Interest-Free Loans Available Under WesBanco’s Laughlin Plan | News, Sports, Jobs
Eligible families across the Ohio Valley can once again receive interest-free loans through WesBanco Trust and Investment Services’ Laughlin Plan.
The plan began in 1952, when the late Wheeling philanthropist George A. Laughlin bequeathed part of his estate to make these loans each year. Laughlin said in his will that the income from his trust fund would be used to provide industrious Ohio County families with dependent children with interest-free, down-payment home loans and to pay for home insurance.
As loan repayments are made to the bank, which acts as a trustee, the funds are reinvested by the trust to be used for future loans. Since its inception almost 70 years ago, a total of 300 loans have been made under the Laughlin Plan.
“During our 150 years, WesBanco has maintained its strong roots as a community bank by focusing on the success of the communities in which we operate,” said Marnie M. Hedges, Trust Agent for WesBanco Trust & Investment Services. “The Laughlin Plan is a wonderful program designed to help our communities by helping families achieve the goal of homeownership.”
Eligibility requirements for the Laughlin Plan include being a resident of Ohio County; the head of the family, single or two-parent, with one or more dependent children living at home; employed full or part time and financially able to make monthly payments; and either not currently own a home or be unable to purchase a home through a conventional mortgage.
Completed applications must be returned postmarked by midnight April 30. While all applications are considered for the Laughlin Plan program, the number of applicants generally exceeds the number of Laughlin Loans available. Applicants who are not selected may be assessed, with their approval, for other mortgage programs for which they may be eligible.
To receive additional information about the Laughlin Plan program, call Hedges at 304-234-9417 at WesBanco Trust and Investment Services.