First-time homebuyers and veterans can benefit from government-backed programs.
You’ll find banks, credit unions and digital competitors vying for your borrowing business in West Virginia. But if you are a first-time homebuyer or a veteran, you might find stronger mortgage terms with a government- or state-backed program.
What to consider when looking for a mortgage in West Virginia
Choosing a mortgage based on the interest rate alone may not net you the best loan for your budget, your home price or your long-term financial goals.
Consider preapproval with your top three financial institutions to get an idea of the rates you’re eligible for. If you’re a member, use the rates and fees of a credit union as a baseline. They often offer stronger terms than traditional banks.
Think too about your overall homebuying goals. Adjustable rates and shorter terms may be able to help you buy a more expensive home or get lower rates than more traditional options, while a fixed 30-year mortgage is best for stable repayments on a home you intend to make your forever home.
Government-backed financing in West Virginia
Loan programs through agencies like the FHA or USDA may help you find lower interest and stronger terms than a bank-backed mortgage, especially if you’re a first-time homebuyer or buying a home in a rural or suburban area.
For state programs, check out the West Virginia Housing Development Fund, which offers a 30-year loan with fixed rates for first-time homebuyers. Eligible homebuyers might also get help with closing costs and down payments.
Mortgage lenders for veterans in West Virginia
Veterans, active service members and eligible military spouses are eligible to borrow through the Veteran Affairs home loan program. Benefits include low down payments and low interest rates without private mortgage insurance requirements or prepayment penalties.
And you aren’t required to go through VA to access these loans — many private lenders in West Virginia offer them too.
Closing cost fees in West Virginia
Buying a home in West Virginia can result in some of the lowest closing cost fees in the US. You face an average $2,450 after taxes for a home sale price of $200,000 to $300,000.
For comparison, you’ll pay considerably more in neighboring Virginia — some $5,849 on average for a home at the same sale price.
Loans backed by federal or state government agencies may help first-time homebuyers and veterans in West Virginia land more affordable mortgages. But banks, credit unions and digital financial institutions throughout the state offer a range of rates, terms and discounts worth weighing against your financial and homebuying goals.
Compare a wide range of mortgage lenders available before making your decision.