A new mortgage program announced today offers an unheard of 3.5 percent rate -- in addition to no down-payment.

Owning a home is still one of the most sought-after American dreams.

And members of the West Virginia Housing Authority are throwing in a key tool to make that happen: a 30-year fixed rate loan at a 3.5 percent rate. No down-payment required and loan help available for closing costs.

"I don't think that anyone that's active in the industry now has ever seen or heard of the rates being below 4-percent. And this 3-point-5 is truly extraordinary not only for our area, but I believe the lowest fixed rate in the country," says J.D. Stricklen with the West Virginia Association of Homebuilders.

Those who qualify could see their monthly mortgage payments match their rent payment, or be even less.

"They will be able to use every mortgage type -- FHA, VA, rural development, private mortgage insurance. And they can buy an existing house, new construction, manufactured home anywhere in West Virginia," says Joe Hatfield, Executive Director of the West Virginia Housing Development Fund.

Industry experts say this will create a domino effect in the housing market.

"It will help folks who own starter homes now to sell the starter homes and move up and buy an intermediate home...let those folks who have intermediate homes that want to sell them and move to something else," says Stricklen.

The program is available statewide, but in 20 counties it's limited to first-time home buyers. They're hoping the unheard of low rates will be the little shove families need to open the door to a new home.

Applications will be taken on a first-come, first-served basis to the first 280 families.

You can find out more about the program by contacting your Realtor, builder, lending institution or the West Virginia Housing Development Fund.

Note: Here is a list of the 20 counties in which the program is limited to first-time home buyers: Barbour, Berkeley, Boone, Brooke, Cabell, Greenbrier, Hancock, Harrison, Jefferson, Kanawha, Marion, Marshall, Mason, Monongalia, Morgan, Ohio, Putnam, Raleigh and Wood.

Information about the loans – including eligibility requirements – is available at www.wvhdf.com.