West Virginia FHA Loan Rates, Closing Costs & Stats

West Virginia

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    West Virginia FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in West Virginia averaged 6.16% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    West Virginia's average FHA mortgage closing costs are $7,320.

    The average rate for the prior week (2025-03-28) was 6.36% and one month ago for the week of 2025-02-28, the average rate was 6.24%.

    The average rate one year ago was 6.86%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.53%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    West Virginia FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the West Virginia level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 476 6.53% $9,125
    MOVEMENT MORTGAGE, LLC 347 6.44% $7,905
    LOANDEPOT.COM, LLC 339 6.22% $7,920
    PRIMELENDING, A PLAINSCAPITAL COMPANY 190 6.21% $7,484
    The Huntington National Bank 181 6.44% $7,051
    Integrity Home Mortgage Corp 175 6.34% $13,148
    WesBanco 157 6.09% $7,144
    UNITED WHOLESALE MORTGAGE, LLC 156 6.32% $11,583
    HOMESPIRE MORTGAGE CORPORATION 131 6.14% $10,656
    NVR Mortgage Finance, Inc. 108 6.12% $11,575
    Gateway First Bank 101 6.56% $7,597
    CROSSCOUNTRY MORTGAGE, LLC 94 6.70% $9,819
    First Heritage Mortgage, LLC 77 6.08% $13,413
    INTERCOASTAL MORTGAGE COMPANY 73 6.16% $8,053
    FREEDOM MORTGAGE CORPORATION 73 6.43% $11,406
    GUARANTEED RATE, INC. 68 6.87% $8,392
    BROKER SOLUTIONS, INC. 67 7.18% $8,775
    Alcova Mortgage LLC 59 6.99% $5,863
    Atlantic Union Bank 56 6.67% $7,415
    EAGLE HOME MORTGAGE, LLC 54 6.09% $15,559
    Truist 49 6.33% $7,320
    UNION HOME MORTGAGE CORP. 47 6.58% $10,227
    STOCKTON MORTGAGE CORPORATION 44 6.62% $8,065
    AMERISAVE MORTGAGE CORPORATION 43 6.35% $11,233
    Victorian Finance, LLC 40 6.24% $7,215
    SUCCESS MORTGAGE PARTNERS, INC. 38 7.01% $8,902
    NEWREZ LLC 36 6.55% $8,972
    Carrington Mortgage Services, LLC 33 6.47% $11,619
    Mortgage Research Center, LLC 33 6.88% $5,538
    Flagstar Bank, FSB 32 6.22% $8,157
    PENNYMAC LOAN SERVICES, LLC 29 6.11% $11,937
    Atlantic Coast Mortgage, LLC 28 6.65% $12,078
    DHI MORTGAGE COMPANY, LTD. 27 5.31% $10,683
    U.S. Bank 26 6.63% $6,725
    Sierra Pacific Mortgage Company, Inc. 26 6.45% $14,513
    POLARIS HOME FUNDING CORP. 25 6.49% $9,447
    EMBRACE HOME LOANS, INC. 24 6.23% $9,598
    VILLAGE CAPITAL MORTGAGE 24 6.67% $3,878
    T2 FINANCIAL LLC 23 6.51% $8,770
    Equity Prime Mortgage LLC 22 6.93% $10,073
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 21 6.14% $12,147
    Mr. Cooper ( Nationstar Mortgage ) 21 6.71% $10,527
    United Bank 19 6.36% $8,758
    Peoples Bank 19 6.24% $7,982
    GUILD MORTGAGE COMPANY 18 6.64% $11,313
    TIDEWATER MORTGAGE SERVICES, INC. 17 6.54% $10,441
    MORTGAGE SOLUTIONS OF COLORADO, LLC 17 7.63% $7,029
