What are Conventional Loans and Conforming Loans?

By definition, a Conventional Loan is any mortgage that’s not guaranteed or insured by the federal government. West Virginia conventional loans may be either “conforming” and “non-conforming”, although ‘conventional loans’ generally refer to ‘conforming loans’. Therefore West Virginia conventional loan limits are the same thing as West Virginia conforming loan limits.

West Virginia Conventional Loan Limits

What is the maximum amount that I can borrow?

Conventional loan limits in West Virginia are determined by:

  • West Virginia Conventional Loan LimitsMaximum LTV Ratio:  The maximum financing loan-to-value ratio for conventional mortgages is 80% – 97% of the appraised value of the home or its selling price, whichever is lower. Learn how to calculate loan-to-value.
  • Maximum Loan Amount: Conventional loan limits in West Virginia are set at the floor amount of $424,100 across the entire state except for the suburbs of Washington D.C.. Metro areas in WV with a $424,100 conventional limit include Charleston, Elkins, Wheeling and Morgantown.

Search all Conventional Loan Limits in West Virginia:

County Name
Area
1-Unit
2-Unit
3-Unit
4-Unit
BARBOURNON-METRO$510,400$653,550$789,950$981,700
BERKELEYHAGERSTOWN-MARTINSBURG, MD-WV$510,400$653,550$789,950$981,700
BOONECHARLESTON, WV$510,400$653,550$789,950$981,700
BRAXTONNON-METRO$510,400$653,550$789,950$981,700
BROOKEWEIRTON-STEUBENVILLE, WV-OH$510,400$653,550$789,950$981,700
CABELLHUNTINGTON-ASHLAND, WV-KY-OH$510,400$653,550$789,950$981,700
CALHOUNNON-METRO$510,400$653,550$789,950$981,700
CLAYCHARLESTON, WV$510,400$653,550$789,950$981,700
DODDRIDGECLARKSBURG, WV$510,400$653,550$789,950$981,700
FAYETTEBECKLEY, WV$510,400$653,550$789,950$981,700
GILMERNON-METRO$510,400$653,550$789,950$981,700
GRANTNON-METRO$510,400$653,550$789,950$981,700
GREENBRIERNON-METRO$510,400$653,550$789,950$981,700
HAMPSHIREWINCHESTER, VA-WV$510,400$653,550$789,950$981,700
HANCOCKWEIRTON-STEUBENVILLE, WV-OH$510,400$653,550$789,950$981,700
HARDYNON-METRO$510,400$653,550$789,950$981,700
HARRISONCLARKSBURG, WV$510,400$653,550$789,950$981,700
JACKSONCHARLESTON, WV$510,400$653,550$789,950$981,700
JEFFERSONWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
KANAWHACHARLESTON, WV$510,400$653,550$789,950$981,700
LEWISNON-METRO$510,400$653,550$789,950$981,700
LINCOLNCHARLESTON, WV$510,400$653,550$789,950$981,700
LOGANMOUNT GAY-SHAMROCK, WV$510,400$653,550$789,950$981,700
MARIONFAIRMONT, WV$510,400$653,550$789,950$981,700
MARSHALLWHEELING, WV-OH$510,400$653,550$789,950$981,700
MASONPOINT PLEASANT, WV-OH$510,400$653,550$789,950$981,700
MCDOWELLNON-METRO$510,400$653,550$789,950$981,700
MERCERBLUEFIELD, WV-VA$510,400$653,550$789,950$981,700
MINERALCUMBERLAND, MD-WV$510,400$653,550$789,950$981,700
MINGONON-METRO$510,400$653,550$789,950$981,700
MONONGALIAMORGANTOWN, WV$510,400$653,550$789,950$981,700
MONROENON-METRO$510,400$653,550$789,950$981,700
MORGANHAGERSTOWN-MARTINSBURG, MD-WV$510,400$653,550$789,950$981,700
NICHOLASNON-METRO$510,400$653,550$789,950$981,700
OHIOWHEELING, WV-OH$510,400$653,550$789,950$981,700
PENDLETONNON-METRO$510,400$653,550$789,950$981,700
PLEASANTSNON-METRO$510,400$653,550$789,950$981,700
POCAHONTASNON-METRO$510,400$653,550$789,950$981,700
PRESTONMORGANTOWN, WV$510,400$653,550$789,950$981,700
PUTNAMHUNTINGTON-ASHLAND, WV-KY-OH$510,400$653,550$789,950$981,700
RALEIGHBECKLEY, WV$510,400$653,550$789,950$981,700
RANDOLPHELKINS, WV$510,400$653,550$789,950$981,700
RITCHIENON-METRO$510,400$653,550$789,950$981,700
ROANENON-METRO$510,400$653,550$789,950$981,700
SUMMERSNON-METRO$510,400$653,550$789,950$981,700
TAYLORCLARKSBURG, WV$510,400$653,550$789,950$981,700
TUCKERNON-METRO$510,400$653,550$789,950$981,700
TYLERNON-METRO$510,400$653,550$789,950$981,700
UPSHURNON-METRO$510,400$653,550$789,950$981,700
WAYNEHUNTINGTON-ASHLAND, WV-KY-OH$510,400$653,550$789,950$981,700
WEBSTERNON-METRO$510,400$653,550$789,950$981,700
WETZELNON-METRO$510,400$653,550$789,950$981,700
WIRTPARKERSBURG-VIENNA, WV$510,400$653,550$789,950$981,700
WOODPARKERSBURG-VIENNA, WV$510,400$653,550$789,950$981,700
WYOMINGNON-METRO$510,400$653,550$789,950$981,700

