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If you’ve started to look at homes in West Virginia, it’s a good idea to lock in the best possible rate prior to purchasing your home. The rates you qualify for will take into account a variety of considerations, including your annual income, your debt-to-income ratio (DTI), the size of your anticipated down payment, and your credit score.
If you hope to obtain a quality mortgage rate in West Virginia, you’ll want to be sure to get all your ducks in a row before you begin. Gather together all of the documents you think you’ll need, discuss and acquire a loan preapproval from a professional mortgage lender, and check your credit prior to applying for your home loan.
Here’s a quick look at current West Virginia mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||5.634%||5.709%||Unchanged|
|Conventional 15 year fixed||4.787%||4.91%||Unchanged|
|Conventional 5 year ARM||5.6%||6.573%||Unchanged|
|FHA 15 year fixed||4.875%||5.561%||Unchanged|
|FHA 30 year fixed||4.966%||5.754%||Unchanged|
|VA 30 year fixed||5.146%||5.429%||+0.08%|
|VA 5 year ARM||5.375%||6.403%||Unchanged|
Is it time for you to buy a home in West Virginia? Your dream home might be located in the Mountain State, believe it or not. Just in case, here’s everything you need to know about West Virginia.
West Virginia may seem like almost heaven, with a total population of over 1.8 million scattered across the beautiful state. A little more than one in ten people live in the state’s five largest cities, with the rest spread across the area.
Next, make sure that you understand the exact amount of home you can buy within your budget. West Virginia ranks 50th in US homes for sale at average price, and 46th for homes over $1,000,000. Prior to starting your hunt for the house of your dreams, consider acquiring a loan preapproval to help you budget beforehand.
First-time homebuyers may qualify for a program administrated by the West Virginia Housing Development Fund (WVHDF) delivers 30-year, fixed rate mortgage that can be paired with down payment and closing cost assistance.
The Movin’ Up Special Program offers lower interest rates and mortgage insurance premiums if for borrowers whose income is at or below 80% of the area median income (AMI). You can leverage this with up to $5,000 in assistance for down payment offered as a second mortgage loan, and potentially achieve 100% financing.
Requirements for WVHDF loans include:
If you’re thinking about refinancing your home loan in West Virginia so that you can get a lower West Virginia mortgage rate, here are a few reasons you might follow through with it:
You may be able to acquire a streamlined refinance for your specific type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.