West Virginia FHA Loans

If you are thinking about moving to West Virginia, right now is the ideal time to apply for an FHA loan. The Federal Housing Administration (FHA) has a home loan program that is designed to help all Americans become first time homeowners. Even if you have bought houses in the past, the FHA will still be able to help you save money on the loan process. The FHA makes this possible by offering really great benefits to those who qualify.

Advantages of FHA Loans

The first major advantage of West Virginia FHA loans is the low down payment of 3.5%. When you apply for a conventional loan right now you can be expected to pay around 20% for a down payment, making homeownership out of reach for many families. The overall cost of the loan will also be much lower because you won’t have to pay private mortgage insurance (PMI) and will get to take advantage of low interest rates. The other benefits of a West Virginia FHA loan include easy approval, streamline refinancing and flexible repayment plans.

How to Qualify

In order to qualify for an FHA loan you will first need to find a lender who participates in the FHA home loan program. This lender can be a bank, savings and loans association or mortgage company. Once you have settled on a lender, you’ll be required to provide financial documents, have the house appraised and pay any closing fees associated with the loan. Even though you will qualify based on your financial history, the standards are much more lenient than with conventional loans. Even people with less than perfect credit can qualify for FHA loans.

Eligible Homes

One to four-unit properties that are below the county’s loan limit are eligible for FHA loans. There are also mortgages available for homes that require rehabilitation or need energy efficient upgrades. Be sure to discuss each option with your lender to decide on the right mortgage for you.

Get Started Today

You can start the loan process today by filling out our secure online form. The process only takes a minute, is 100% free and has no obligation. Getting pre-qualified for a West Virginia FHA loan has never been easier!

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