Mortgage Rates | Clouds in the sky
  • LoanDepot, LLC
    5/1 Yr. ARM
    $940/mo
    4.221%
    APR
    3.875%
    RATE
    GO
Provided by HSH

Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. By adjusting these assumptions you can update the type of loan, property, credit rating, and down payment that you are looking for. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the HSH quotes. Annual percentage rate in ARM products may increase after the loan is closed. More Info. These quotes are from banks, thrifts and brokers who have paid for a link to their website in the listings above and you can find additional information about their loan programs on their websites.

West Virginia Mortgage Rates

Comparing West Virginia Mortgage Rates with National Rates

In order to help you see how Nebraska mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in West Virginia

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in West Virginia

In order to qualify for the best mortgage rates in West Virginia it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

 Mortgage Resources for West Virginia

West Virginia is the thirty eighth most populous US state. According to the US census, as of 2016, there is an estimated population of over 1.8 million residents, which represents 0.6% of the US population.

According to Wikipedia "The state is a global hub for chemicals, a national hub for biotech industries and a leader in energy, while having a diverse economy in aerospace, automotive, healthcare and education, metals and steels, media and telecommunications, manufacturing, hospitality, biometrics, forestry, and tourism."

According to the Glassman-ACS report for 2015, West Virginia had the seventh highest poverty level, with 17.9% percent of people below the poverty level in 2015. The median household economy in 2015 was approximately $42,019 considerably lower than the national average of $55,775.

Based on 2015 HMDA data, West Virginia compared to National loan program distribution, had a slightly higher percentage of purchase loans (55% vs 51% national) and smaller share of refinance loans (39% vs 46% nationally). Conventional loans were a similar to national averages (69%), as were VA loans (about 10% for both).FHA loans were smaller (14% vs 20% nationally) and FSA/RHS loans were higher (7% vs 2% nationally).

Here are some outside resources that can help you understand the West Virginia mortgage environment:

  1. FHA loan amounts in West Virginia: (note:set the table to West Virginia). There are 55 counties in the state of West Virginia. Only 2% of the single family units meet the Highest loan limit, currently at $636,150. Most, 96%, of the counties are at the Standard loan limit, currently at $275,665.The remaining 2% are between those limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for West Virginia and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, 98% of the counties are within this limit. The remaining 2% are between the lower limit and the higher limit of $636,150.
  3. West Virginia Mortgage Programs: The West VIrginia Housing Development Fund (WVHDF) was established to help provide affordable housing for residents of West Virginia. They have down payment / closing cost assistance programs in conjunction with various mortgage programs including the Homeownership and Movin Up programs. The assistance includes a 15-year mortgage currently at 2% (as of late 2017). The mortgage programs have credit, income and property requirements.
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs. 

Mortgage Trends and Statistics for West Virginia

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages 

Check out some differences between West Virginia and the US:

  • Mortgage Rates for Conventional Loans in West Virginia
  • Mortgage Fees for Conventional Loans in West Virginia
  • Loan Amount for Conventional Loans in West Virginia

 

Mortgage Rates for Conventional Loans in West Virginia vs USA

 

Mortgage Fees for Conventional Loans in West Virginia

 

Purchase Price for Conventional Loans in West Virginia vs USA

20 Comments

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  • 35x35
    Aug, 2014
    Brad
    These rates are very helpful. I would recommend locking in long duration (30 year fixed rates) loans if you plan to live in your home for an extended period of time.
    1 Votes

  • GM
    May, 2013
    Grant
    Are rates rising, and should I lock in a rate in the current low mortgage rate environment?
    2 Votes

    • BA
      May, 2013
      Bill
      Mortgage rates constantly fluctuate. I recommend shopping around for a mortgage that fits your budget and has the right mix of interest rate and fees. Locking your rate is a great idea if you know the time frame that you will close the loan. Most loan offers have a 30-day lock period. If you pass the time of the lock, you may need to pay additional fees.
      3 Votes

  • NR
    Sep, 2012
    Natalia
    Cars and houses are quite expensive and not everybody is able to buy it. However, loans are created to support different people in such kind of situations.
    2 Votes

  • MC
    Jan, 2012
    Mark
    Playa Del Rey, CA
    Are mortgage rates on HARP loans higher than on conventional loans? What about the fees? Thanks!
    0 Votes

    • BA
      Jan, 2012
      Bill
      Mortgage rates and fees for HARP loans, will be similar to rates on other conventional loans. However, due to the fact that HARP loans are offered by fewer lenders, you can expect a premium on the price. Many people are restricted to going to their original lender/servicer, due to a high DTI. If that is the case the room for negotiating is low. I recommend that you shop around for the best rate. The automated underwriting systems for new lenders will be available in March 2012.
      2 Votes

  • KH
    Nov, 2011
    kelly
    Palm Bay, FL
    I went through a divorce in 2005 and found out that my name was not on anything we were paying on. So even though we owned 2 homes and paid on time always, my FICO credit score right now is 530. I know this is really bad. I am in the position now to be able to put at least $20,000 down on a home listed at $87900. Do you think anyone will give me a loan with this awful credit score. I do have a steady income and very low bills. No credit cards or other debt. only utilities and rent right now. Even with my down payment is it going to be implossible to find someone to approve me for a mortgage loan?
    0 Votes

    • BA
      Nov, 2011
      Bill
      I doubt you will qualify for a reasonable loan when you have, essentially, no credit history. Focus your energy on building your credit history.
      0 Votes

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