FHA Loans: What You Need to Know in 2022
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2022 FHA Loan Limits in West Virginia

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If you’re looking to buy a home, a loan backed by the Federal Housing Administration (FHA) can be a great option if you don’t have the greatest credit score or a huge down payment. However, there are limits for how much home you can buy with an FHA loan.

In most counties, the 2022 FHA loan limit in West Virginia is $420,680 for a single-family home, though it soars up to $970,800 in Jefferson County, located outside of D.C. Learn more about how FHA loans in West Virginia work below.

West Virginia FHA loan limits by county

County nameOne unitTwo unitsThree unitsFour unitsMedian sales price
BARBOUR$420,680$538,650$651,050$809,150$69,000
BERKELEY$420,680$538,650$651,050$809,150$230,000
BOONE$420,680$538,650$651,050$809,150$145,000
BRAXTON$420,680$538,650$651,050$809,150$98,000
BROOKE$420,680$538,650$651,050$809,150$112,000
CABELL$420,680$538,650$651,050$809,150$190,000
CALHOUN$420,680$538,650$651,050$809,150$95,000
CLAY$420,680$538,650$651,050$809,150$145,000
DODDRIDGE$420,680$538,650$651,050$809,150$133,000
FAYETTE$420,680$538,650$651,050$809,150$152,000
GILMER$420,680$538,650$651,050$809,150$60,000
GRANT$420,680$538,650$651,050$809,150$127,000
GREENBRIER$420,680$538,650$651,050$809,150$140,000
HAMPSHIRE$420,680$538,650$651,050$809,150$315,000
HANCOCK$420,680$538,650$651,050$809,150$112,000
HARDY$420,680$538,650$651,050$809,150$115,000
HARRISON$420,680$538,650$651,050$809,150$133,000
JACKSON$420,680$538,650$651,050$809,150$145,000
JEFFERSON$970,800$1,243,050$1,502,475$1,867,275$975,000
KANAWHA$420,680$538,650$651,050$809,150$145,000
LEWIS$420,680$538,650$651,050$809,150$100,000
LINCOLN$420,680$538,650$651,050$809,150$145,000
LOGAN$420,680$538,650$651,050$809,150$101,000
MARION$420,680$538,650$651,050$809,150$120,000
MARSHALL$420,680$538,650$651,050$809,150$175,000
MASON$420,680$538,650$651,050$809,150$99,000
MCDOWELL$420,680$538,650$651,050$809,150$40,000
MERCER$420,680$538,650$651,050$809,150$113,000
MINERAL$420,680$538,650$651,050$809,150$146,000
MINGO$420,680$538,650$651,050$809,150$89,000
MONONGALIA$420,680$538,650$651,050$809,150$235,000
MONROE$420,680$538,650$651,050$809,150$122,000
MORGAN$420,680$538,650$651,050$809,150$230,000
NICHOLAS$420,680$538,650$651,050$809,150$99,000
OHIO$420,680$538,650$651,050$809,150$175,000
PENDLETON$420,680$538,650$651,050$809,150$139,000
PLEASANTS$420,680$538,650$651,050$809,150$121,000
POCAHONTAS$420,680$538,650$651,050$809,150$100,000
PRESTON$420,680$538,650$651,050$809,150$235,000
PUTNAM$420,680$538,650$651,050$809,150$190,000
RALEIGH$420,680$538,650$651,050$809,150$152,000
RANDOLPH$420,680$538,650$651,050$809,150$125,000
RITCHIE$420,680$538,650$651,050$809,150$60,000
ROANE$420,680$538,650$651,050$809,150$73,000
SUMMERS$420,680$538,650$651,050$809,150$63,000
TAYLOR$420,680$538,650$651,050$809,150$133,000
TUCKER$420,680$538,650$651,050$809,150$160,000
TYLER$420,680$538,650$651,050$809,150$55,000
UPSHUR$420,680$538,650$651,050$809,150$116,000
WAYNE$420,680$538,650$651,050$809,150$190,000
WEBSTER$420,680$538,650$651,050$809,150$79,000
WETZEL$420,680$538,650$651,050$809,150$84,000
WIRT$420,680$538,650$651,050$809,150$130,000
WOOD$420,680$538,650$651,050$809,150$130,000
WYOMING$420,680$538,650$651,050$809,150$81,000

How are FHA loan limits determined?

To calculate the loan limits each year, the FHA loan limits are based upon the conforming loan limits set by the Federal Housing Finance Agency (FHFA).

The U.S. Department of Housing and Urban Development (HUD) uses these FHFA numbers to set FHA loan limits. A lower bar, called the “floor,” is 65% of the conforming loan limit and applies to most of the country. A higher bar,  called the “ceiling,” is 150% of the conforming loan limit and applies to higher cost-of-living areas.

These limits are revised each year for the current house prices. In 2022, for example, home prices nationwide rose 18%, and so the FHA loan limits were bumped up as well.

How to qualify for an FHA loan in West Virginia

With lower credit score and down payment requirements, FHA loans allow people who might not otherwise qualify to become homeowners — but you’ll still need to meet the minimum requirements to apply. If you’re a first-time homebuyer, you might also be able to take advantage of West Virginia’s first-time homebuyer programs.

Here are the main requirements you’ll need to get an FHA loan in West Virginia:

A down payment of at least 3.5%: If your credit score is at least 580, you may be able to get a mortgage with a down payment of just 3.5%.

A credit score of at least 500: You can qualify for an FHA loan with a credit score as low as 500, far lower than many other mortgage programs. However, you’ll need a higher down payment of at least 10%. Check your credit score here.

A debt-to-income ratio of no more than 43%: The DTI ratio is the portion of your monthly income that goes towards debt payments. Lenders will typically look for a DTI of 43% or less to be eligible for an FHA loan, .

An FHA home appraisal: Your future home must undergo an approved FHA appraisal to determine whether it meets minimum property requirements for FHA loans.

FHA mortgage insurance: The thing that makes FHA loans more expensive than your average mortgage is FHA mortgage insurance, which you’re required to pay for. You’ll have to pay an upfront 1.75% fee (which can be rolled into your loan) and an annual fee of 0.45% to 1.05%, which is added to the monthly payment.

Occupancy: The home you buy with an FHA loan must be your primary residence for at least 12 months after purchase.

Buying a multifamily property with an FHA loan

FHA loans aren’t just for buying a standalone home. You’re also allowed to buy a multifamily property with up to four units with just 3.5% down, as long as you live in one of the units for the required 12-month period.

FHA lenders in West Virginia

You have many options to choose from for how to get an FHA loan in West Virginia. Here are some of the best options:

Lender name LT rating Minimum FHA credit score 
Veterans United10620
Lower10580
Rocket Mortgage9.5580
PennyMac9620
Better9.5620

 

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