    GSF Mortgage Corporation 16 6.42% $14,727
    PLANET HOME LENDING, LLC 16 5.99% $5,580
    PLAZA HOME MORTGAGE, INC. 16 6.97% $12,252
    LAKEVIEW LOAN SERVICING, LLC 15 6.31% $8,115
    C & F Mortgage Corporation 15 6.57% $8,676
    DAS Acquisition Company, LLC 14 6.96% $9,292
    ZILLOW HOME LOANS, LLC 14 6.67% $9,971
    Paramount Residential Mortgage Group, Inc. 14 6.31% $11,502
    MICHIGAN MUTUAL, INC. 13 6.11% $9,544
    First National Bank of Pennsylvania 13 6.27% $8,342
    AMERICAN FINANCING CORPORATION 12 6.00% $9,235
    JPMorgan Chase Bank 12 6.99% $4,360
    MY MORTGAGE, INC. 12 6.67% $9,751
    Fifth Third Bank 11 6.72% $6,924
    MILLENNIUM FINANCIAL GROUP, INC. 11 6.61% $7,457
    Prosperity Home Mortgage, LLC 10 6.65% $11,585
    HOMESIDE FINANCIAL, LLC 10 6.60% $11,907
    FIRST HOME MORTGAGE CORPORATION 10 6.48% $13,767
    AMERICAN FINANCIAL RESOURCES, INC. 10 6.36% $10,943
    Barrington Bank & Trust Company, N.A. 10 6.89% $7,243
    AMERICAN FINANCIAL NETWORK, INC. 10 6.80% $12,973
    CALCON MUTUAL MORTGAGE LLC 9 6.72% $7,491
    City Lending Inc. 9 6.76% $14,004
    SUN WEST MORTGAGE COMPANY, INC. 9 7.21% $9,828
    NFM, INC. 9 6.53% $11,245
    Waterstone Mortgage Corporation 8 7.08% $12,727
    EVERETT FINANCIAL, INC. 7 6.48% $13,998
    PNC Bank 7 6.66% $9,750
    ROYAL UNITED MORTGAGE LLC 7 6.63% $15,365
    CARDINAL FINANCIAL 7 6.13% $10,486
    CMG MORTGAGE, INC. 7 6.04% $9,038
    TOWNE MORTGAGE COMPANY 7 6.36% $9,848
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 6.68% $6,970
    MID AMERICA MORTGAGE, INC. 7 6.96% $8,287
    MYCUMORTGAGE, LLC 7 6.88% $6,215
    Blue Ridge Bank 6 6.44% $7,041
    Shore United Bank 6 6.15% $10,929
    GUARANTEED RATE AFFINITY, LLC 6 6.13% $13,766
    AmeriHome Mortgage Company, LLC 6 6.27% $8,231
    DIRECT MORTGAGE LOANS, LLC 6 6.75% $14,184
    Vellum Mortgage, Inc. 5 6.60% $12,219
    LIBERTY HOME MORTGAGE CORPORATION 5 7.25% $10,233
    ENVOY MORTGAGE, LTD 5 6.63% $18,861
    The Federal Savings Bank 5 6.60% $11,674
    Century Mortgage Company DBA Century Lending Company 5 6.05% $12,204
    TOTAL MORTGAGE SERVICES, LLC 5 6.55% $11,464
    Nations Lending Corporation 5 6.83% $15,023
    DEVELOPER'S MORTGAGE COMPANY 4 6.38% $4,678
    Ixonia Bank 4 6.63% $8,984
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.81% $11,231
    GoPrime Mortgage, Inc. 4 6.81% $4,735
    M&T Bank 4 6.34% $8,506
    PENTAGON FEDERAL CREDIT UNION 4 5.94% $13,713
    Plains Commerce Bank 3 6.33% $10,940
    Meridian Bank Corporation 3 6.54% $9,553
    STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 3 5.92% $7,488
    THE MORTGAGE LINK, INC. 3 6.54% $17,462
    BAY CAPITAL MORTGAGE CORPORATION 3 6.29% $14,571
    Magnolia Bank 3 6.67% $8,575
    NBKC BANK 3 6.00% $7,936
    Wells Fargo Bank 3 6.88% $7,670
    MLD MORTGAGE INC. 3 6.04% $11,149
    THE MORTGAGE FIRM, INC. 2 6.38% $8,103
