West Virginia Mortgage and Refinance Rates

Similar to borrowing costs nationwide,West Virginia mortgage rates have held fairly steady between 6.5 percent and 7 percent for most of 2025. It's unclear if rates will drop significantly in the near term — or how fast they could drop — as inflation concerns have kept the Federal Reserve from cutting rates further so far this year.

Refinance rates haven't plunged so far this year, making a mortgage refinance not very appealing to many borrowers. However, if rates drop low enough out of the tight range they've been holding all year, refinancing activity may increase. 

If you’ve owned your home for a long time, you might be sitting on a sizable amount of equity now. With a cash-out refinance, you can leverage that equity to remodel your home, pay down debt or cover any other expense.

A mountainous state with lots to do for outdoor enthusiasts and lower housing costs compared to other U.S. states, West Virginia can be a great place to call home. If you're thinking of moving to the Mountain State, here are some housing stats to guide your search:

• Median sales price (July 2025): $248,800
• Median down payment (June 2025): $21,917
• Median days on market (July 2025): 48
• Months of supply (July 2025): 3 (indicating a seller's market)

If you’re looking to get a mortgage in West Virginia, consider these loan options:

• West Virginia conventional mortgages: To qualify for a conventional loan, you’ll need a credit score of at least 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay for private mortgage insurance (PMI), as well.
• West Virginia FHA loans: If your credit history disqualifies you from a conventional loan, you might be eligible for a loan insured by the Federal Housing Administration (FHA). For this type of mortgage, you’ll need a credit score of at least 580 with a 3.5 percent down payment. As with a conventional loan, if you put down less than 20 percent on an FHA loan, you’ll be on the hook for mortgage insurance.
• West Virginia VA loans: If you’re an eligible veteran or active-duty member of the military, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee.
• West Virginia USDA loans: Much of West Virginia qualifies as “rural” living, which means you may be able to consider a USDA loan, backed by the United States Department of Agriculture. These loans are geared toward low- and moderate-income borrowers buying in designated rural areas. They do not require a down payment.

The West Virginia Housing Development Fund works with over 60 banks and lenders to help make owning a home a reality for buyers in the state. 

• Home Ownership Program: If you’re an eligible first-time homebuyer in West Virginia, the state’s Housing Development Fund could help you obtain a lower-cost, 30-year fixed-rate mortgage. You’ll need to stay within purchase price limits and annual income limits to qualify.
• Movin' Up Program: First-time homebuyers can take advantage of this assistance program targeted toward moderate-income buyers, but it's not a requirement to be a first-timer. To qualify, you must meet income limits and not exceed the purchase price maximum. 
• Low Down Home Loan: If your loan-to-value ratio is at or above 80 percent, you may be able to qualify for up to $8,000 to help cover down payment and closing costs. The 15-year loan has a 2 percent interest rate and must be used in conjunction with a Home Ownership Loan.