fha loan wv guide for first-time and repeat buyers

What is an FHA loan in West Virginia?

An FHA loan in WV is a government-backed mortgage designed for flexible credit and modest savings. Many buyers qualify with as little as 3.5% down and mid-range scores, while FHA’s appraisal and mortgage insurance rules help manage risk. County loan limits apply from the Ohio River to the Potomac Highlands, so checking the cap for your area is essential.

FHA vs other popular options in WV

Compared with conventional loans, FHA often wins for lower scores or higher debt ratios, though conventional can be cheaper if you have strong credit and 20% down. USDA frequently suits rural addresses with 0% down, but income and location limits apply. Eligible veterans may prefer VA loans for no down payment and no monthly MI, a powerful perk in many WV markets.

Choose FHA for credit flexibility and small down payments.
Pick Conventional for strong credit and faster MI cancellation.
Go USDA if your home is rural and income-eligible.
Select VA when entitled benefits unlock the best terms.

Steps to get started

Get preapproved, compare lender fees, review WV assistance programs, verify debt-to-income and reserves, and plan for appraisal and closing timelines.

https://www.lendingtree.com/home/fha/fha-loan-limits-in-west-virginia/
To qualify for an FHA loan, you'll need a DTI of 43% or less. (Generally, a DTI of 35% or less is considered good.) Mortgage insurance: You'll ...

https://www.newamericanfunding.com/loan-types/fha-loan/state/west-virginia/
To qualify for an FHA loan in West Virginia, you must meet the above requirements. You must have a credit score of at least 500. Your DTI must be less than 57%.

https://www.wvhdf.com/home-buyers/homeownership-program
Primarily targeting first-time home buyers, the Homeownership Program generally offers our lowest interest rates and is compatible with the Low Down Home Loan, ...