West Virginia Code 31-18B-8 – Persons eligible for loans from the state mortgage and industrial development investment pool; Housing Development Fund to have sole discretion in determining who is to receive loans; discrimination prohibited
(a) Any person is entitled to receive a first mortgage or deed of trust from the state mortgage and industrial development investment pool for real estate situated within the boundaries of the state if the person's family income for each of the two years preceding the commitment year is $50,000 or less: Provided, That such person must be purchasing the real estate for use as his or her single- family residential unit as defined in section three of this article: Provided, however, That such person is qualified for the loan as provided in this section.
Terms Used In West Virginia Code 31-18B-8
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
(b) The Housing Development Fund shall have sole discretion in determining who is qualified to receive mortgage loans from the state mortgage and industrial development investment pool, subject to the provisions of section fourteen of this article. The Housing Development Fund shall establish by interpretive rule promulgated pursuant to the provisions of chapter twenty-nine-a guidelines for the exercise of this discretion.
(c) The Housing Development Fund shall issue mortgage loans to such qualified buyers on the basis of the first of such buyers in the order in which the applications are approved.
(d) In view of the uncertain economic conditions prevailing, the fund may propose legislative rules which, if promulgated, suspend all or any of the provisions of this section.
(e) The Housing Development Fund shall not discriminate against buyers on the basis of race, sex, national origin, religion or location in the state in which the buyer resides.