West Virginia FHA Financing
Buying your first home can be one of the most exciting purchases of your life. Nearly everything about the process is thrilling, from deciding which neighborhood you'd like the house in to picking paint colors for the walls. Some parts of buying a house, however, are a bit more technical and can also be stressful if you're not familiar with the process. Financing, for example, can be confusing at best and it's easy to make a wrong move if you're not up to speed on your options. However, if you're a first time homebuyer, a West Virginia FHA loan can be a great option.
FHA Home Loan Benefits
West Virginia FHA loans are a part of the Federal Housing Administrations loan program and, like the programs in the other 49 states, are geared towards helping first time homebuyers achieve their dream of homeownership. While many traditional loan programs require large sums of money up front (20% of the purchase price plus closing costs and possibly points), the West Virginia FHA program recognizes that the economy is tight and times are hard, making it difficult for the average individual or family to save up a large sum of cash.
Additionally, while most loan program require nearly perfect credit for several years preceding the application for a loan, West Virginia FHA loans take a more gentle approach. By providing a guaranty to the bank making the loan, the West Virginia loan program ensures that their loan products are less risky for lending institutions than they would be otherwise and so can accept applicants with less than stellar credit scores.
FHA Loan Limits in WV
Check with your lender for current qualification standards for this exceptional program. If you do qualify, he or she will work with you to pick the loan product that is right for you and will also tell you what the current lending limits are for your area. The current baseline amount for a single family dwelling is $271,050, but borrowers may be eligible for a larger loan if they live in certain high cost of living areas. Jefferson county, for instance, has a current lending limit of $729,750 for a single family home, while Hampshire county's limit is currently $475,000. Multifamily units, which can be purchased under the program, have different limits which are based on location and the number of units in a dwelling.