FHA Loan Calculator for West Virginia

FHA Loans in West Virginia

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On West Virginia's median home of $145,000, that's a minimum down payment of $5,100.

FHA Loan Limits in West Virginia

FHA loan limits vary by county and are tied to conforming limits. In most West Virginia counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. All West Virginia counties are at the standard conforming limit.

FHA vs Conventional in West Virginia

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With West Virginia's median home at $145,000, buyers who can put down $29,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

West Virginia closing costs average $1,900. West Virginia has minimal transfer taxes. Overall closing costs are among the lowest in the nation. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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