    ALLIED MORTGAGE GROUP, INC. 2 6.19% $7,857
    Ameris Bank 2 6.94% $10,246
    Bank of America 2 6.38% $9,038
    Bank of England 2 6.50% $9,337
    BAYSHORE MORTGAGE FUNDING, LLC 2 6.44% $11,512
    BECKAM FUNDING CORP. 2 7.06% $27,788
    BETTER MORTGAGE CORPORATION 2 5.44% $11,430
    CHURCHILL MORTGAGE CORPORATION 2 6.50% $10,355
    Encompass Lending Group, LP 2 6.94% $9,750
    FIDELITY DIRECT MORTGAGE, LLC 2 6.44% $13,382
    First-Citizens Bank & Trust Company 2 6.06% $6,600
    FIRST COLONY MORTGAGE CORPORATION 2 6.63% $5,484
    First Federal Bank 2 7.06% $7,183
    MEMBER FIRST MORTGAGE, LLC 2 6.81% $6,830
    PHH Mortgage Corporation 2 6.74% $12,709
    Presidential Bank, FSB 2 6.38% $11,632
    RESIDENTIAL BANCORP 2 7.00% $5,614
    Sandy Spring Bank 2 5.87% $12,512
    The Freedom Bank of Virginia 2 6.19% $11,308
    The Loan Store, Inc. 2 5.81% $9,896
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.13% $6,591
    Northpointe Bank 1 6.25% $10,055
    MORTGAGE ACCESS CORP. 1 6.13% $7,195
    SOUTHWEST STAGE FUNDING, LLC 1 6.50% $11,494
    Home Mortgage Alliance Corp 1 7.13% $8,141
    HARTFORD FUNDING, LTD. 1 6.75% $12,821
    GENEVA FINANCIAL, LLC 1 6.75% $23,617
    SUMMIT FUNDING, INC. 1 6.25% $8,890
    F & M BANK CORP. 1 6.88% $6,457
    First Federal Bank of the Midwest 1 6.13% $10,277
    FIRST COMMUNITY MORTGAGE, INC. 1 7.63% $6,663
    ALLIANT CREDIT UNION 1 6.00% $9,371
    First Commonwealth Bank 1 6.25% $10,741
    ABSOLUTE HOME MORTGAGE CORPORATION 1 7.25% $9,887
    1ST SIGNATURE LENDING, LLC 1 6.88% $12,172
    EQUITY RESOURCES, INC. 1 6.13% $11,691
    EMM LOANS LLC 1 7.50% $10,205
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 5.50% $8,416
    Towne Bank 1 6.25% $9,560
    CORNERSTONE HOME LENDING, INC. 1 6.00% $15,453
    TruHome Solutions, LLC 1 7.13% $5,679
    Cornerstone First Mortgage, Inc 1 6.88% $6,193
    CONTOUR MORTGAGE CORPORATION 1 6.13% $11,999
    Citizens Bank 1 7.00% $7,377
    UNITED MORTGAGE CORP 1 7.25% $17,495
    Capital Bank 1 6.25% $8,858
    Univest Bank and Trust Co. 1 6.13% $9,777
    CANOPY MORTGAGE, LLC 1 5.75% $13,172
    BAY EQUITY LLC 1 6.13% $10,170
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.75% $15,480
    Armed Forces Bank 1 7.25% $4,829
    Princeton Mortgage Corporation 1 6.13% $18,521
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.50% $5,635
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.63% $13,029
    RUOFF MORTGAGE COMPANY, INC. 1 6.75% $2,622

    The top West Virginia FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 476 FHA loans originated. Their average total fees are $9,125, which is $1,220 higher than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee West Virginia FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($3,878), JPMorgan Chase Bank ($4,360), Mortgage Research Center, LLC ($5,538), PLANET HOME LENDING, LLC ($5,580) and Alcova Mortgage LLC ($5,863).

