South Charleston, WV Mortgage Rates today
West Virginia's serene landscapes, low cost of living, and strong sense of community make it an attractive destination for homebuyers. With outdoor recreation opportunities and friendly neighborhoods, it offers a high quality of life. Don't forget to compare our current rates to secure an affordable mortgage for your West Virginia dream home.
If you have any questions about securing the best mortgage rates in West Virginia, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for South Charleston, WV
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5.625%
6.397% APR
$2,965/mo
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6.375%
6.850% APR
$2,246/mo
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5.750%
6.763% APR
$2,287/mo
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6.125%
7.195% APR
$2,187/mo
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5.750%
6.338% APR
$2,127/mo
infoLatest revision - December 03 2024 12:30pm EST.We update the table twice every day with the current mortgage rates.
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Frequently Asked Questions
What are mortgage rates in West Virginia?
Mortgage rates in West Virginia represent the interest percentage lenders impose on home loans or property refinancing. These rates fluctuate based on various factors like lenders' regulations, market dynamics, and economic well-being.
What are the current mortgage rates in West Virginia?
Various lenders in West Virginia offer different mortgage rates. We've included the latest mortgage rates for West Virginia in the table above. Our team updates these rates twice daily to provide you with real-time information.
How do West Virginia interest rates affect mortgages in the state?
West Virginia's interest rates have a direct impact on the borrowing cost and purchasing power of buyers. Lower interest rates will lower overall loan expenses, while higher rates mean buyers will face higher monthly installments.
Where can West Virginia residents find the best mortgage rates?
To secure the best mortgage rates in West Virginia, it's essential to compare rates from various lenders along with the monthly payment amounts & the Annual Percentage Rate (APR) for each loan offer. You can refer to the table provided above for this information.
What is the difference between a fixed and adjustable rate mortgage?
A fixed-rate mortgage refers to a loan where the interest rate remains unchanged for the loan tenure, ensuring consistent monthly payments. Conversely, an adjustable-rate mortgage (ARM) has an interest rate that can change from time to time based on market conditions, potentially resulting in varying monthly payments.
Who regulates mortgages in West Virginia?
The Division of Financial Institutions regulates the mortgage rates in WV, ensuring that these rates adhere to both federal and state guidelines and regulations.
West Virginia first-time homebuyer programs
WVHDF Homeownership Program
West Virginia Housing Development Fund (WVHDF) offers HOMEownership Program to West Virginia first-time home buyers. Under this program, eligible applicants get a 30-year fixed-rate mortgage loan of up to 100% of the residential property’s purchase value. In some scenarios, this program can be used in conjunction with a down payment and assistance with closing costs. To qualify for the WVHDF Homeownership Program, you must be a first-time home buyer in West Virginia (someone who hasn’t acquired a property within the last 36 months), a veteran, or someone buying a home in a targeted county.
Requirements for Borrowers:
- Requires a minimum credit score of 620.
- Depending on the loan type, the borrower might need to take up the home buyer education program.
- The borrower must fulfill WVHDF's income requirements. They may vary depending on the county and the household’s size.
Property eligibility criteria include:
- Acceptable property types: Single-family home, condominium, townhome, planned unit development (PUD), or manufactured home
- Location requirement: Property must be in West Virginia
- Size limitation: Property cannot exceed five acres
- Purchase price limits as per WVHDF guidelines: In non-targeted areas, the maximum home price is $349,525 for most counties, except Jefferson County, with a limit of $806,598; targeted areas have a maximum price of $427,198
WVHDF Movin’ Up Program
The WVHDF's Movin' Up Program caters to current homeowners who aim to upgrade, although West Virginia first-time home buyers are also eligible. Notably, first-time buyers may benefit from the Movin' Up Special Program, offering reduced interest rates and mortgage insurance premiums if their income falls at or less 80% of the area median income (AMI) in their home-buying location.
To qualify, your household income must be less than $130,560 for one or two people or $152,320 for three or more individuals. You can also use the Movin' Up Program with down payment assistance WV. There is no property acreage limit under this program.
West Virginia Down Payment Assistance
WVHDF Low-Down Home Loan
This down payment assistance WV program can be combined with WVHDF’s Homeownership Program. This second loan can help you with your residential property's down payment and closing costs. Under this program, eligible West Virginia first-time home buyers enjoy a 15-year second mortgage loan with a minimal interest rate (2%). Your upfront expenses can be covered by $ 8,000 in additional funds.
Other West Virginia Homebuyer Programs
Several cities in West Virginia offer funds to assist first-time home buyers who earn low to modern income. These funds are offered from the U.S. Department of Housing and Urban Development’s HOME Investment Partnership program and can be used to cover the down payment and closing costs. The cities include Huntington, Charleston, Martinsburg, and Parkersburg.
The amount of assistance offered and the precise requirements of this program vary depending on the location. However, in general, home buyers must make an initial contribution of at least $500 towards acquiring a residence. Additionally, they must finish the homebuyer education course. The best part about this program is that it can be forgiven if you reside in that property for 5-10 years, depending on the city.
FHA Loans
Being a first-time home buyer in West Virginia, you might have an insufficient credit history, but don’t worry. FHA Loans allow you to own a residential property with a lower credit score for a conventional loan i.e., 580 with a DP of 3.5% & a credit score of 500 with a 10% DP.
VA Loans
For existing service members, veterans, and qualified spouses, VA loans offer a great opportunity to own a home in West Virginia. There is no DP and no minimum credit score thresholds.
USDA Loans
If you plan to buy a home in an eligible rural region, USDA loans in West Virginia can significantly interest you. Lenders can provide you with a USDA loan with a credit score of at least 640 and won’t ask for any minimum down payment.
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
*Terms and Conditions Apply. For complete details click here.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
