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West Virginia offers three standard types of mortgages in their state. The traditional fixed rate mortgage with 15-40 year time limits, adjustable rate mortgages and West Virginia Conforming mortgages. Conventional or standard fixed rate mortgages are available through out the state. These mortgages can be backed by VA or FHA or stand alone. Adjustable rate mortgages most often come as a 5/1 or a 5/5 program, though other offers can be made. The West Virginia Conforming mortgage program is a program backed by Fannie Mae and funded by the federal government that helps people of limited means get mortgages and purchase homes. This program also offers a second mortgage program for the same income bracket.

West Virginia Mortgage Rates

West Virginia Mortgage rates are considerably lower than in other parts of the country. This is mainly due to the price of housing in the state. Median home prices throughout West Virginia are much lower than the national average, even though size and age are the same. Mortgage rates will be determined by credit worthiness, down payment and other financial qualifications. Lenders may adjust the rates for promotional purposes or based on financial information. People using a West Virginia Conforming mortgage will see mortgage rates that are even lower than standard rates in the state.

West Virginia Refinance Rates

Refinance rates in West Virginia are lower than in other parts of the country but comparable to the mortgage rates offered in the state. Applicants will be required to meet income guidelines and credit scoring requirements for approval. Refinancing rates may also be determined by lender and type of loan that you are seeking. Refinancing to a lower rate instead of taking cash out will help the interest remain low.

West Virginia Mortgage Brokers And Lenders

West Virginia has a large variety of banks, private lenders and credit unions to assist people with their mortgages. Internet loans are acceptable in the state as long as the company is certified to do business within the state. Each lender will have specific requirements that need to be met to obtain a mortgage. There is a lot of competition in this industry in West Virginia and lenders are keeping rates low as a way to compete with each other.