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Guide to West Virginia Mortgages
Maybe you are buying your first home in West Virginia, or perhaps you're relocating to West Virginia from another state. Then again, you may be a long-time West Virginia resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on West Virginia home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in West Virginia:
The median price of a home in West Virginia is $211,500. Recently, homes in West Virginia have been appreciating at rates well above the national average. As a result, income levels in many parts of West Virginia are too low to purchase a median-priced home with a conventional loan. Although average interest rates in West Virginia are below the national average, West Virginia has one of the lowest levels of home affordability in the nation.
In West Virginia, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
West Virginia's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. West Virginia law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, West Virginia law enacted a set of anti-predatory lending laws in order to help protect West Virginia homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of West Virginia, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for West Virginia FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for West Virginia's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of West Virginia also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, West Virginia's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the West Virginia Housing Finance Agency.
Last Updated: Friday, May 09, 2008
West Virginia Real Estate Market View
updated Friday, May 09, 2008
| Housing & Social Facts |
West Virginia |
United States |
| Total housing units |
872,203 |
n/a |
| Owner-occupied housing units |
75.4% |
66.9% |
| Renter-occupied housing units |
24.6% |
33.1% |
| Vacant housing units |
15.1% |
10.8% |
| Average Home Value |
$84,400 |
$167,500 |
| Average Mortgage Payment |
$797.00 |
$1,295.00 |
| Average Rental Payment |
$234 .00 |
$388.00 |
| Total Population |
1,771,750 |
n/a |
| Percentage Male |
48.9% |
49.0% |
| Percentage Female |
51.1% |
51.0% |
| Median Age |
40.7 |
36.4 |
| Under 5 years |
5.6% |
7.0% |
| 18 years and over |
78.5% |
74.6% |
| 65 years and over |
15.0% |
12.1% |
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1 Year Market Value Change for West Virginia |
| 1yr | 5yr | 10yr |
 |
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Popular West Virginia Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Beckley |
17,254 |
$28,122 |
| Bluefield |
11,451 |
$27,672 |
| Bridgeport |
7,306 |
$49,310 |
| Charleston |
53,421 |
$34,009 |
| Clarksburg |
16,743 |
$27,722 |
| Cross Lanes |
10,353 |
$45,334 |
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| Buckeye Mortgage |
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Buckeye Mortgage Company represents the largest mortgage accumulators in the United States which include: Bank of America, Chase Manhattan Mortgage Corp., Countrywide Home Loans, Inc., National City Mortgage, Wachovia Mortgage Corp., and Wells Fargo Home Mortgage, as well as a number of smaller, more specialized firms. By having such great resources available, we are able to provide our clients with literally thousands of loan programs. Here is a list, just to name a few: No Down Payment Loans with 100% or 103% LTV, conventional and VA product. Stated Income Residential Loan Program offered at the same rate as full doc product with 700+ credit score. No PMI Loans: 80-10-10 / 80-15-5 / 75-15-10 & 80-20, with a fully amortizing 15 year second mortgage. West Virginia Housing Development Funds Employer-Assisted Loan Program. One-time Closing Construction Loans with stated income feature and interest rate buy-down option for borrowers with 680 credit score. Stated Income Commercial Loan Program offered at competitive rates with no tax returns required. At Buckeye Mortgage we offer a full complement of mortgage products, coupled with experienced, professional service, the most competitive rates in the nation, utilizing the most sophisticated systems available in the business. The result is a prompt, efficient process with no last minute surprises at the closing. We live by customer referrals that are the best source of advertising. Buckeye Mortgage
260 B Bethany Pike
Wheeling, WV 26003
304.232.9100 Phone
866.700.4290 Toll Free Serving West Virginia & Ohio Buckeye Mortgage is a real estate broker licensed by the WV Dept of Real Estate License
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| The Mortgage Center |
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To properly analyze a Mortgage Program, the borrower needs to think about how long they plan to keep the loan. If you plan to sell the house in a few years, an adjustable or balloon loan may make more sense. If you plan to keep the house for a longer period, a fixed loan may be more suitable. Shopping for a loan is a time consuming and frustrating process. With so many programs to choose from, each with different rates, points and fees, an experienced mortgage professional can evaluate a borrower's situation and recommend the most suitable Mortgage Program. Thus allowing the borrower to make an informed decision. Here is a list of loan options/programs that we provide: Conventional Loan, No Money Down, 80/20, 80/10/10 & 80/15/5, Jumbo Loans, First Time Home Buyers, 100% Financing, High Debt Ratio Loans, 2nd Mortgage Loans, Investor Loans, Flex 97 Loans, VA Mortgages and more. The Mortgage Center
115 Aikens Center Ste. 20-B
Martinsburg, WV 25401
Phone: 304-267-9040
Fax: 304-267-9046
Toll Free: 888-660-3696 Licensed in West Virginia and Maryland The Mortgage Center is a real estate broker licensed by the WV Dept of Real Estate License
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| Harbor Mortgage |
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Harbor Mortgage is staffed by lending professionals and support personnel who have to deal with home mortgage payments, college tuition, auto loans, credit card bills and daily life decisions, just like you do. We understand your situations and are expertly trained to provide the best lending solutions. Harbor Mortgage is in the business of helping people attain their goals. From homeownership to refinancing, from home equity loans to debt reduction loans; we provide the most competitive rates, complete product options and exceptional service. We completely understand that purchasing a home or deciding to refinance an existing mortgage is a daunting feat, along with being one of the largest financial obligations you have. We also understand that the loan process can bring about a lot of confusion, stress and anxiety. We alleviate that stress by being readily available to answer any questions, address any concerns and keep you constantly informed throughout the entire loan process, that way you do not feel like you have been left in the dark. While we have the most competitive rates, extensive product menu and state of the art technology, we still pride ourselves on our good old fashioned, solid customer service. Call or apply online today and find out for yourself what our customers already know that we are "not just another pretty rate. We offer: Fixed Rate Mortgages, Adjustable Rate Mortgages, Standard & Introductory Rate ARM's, Reverse Mortgages, Balloon Mortgages, Interest Rate Buydowns and more. Harbor Mortgage
106 North Main Street
Moorefield, WV 26836
304.530.4000 (phone)
304.530.4100 (fax)
888.207.1020 Toll Free Mortgage Broker licensed by the West Virginia Division of Banking.
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