FHA Loan Requirements, Limits and Approval Tips
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2023 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 — especially if you don’t have the greatest credit score or access to a huge down payment. However, there are limits for how much you can borrow with an FHA loan.

In most counties in West Virginia, the 2023 FHA loan limit is $472,030 for a single-family home, though it soars up to $1,089,300 in Jefferson County, located outside of D.C.

West Virginia FHA loan limits by county

County nameOne unitTwo unitsThree unitsFour unitsMedian sale price
BARBOUR$472,030$604,400$730,525$907,900$85,000
BERKELEY$472,030$604,400$730,525$907,900$258,000
BOONE$472,030$604,400$730,525$907,900$153,000
BRAXTON$472,030$604,400$730,525$907,900$117,000
BROOKE$472,030$604,400$730,525$907,900$131,000
CABELL$472,030$604,400$730,525$907,900$186,000
CALHOUN$472,030$604,400$730,525$907,900$126,000
CLAY$472,030$604,400$730,525$907,900$153,000
DODDRIDGE$472,030$604,400$730,525$907,900$145,000
FAYETTE$472,030$604,400$730,525$907,900$120,000
GILMER$472,030$604,400$730,525$907,900$73,000
GRANT$472,030$604,400$730,525$907,900$176,000
GREENBRIER$472,030$604,400$730,525$907,900$153,000
HAMPSHIRE$472,030$604,400$730,525$907,900$350,000
HANCOCK$472,030$604,400$730,525$907,900$131,000
HARDY$472,030$604,400$730,525$907,900$145,000
HARRISON$472,030$604,400$730,525$907,900$145,000
JACKSON$472,030$604,400$730,525$907,900$153,000
JEFFERSON$1,089,300$1,394,775$1,685,850$2,095,200$1,053,000
KANAWHA$472,030$604,400$730,525$907,900$153,000
LEWIS$472,030$604,400$730,525$907,900$103,000
LINCOLN$472,030$604,400$730,525$907,900$153,000
LOGAN$472,030$604,400$730,525$907,900$122,000
MARION$472,030$604,400$730,525$907,900$130,000
MARSHALL$472,030$604,400$730,525$907,900$159,000
MASON$472,030$604,400$730,525$907,900$125,000
MCDOWELL$472,030$604,400$730,525$907,900$50,000
MERCER$472,030$604,400$730,525$907,900$126,000
MINERAL$472,030$604,400$730,525$907,900$151,000
MINGO$472,030$604,400$730,525$907,900$97,000
MONONGALIA$472,030$604,400$730,525$907,900$241,000
MONROE$472,030$604,400$730,525$907,900$75,000
MORGAN$472,030$604,400$730,525$907,900$258,000
NICHOLAS$472,030$604,400$730,525$907,900$110,000
OHIO$472,030$604,400$730,525$907,900$159,000
PENDLETON$472,030$604,400$730,525$907,900$162,000
PLEASANTS$472,030$604,400$730,525$907,900$132,000
POCAHONTAS$472,030$604,400$730,525$907,900$122,000
PRESTON$472,030$604,400$730,525$907,900$241,000
PUTNAM$472,030$604,400$730,525$907,900$186,000
RALEIGH$472,030$604,400$730,525$907,900$120,000
RANDOLPH$472,030$604,400$730,525$907,900$146,000
RITCHIE$472,030$604,400$730,525$907,900$79,000
ROANE$472,030$604,400$730,525$907,900$83,000
SUMMERS$472,030$604,400$730,525$907,900$120,000
TAYLOR$472,030$604,400$730,525$907,900$145,000
TUCKER$472,030$604,400$730,525$907,900$169,000
TYLER$472,030$604,400$730,525$907,900$78,000
UPSHUR$472,030$604,400$730,525$907,900$148,000
WAYNE$472,030$604,400$730,525$907,900$186,000
WEBSTER$472,030$604,400$730,525$907,900$93,000
WETZEL$472,030$604,400$730,525$907,900$94,000
WIRT$472,030$604,400$730,525$907,900$128,000
WOOD$472,030$604,400$730,525$907,900$128,000
WYOMING$472,030$604,400$730,525$907,900$35,000

How are FHA loan limits determined?

The U.S. Department of Housing and Urban Development (HUD) calculates FHA loan limits each year based on conforming loan limits set by the Federal Housing Finance Agency (FHFA).

The lowest national FHA loan limit, called the “floor,” is calculated as 65% of the conforming loan limit. The highest FHA loan limit, known as the “ceiling,” is 150% of the conforming loan limit and applies to high-cost areas. For 2023 the FHA floor is $472,030 and the ceiling is $1,089,300.

The FHA limits for each county in the country are revised annually based on median home prices from the previous year. In 2022, for example, home prices nationwide rose by about 6%, the conforming loan limit rose by 12%, and FHA loan limits increased as well.

How to qualify for an FHA loan in West Virginia

With lower credit score and down payment requirements, FHA loans can allow people who might not otherwise qualify to become homeowners — but they’ll still need to meet the minimum requirements to apply.

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 qualify for 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%.

A debt-to-income ratio of no more than 43%: Your DTI ratio represents 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: One expense that comes with FHA loans is mortgage insurance, which you’re required to pay for in two forms. 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 single-family home. You’re also allowed to buy a multifamily property with up to four units. And, as long as you live in one of the units for the required 12-month period, you can still potentially put just 3.5% down.

FHA lenders in West Virginia

Lender nameLT ratingMinimum FHA credit score
Bank of America5 starsNot disclosed
Fairway Independent Mortgage3 stars580
TD Bank4 stars620
Mr. Cooper4.5 starsNot disclosed

 

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