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FHA Loans in West Virginia

By Michael Stradford
Updated October 29, 2019
3 min read
Morgantown, West Virginia

West Virginia is one of the most geographically diverse and beautiful areas in the country, a fact that John Denver sums up nicely in the first line of his famous ballad to the Mountain State:

“Almost Heaven, West Virginia, Blue Ridge Mountains, Shenandoah River”

Plenty of people share this sentiment, including many first-time homebuyers looking to follow country roads to homes of their own. That said, the process of buying a house can be an overwhelming and confusing one, especially when it comes to assessing your financing options. This is where West Virginia FHA loans can help.

Why Choose an FHA Loan in West Virginia?

With West Virginia’s median home cost being nearly $124,000 below the national average, it is a great place to buy a home. Picking a home loan option is difficult, but many West Virginians decided the FHA loan program was right for them. As of April 2019, the total value of FHA loans in West Virginia was nearly $37 million!

Benefits of FHA Loans in WV

  • FHA loans are great for first-time homebuyers, especially those who can’t or don’t want to put down a large down payment.
  • FHA mortgage rates are typically lower than conventional mortgage rates.
  • FHA down payment and credit score requirements are typically lower than conventional loans
  • Sellers can contribute up to 6% of the purchase price or appraised value (whichever is less) towards the buyers’ closing costs.
  • FHA loans are assumable

FHA Loan Limits in West Virginia

Maximum loan limits are adjusted yearly and typically depend on which county you choose to reside in. In most of West Virginia, the baseline limit of $314,827 applies, but, in Jefferson the loan limit balloons to $726,525. The purpose of loan limits by area is to ensure the FHA loan program accounts for a higher cost of real estate where needed. Use the table below to see the full list of West Virginia FHA loan limits in 2019.

West Virginia FHA Loan Limits by County

County FHA Loan Limit
Jefferson $726,525
All other areas $314,827

Are You Eligible for an FHA Loan in WV?

You may be eligible for an FHA loan, if you:

  • Have 2 years of steady employment, preferably with the same employer.
  • Have had steady income (or increasing income) in the past two years.
  • Have had less than two 30 day periods of late payments on your credit report.
  • Have declared bankruptcy no less than two years ago and have maintained good credit since.
  • Have not been a party in a foreclosure for at least three years and have maintained good credit since.
  • Anticipate your mortgage payment will be equal to or less than 30% of your gross income.

What Do You Need to Apply for an FHA Loan in WV?

Buyers must be able to provide the following information and documents as requested by lenders:

  • The addresses of all your residences over the past two years.
  • The names of your employers over the past two years.
  • W2's for the past two years and current paycheck stubs.
  • Your current gross monthly salary.
  • Your Social Security Number.
  • Names, addresses, and account numbers with balances on all checking and savings accounts.
  • Addresses and loan information of any other real estate you owned.
  • Self-employed individuals will need to provide personal tax returns for the past two years and a current income statement and balance sheet for the business.
  • Students will need to provide evidence of enrollment. If you have student loans, you need to provide verification information.

Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.

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