West Virginia Mortgage Broker

Loan options in West Virginia

Duane compares programs for your scenario and explains the tradeoffs before you commit.

• Conventional. Purchase and refinance loans with as little as 3% down for qualifying buyers. Mortgage insurance can come off as your equity grows.
• FHA. As little as 3.5% down with qualifying credit, and more flexible credit guidelines. FHA carries an upfront and an annual mortgage insurance premium.
• VA. Veterans and eligible service members across West Virginia can use VA loans. VA loans can be $0 down for eligible borrowers, with no monthly mortgage insurance. A funding fee usually applies unless exempt.
• Jumbo. For loan amounts above the conforming limit in your county. Expect closer review of down payment, reserves and documentation.
• Refinance. Lower the rate, shorten the term or take cash out. Compare the break-even point against how long you plan to stay.

Buying in West Virginia: what to know

• Attorney or title closing. Closings are usually handled by an attorney or a title company. Ask for the fee estimate early.
• Eastern Panhandle commuters. Martinsburg and Charles Town draw buyers who work in the Washington and Northern Virginia region, and local pricing reflects it.
• Rural properties. Many homes sit on acreage, wells or septic. Lenders can have rules on property condition, access and acreage, so raise it before you write an offer.
• Property tax classes. West Virginia taxes owner-occupied homes in a lower property class than rentals and second homes, and counties set levy rates. Ask your county assessor.