West Virginia Mortgage and Refinance Rates
As of Wednesday, October 27, 2021, current rates in West Virginia are 3.23% for a 30-year fixed, and 2.48% for a 15-year fixed.
Bankrate has offers for West Virginia mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.
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West Virginia mortgage overview
By Dhara Singh
West Virginia is the cheapest place to buy a home, according to Zillow home value estimates, with affordable options for both existing homeowners and for those who want to become one.
The state of West Virginia has a Homeownership Program providing affordable mortgage options, operated by the West Virginia Housing Development Fund, available to first-time homebuyers in most places, as well as repeat buyers in targeted areas. As of July 2020, the Homeownership Program’s interest rate is 3.32 percent with a 3.845 annual percentage rate (APR).
First-time homebuyer programs in West Virginia
For first-time homebuyers, the West Virginia Housing Development Fund’s Homeownership Program includes:
- A maximum of 100 percent financing
- Down payment assistance up to $7,500 for loans with a loan-to-value (LTV) ratio of 90 percent or higher, or up to $10,000 in assistance for loans with an LTV less than 90 percent. (To determine the LTV, divide the amount of the loan by the value of the property.)
- Permanent financing for newly constructed homes
With the Homeownership Program, borrowers in West Virginia can purchase a single-family home, townhome, unit in an approved Planned Unit Development or condominium, or a new multi-sectional manufactured home. The lot must be five acres or less.
To be eligible, borrowers must:
- Not have owned a home as a primary residence during the past three years in applicable counties (eligible veterans are exempt)
- Meet income and purchase price limits, based on county
- Complete a homebuyer education course
West Virginia also has a homebuying program, called the Movin’ Up Program, for moderate-income borrowers, regardless of whether it’s their first time as a homeowner.
Through the Movin’ Up Program, homebuyers can receive down payment assistance of a maximum of $5,000 for loans with an LTV ratio of 90 percent or higher, or up to $8,000 in assistance for loans with an LTV ratio less than 90 percent. Financing is also available for newly constructed homes, but unlike the Homeownership Program, there is no acreage limit. To be eligible, borrowers must:
- Not have an income greater than $113,760 if a one- to two-person household or $132,720 for a three-person or more household
- Complete a homebuyer education course
West Virginia mortgage refinancing
With interest rates at historic lows, you may be able to lower your monthly payment and save thousands by refinancing your loan to a lower rate. You can use Bankrate’s mortgage refinance calculator to see how much you can save.