West Virginia Mortgage Rates

West Virginia Mortgage Overview

West Virginia is one of the least expensive places to live, making it easy for first-time homebuyers to buy a home. Whether you have a large down payment or no down payment, there are ways to buy a home in West Virginia.

Here are the top loan programs for homebuyers.

West Virginia conventional loans

Conventional financing the traditional loan most people think about with a mortgage. You don't need a 20 percent down payment though, you can get a loan with 3 percent down if you've never owned a home or 5 percent if you have. Conventional loans require a 660 credit score and low debt to income ratio of around 36 percent to qualify. You will pay PMI if you put less than 20 percent down, but only until you owe less than 80 percent of the home's value.

West Virginia FHA loans

FHA loans are for borrowers with lower credit scores. FHA loans require just a 3.5 percent down payment with a credit score as low as 580. You can also get a loan with a 500 - 579 credit score but you must make a 10 percent down payment. FHA loans have mortgage insurance that lasts for the loan term.

West Virginia VA loans

VA loans are for veterans or current military members. VA loans offer 100 percent financing, but you only need a 620 credit score. VA loans have flexible debt ratio guidelines and are lenient about other qualifying factors. VA loans have an upfront funding fee but not mortgage insurance.

West Virginia USDA loans

USDA loans are for borrowers in a rural area who can't get any other loan. It's for low to moderate-income families. USDA loans require a 640 credit score and a max 41 percent debt ratio. You must live within the USDA boundaries, but many areas of West Virginia are 'rural.'

First-Time Homebuyer

Programs in West Virginia

Homeownership Program

If your income doesn't exceed the stated income maximums for the area and the property's value doesn't exceed the limits, you may be eligible for a 30-year fixed rate mortgage with 100 percent of the sales price as your loan. You may also use down payment assistance to cover the closing costs.

Down Payment Closing Cost Assistance

You may also get down payment and/or closing cost assistance of $7,500 for loans with a 90 percent or higher LTV or $10,000 for loans with an LTV less than 90 percent.

Movin' Up Program

The Movin' Up program isn't just for first-time homebuyers, but it provides down payment assistance to help you buy a larger home if you outgrew your home or buy your first home.