Home Point Financial is pleased to announce that we now have West Virginia USDA financing. USDA Loans in West Virginia are intended to provide lower-income homeowners with 100% financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to West Virginia residents in almost every WV county outside of major metropolitan areas (rural areas in West Virginia including [LIST a few relevant counties].

USDA Loan Requirements and Guidelines (West Virginia)

There are a number of requirements to quality for West Virginia USDA Loans:

  1. Monthly West Virginia housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
  2. Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in West Virginia.
  3. West Virginia borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
  4. Income can be up to 115% of the median income for the area.
  5. Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
  6. West Virginia property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.

West Virginia families must be able to afford the mortgage payments, including taxes and insurance.

West Virginia USDA Mortgage Rates

WV USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, West Virginia property being financed, etc. In general, WV USDA rates are better than average compared to other options for qualifying individuals.

West Virginia USDA Lender

Apply now or contact the West Virginia USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in West Virginia, eligibility and more.