Mortgage in West Virginia

West Virginia is one of the most affordable states to live in. It has the most affordable housing of any state, with a median listing price of just $166,000 . In this case, though, cheap doesn't mean bad. West Virginia is a beautiful place to live, work, and raise a family. If you're thinking of moving to or within West Virginia, use our West Virginia mortgage calculator to make sure the move fits your budget!

Mortgage Options in West Virginia

All West Virginians have three main loan options to choose from.

• West Virginia conventional mortgage: West Virginia has some of the most affordable housing in the nation, so most people will find a home in WV under the conforming loan limit of about $550,000. These loans require as little as 3% down and a credit score of 620 and up.
• West Virginia FHA mortgage: Similarly, since West Virginia home prices are below average, FHA loans tend to be a solid choice. These loans require as little as 3.5% down for those with a 580 or higher credit score. If your credit score falls between 500 and 579, you can still get an FHA loan with a 10% down payment.
• West Virginia VA mortgage: Those who served in the military or are actively serving can get a loan backed by the VA. These mortgages require as little as 0% down and carry no private mortgage insurance — a considerable saving!

These are the loans people most commonly choose when moving to West Virginia. If you're a first-time homebuyer, you have additional options!

First-Time Home Buyer Programs in West Virginia

The West Virginia Development Fund provides various programs to help people become homeowners for the first time. Here are the two you should know.

Homeownership Program

The Homeownership Program gives prospective homeowners a few key benefits. First, it permits up to 100% financing on a 30-year fixed-rate mortgage. Borrowers can also apply for down payment assistance of up to $10,000.

Eligibility Criteria: Borrowers must meet income limits. The home cannot exceed a specific purchase price based on county. Finally, homebuyers must complete an education course.

Movin' Up

The Movin' Up program lets homebuyers receive down payment assistance of up to $8,000.

Eligibility Criteria: Income limitations apply (although they are quite generous). Additionally, homebuyers must complete an education course before receiving the funds.

West Virginia Mortgage Calculator: Your Money Will Go Further

Given West Virginia's relatively low cost of living, you can be almost certain your money will go further in this state. Thanks to some high-quality homebuyer assistance programs, your dream of homeownership is likely much closer than you think! If you're interested in moving to West Virginia, see how the move could affect your finances (presumably quite positively) with our West Virginia mortgage calculator!