    The lowest rate West Virginia FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.31%), PLANET HOME LENDING, LLC (5.99%), AMERICAN FINANCING CORPORATION (6.00%), First Heritage Mortgage, LLC (6.08%) and WesBanco (6.09%).

    West Virginia FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NON-METRO BARBOUR 2022 $420,680 $538,650 $651,050 $809,150
    HAGERSTOWN-MARTINSBURG, MD-WV BERKELEY 2022 $420,680 $538,650 $651,050 $809,150
    CHARLESTON, WV BOONE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO BRAXTON 2022 $420,680 $538,650 $651,050 $809,150
    WEIRTON-STEUBENVILLE, WV-OH BROOKE 2022 $420,680 $538,650 $651,050 $809,150
    HUNTINGTON-ASHLAND, WV-KY-OH CABELL 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CALHOUN 2022 $420,680 $538,650 $651,050 $809,150
    CHARLESTON, WV CLAY 2022 $420,680 $538,650 $651,050 $809,150
    CLARKSBURG, WV DODDRIDGE 2022 $420,680 $538,650 $651,050 $809,150
    BECKLEY, WV FAYETTE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO GILMER 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO GRANT 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO GREENBRIER 2022 $420,680 $538,650 $651,050 $809,150
    WINCHESTER, VA-WV HAMPSHIRE 2022 $420,680 $538,650 $651,050 $809,150
    WEIRTON-STEUBENVILLE, WV-OH HANCOCK 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO HARDY 2022 $420,680 $538,650 $651,050 $809,150
    CLARKSBURG, WV HARRISON 2022 $420,680 $538,650 $651,050 $809,150
    CHARLESTON, WV JACKSON 2022 $420,680 $538,650 $651,050 $809,150
    WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV JEFFERSON 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    CHARLESTON, WV KANAWHA 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO LEWIS 2022 $420,680 $538,650 $651,050 $809,150
    CHARLESTON, WV LINCOLN 2022 $420,680 $538,650 $651,050 $809,150
    MOUNT GAY-SHAMROCK, WV LOGAN 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO MCDOWELL 2022 $420,680 $538,650 $651,050 $809,150
    FAIRMONT, WV MARION 2022 $420,680 $538,650 $651,050 $809,150
    WHEELING, WV-OH MARSHALL 2022 $420,680 $538,650 $651,050 $809,150
    POINT PLEASANT, WV-OH MASON 2022 $420,680 $538,650 $651,050 $809,150
    BLUEFIELD, WV-VA MERCER 2022 $420,680 $538,650 $651,050 $809,150
    CUMBERLAND, MD-WV MINERAL 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO MINGO 2022 $420,680 $538,650 $651,050 $809,150
    MORGANTOWN, WV MONONGALIA 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO MONROE 2022 $420,680 $538,650 $651,050 $809,150
    HAGERSTOWN-MARTINSBURG, MD-WV MORGAN 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO NICHOLAS 2022 $420,680 $538,650 $651,050 $809,150
    WHEELING, WV-OH OHIO 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO PENDLETON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO PLEASANTS 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO POCAHONTAS 2022 $420,680 $538,650 $651,050 $809,150
    MORGANTOWN, WV PRESTON 2022 $420,680 $538,650 $651,050 $809,150
    HUNTINGTON-ASHLAND, WV-KY-OH PUTNAM 2022 $420,680 $538,650 $651,050 $809,150
    BECKLEY, WV RALEIGH 2022 $420,680 $538,650 $651,050 $809,150
    ELKINS, WV RANDOLPH 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO RITCHIE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO ROANE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO SUMMERS 2022 $420,680 $538,650 $651,050 $809,150
    CLARKSBURG, WV TAYLOR 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO TUCKER 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO TYLER 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO UPSHUR 2022 $420,680 $538,650 $651,050 $809,150
    HUNTINGTON-ASHLAND, WV-KY-OH WAYNE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO WEBSTER 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO WETZEL 2022 $420,680 $538,650 $651,050 $809,150
    PARKERSBURG-VIENNA, WV WIRT 2022 $420,680 $538,650 $651,050 $809,150
