Mortgage rates have hit record lows across the nation, but not as low as the rate being offered through a new program in West Virginia.

According to a recent announcement by the state’s governor, the West Virginia Housing Development Fund has launched a new mortgage program for West Virginia families that includes a 30-year loan at a fixed interest rate of approximately 3.5 percent. In addition, the program includes a 0 percent down payment, and it offers closing cost assistance loans.

“I am so pleased with the diligent work that the West Virginia Housing Development Fund has done to bring this tremendous housing opportunity into fruition for so many West Virginians,” Gov. Joe Manchin said. “This mortgage rate is unprecedented and is the lowest in the Housing Development Fund’s history. I am confident that this new mortgage program will be a win-win for both our citizens and the state’s housing industry.”

This historically-low mortgage rate is achieved as a result of a $35 million bond issue coupled with a special bond refunding by the Housing Development Fund. However, funds for this program are limited.

Joe Hatfield, executive director of the Housing Development Fund said the offering is available for 280 qualifying West Virginia families. While anyone is eligible to apply, applicants interested in moving to “non-targeted” counties must be first-time homebuyers.

The Housing Development Fund said applications for the loans will be taken immediately on a first-come first-served basis through banks, mortgage brokers, and credit unions.