West Virginia conforming limits can change anytime. Check back often to ensure accuracy.

What factors determine if i’m eligible for a Conventional Loan in West Virginia?

Conventional conforming loans follow the terms and conditions set forth by government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. To be eligible for a Conforming Loan in West Virginia, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. A FICO credit score of 620 or above is generally required to obtain a conventional loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

How much money will I need for the down payment and closing costs?

Conventional home loans require the home buyer to invest between 3% and 20% of the sales price towards the down payment and closing costs. If the sales price is $100,000 for example, the mortgage applicant must invest at least $3,000 – $20,000 to meet conventional mortgage down payment requirements, depending on the program.

Minimum West Virginia Conventional Loan Down Payment:

Residence UsageFixed-Rate Mortgage (FRM)Adjustable-Rate Mortgage (ARM)
1 Unit Primary3% Down Payment10% Down Payment
2 Units Primary15% Down Payment25% Down Payment
3 Units Primary25% Down Payment35% Down Payment
4 Units Primary25% Down Payment35% Down Payment
1 Unit Second Home10% Down Payment20% Down Payment
1 Unit Investment15% Down Payment25% Down Payment
2 Units Investment25% Down Payment35% Down Payment
3 Units Investment25% Down Payment35% Down Payment
4 Units Investment25% Down Payment35% Down Payment

What property types are allowed for Conventional Conforming Mortgages?

WV Requirements for a Conventional LoanRequirements for a conventional loan allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional loans can be used to finance primary residences, second homes and investment property.

Learn more about conventional mortgages.

What types of mortgage and refinance programs do Conventional Loans offer in West Virginia?

There are several varieties of standard home purchase, first-time home buyer and conventional refinance loans available in West Virginia:

  • Conventional Purchase Loans – Conventional loans offer a variety of programs for applicants with good credit ratings to buy a home. Both 3% down mortgage and 5% down mortgage options are available, however 20% down is the minimum amount required to avoid private mortgage insurance.
  • Conventional Rate/Term Refinance: Conventional Rate/Term refinancing loans are for borrowers who currently have an FHA, VA, USDA or conventional fixed rate mortgage or ARM loan and wish to refinance into a conventional mortgage with a lower interest rate. If you’re a homeowners considering a stable, conventional fixed-rate mortgage, this program may also eliminate your mortgage insurance if you have at 20% equity in your home.  If not, Conventional 97% loan programs may also work for you.
  • Cash-Out Refinance: A Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

What factors determine if I am eligible for a Conventional Refinance Loan?

To meet conventional refinance mortgage requirements in West Virginia, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. In addition, your credit background will be considered. Finally, you must be able to cover closing costs and have enough income to pay your monthly debt.

Conventional Loan Requirements

More West Virginia Mortgage Limits

You may also want to visit these additional home loan resources before deciding on a mortgage program:

 

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