Interest Rate
6.588%
APR*
6.658%
Average home price
$108.236

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 6.588% 6.658% +0.28%
Conventional 15 year fixed 5.772% 5.962% +0.28%
Conventional 5 year ARM 5.987% 5.611% +0.11%
VA 30 year fixed 6.208% 6.29% +0.52%

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in West Virginia

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.

  • Charleston (state capital)
  • Huntington
  • Parkersburg
  • Morgantown
  • Wheeling

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

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:

  • A 640 minimum credit score
  • Maximum 45% debt-to-income ratio
  • Completion of a homebuyer education course (depending on loan type)
  • Staying below WVHDF income limits (depending on county)
  • Staying below WVHDF purchase limits (varies by county)
  • Property requirements (less than five acres)

Refinancing in West Virginia

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:

  • Refinance and extend the terms of the loan
  • Refinance and lock in a better interest rate
  • Refinance in order to access cash from your home
  • Refinance so that you don’t have to pay private mortgage insurance (PMI)

You may be able to acquire a streamlined refinance for your specific type of loan. Ask your lender for more information.

GUIDES

Buying a Home?

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.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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