    PARKERSBURG-VIENNA, WV WOOD 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO WYOMING 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO BARBOUR 2023 $472,030 $604,400 $730,525 $907,900
    HAGERSTOWN-MARTINSBURG, MD-WV BERKELEY 2023 $472,030 $604,400 $730,525 $907,900
    CHARLESTON, WV BOONE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO BRAXTON 2023 $472,030 $604,400 $730,525 $907,900
    WEIRTON-STEUBENVILLE, WV-OH BROOKE 2023 $472,030 $604,400 $730,525 $907,900
    HUNTINGTON-ASHLAND, WV-KY-OH CABELL 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CALHOUN 2023 $472,030 $604,400 $730,525 $907,900
    CHARLESTON, WV CLAY 2023 $472,030 $604,400 $730,525 $907,900
    CLARKSBURG, WV DODDRIDGE 2023 $472,030 $604,400 $730,525 $907,900
    BECKLEY, WV FAYETTE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO GILMER 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO GRANT 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO GREENBRIER 2023 $472,030 $604,400 $730,525 $907,900
    WINCHESTER, VA-WV HAMPSHIRE 2023 $472,030 $604,400 $730,525 $907,900
    WEIRTON-STEUBENVILLE, WV-OH HANCOCK 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO HARDY 2023 $472,030 $604,400 $730,525 $907,900
    CLARKSBURG, WV HARRISON 2023 $472,030 $604,400 $730,525 $907,900
    CHARLESTON, WV JACKSON 2023 $472,030 $604,400 $730,525 $907,900
    WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV JEFFERSON 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    CHARLESTON, WV KANAWHA 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO LEWIS 2023 $472,030 $604,400 $730,525 $907,900
    CHARLESTON, WV LINCOLN 2023 $472,030 $604,400 $730,525 $907,900
    MOUNT GAY-SHAMROCK, WV LOGAN 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO MCDOWELL 2023 $472,030 $604,400 $730,525 $907,900
    FAIRMONT, WV MARION 2023 $472,030 $604,400 $730,525 $907,900
    WHEELING, WV-OH MARSHALL 2023 $472,030 $604,400 $730,525 $907,900
    POINT PLEASANT, WV-OH MASON 2023 $472,030 $604,400 $730,525 $907,900
    BLUEFIELD, WV-VA MERCER 2023 $472,030 $604,400 $730,525 $907,900
    CUMBERLAND, MD-WV MINERAL 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO MINGO 2023 $472,030 $604,400 $730,525 $907,900
    MORGANTOWN, WV MONONGALIA 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO MONROE 2023 $472,030 $604,400 $730,525 $907,900
    HAGERSTOWN-MARTINSBURG, MD-WV MORGAN 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO NICHOLAS 2023 $472,030 $604,400 $730,525 $907,900
    WHEELING, WV-OH OHIO 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO PENDLETON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO PLEASANTS 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO POCAHONTAS 2023 $472,030 $604,400 $730,525 $907,900
    MORGANTOWN, WV PRESTON 2023 $472,030 $604,400 $730,525 $907,900
    HUNTINGTON-ASHLAND, WV-KY-OH PUTNAM 2023 $472,030 $604,400 $730,525 $907,900
    BECKLEY, WV RALEIGH 2023 $472,030 $604,400 $730,525 $907,900
    ELKINS, WV RANDOLPH 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO RITCHIE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO ROANE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO SUMMERS 2023 $472,030 $604,400 $730,525 $907,900
    CLARKSBURG, WV TAYLOR 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO TUCKER 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO TYLER 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO UPSHUR 2023 $472,030 $604,400 $730,525 $907,900
    HUNTINGTON-ASHLAND, WV-KY-OH WAYNE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO WEBSTER 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO WETZEL 2023 $472,030 $604,400 $730,525 $907,900
    PARKERSBURG-VIENNA, WV WIRT 2023 $472,030 $604,400 $730,525 $907,900
    PARKERSBURG-VIENNA, WV WOOD 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO WYOMING 2023 $472,030 $604,400 $730,525 $907,900

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).