios of housing expense and of all reoccurring debt as a percentage of income of the borrower, and any exceptions to those criteria;

(3)Specifying the statewide allowable purchase price of a home for the purposes of the program;

(4)Specifying the security required for a mortgage loan financed by the program;

(5)Specifying the qualifications of a first-time homebuyer;

(6)Providing the Legislative Auditor with access to records of participating financial in

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The fund shall promulgate rules, including emergency rules, if necessary, in accordance with §29A-3-1et seq. of this code, including rules:

(1) Specifying qualifications for financial institutions to participate in the program;

(2) Specifying underwriting criteria for a program loan, such as minimum down payment, credit score, ratios of housing expense and of all reoccurring debt as a percentage of income of the borrower, and any exceptions to those criteria;

(3) Specifying the statewide allowable purchase price of a home for the purposes of the program;

(4) Specifying the security required for a mortgage loan financed by the program;

(5) Specifying the qualifications of a first-time homebuyer;

(6) Providing the Legislative Auditor with access to records of participating financial institutions regarding loans made pursuant to this program;

(7) Governing the loan application process;

(8) Specifying the maximum origination fee that may be charged by a participating financial institution;

(9) Specifying the maximum servicing fees that may be charged by the fund; and

(10) Other loan conditions determined to be necessary by the fund.

Legislative History

2024 Reg. Sess., SB261; 2023 Reg. Sess., SB616

Nearby Sections

15

§ 31-1-1

Text

Legislative History

Nearby Sections

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