Mortgage in West Virginia
West Virginia is one of the most affordable states in which to live. It has the most affordable housing in all the states, with a median listing price of just $166,000 . However, in this case, 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 moving within West Virginia, use our West Virginia mortgage calculator to make sure the move will fit in your budget!
West Virginia Mortgage Calculator: See the Three Loan Options
All West Virginians will have three loan options from which they can choose.
- West Virginia conventional mortgage: West Virginia has some of the most affordable housing in the nation. Therefore, most people will find a home in WV that is 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 you have a credit score 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 have no private mortgage insurance (a considerable saving!).
The above loans are the most common ones that people choose when moving to West Virginia. If you're a first-time homebuyer, you have additional options!
First-Time Homebuyers 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'll need to know.
The Homeownership Program provides prospective homeowners with a few key benefits. First, it permits up to 100% financing on a 30-year fixed-rate mortgage. Additionally, borrowers can 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.
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 the relatively low cost of living in West Virginia, you can be almost sure that your money will go further in this state. Thanks to some high-quality homebuyer assistance programs, your dreams of homeownership are likely much closer than you think! If you're interested in moving to West Virginia, see how such a move could impact you financially (presumably quite positively) with our West Virginia mortgage calculator!