Why Choose VA Loans in West Virginia?
VA loans are a benefit earned by veterans, active-duty service members, and eligible surviving spouses. Backed by the Department of Veterans Affairs, these loans offer unmatched benefits including no down payment, no mortgage insurance, and competitive rates.
Understanding VA Loans
VA loans are government-backed mortgages guaranteed by the Department of Veterans Affairs, exclusively available to eligible veterans, active-duty service members, National Guard members, and qualifying surviving spouses. The most significant advantage is the ability to purchase a home with zero down payment and no monthly mortgage insurance, which can save borrowers tens of thousands of dollars over the life of the loan.
VA loans consistently offer some of the lowest interest rates available and have flexible credit requirements. However, they also come with a one-time funding fee, which can range from 1.25% to 3.3% of the loan amount. This fee can be financed into the loan amount, but it's essential to review the VA funding fee structure and factor it into your loan calculations.
Another critical aspect of VA loans is the Certificate of Eligibility, which is required to obtain a VA loan. This certificate confirms your eligibility for a VA loan and can be obtained through the VA's eBenefits portal or by submitting a request to the VA. Additionally, VA loans have specific appraisal requirements, which can be more thorough than conventional appraisals.
It's essential to review the VA's eligibility requirements and consult with a lender to determine if you qualify for a VA loan. National Mortgage Home Loans offers VA loan options with competitive interest rates and flexible credit requirements. Our experienced loan officers can guide you through the process and help you navigate the unique aspects of VA loans.
How VA Loans Compares
VA loans stand apart from all other loan types by offering zero down payment with no monthly mortgage insurance, making them the most cost-effective mortgage option available. Unlike FHA loans, which require both upfront and annual mortgage insurance, VA loans only charge a one-time funding fee that can be waived for disabled veterans.
Conventional loans require either 20% down or private mortgage insurance, making VA loans the clear winner for eligible borrowers in almost every scenario. However, it's essential to review the VA funding fee structure and factor it into your loan calculations. Additionally, VA loans have specific appraisal requirements, which can be more thorough than conventional appraisals.
While VA loans offer many advantages, they may not be the best option for every borrower. For example, borrowers who plan to sell their home soon may prefer a conventional loan with a lower interest rate. It's crucial to review the pros and cons of each loan type and consult with a lender to determine the best option for your specific situation.
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How VA Loans Work
VA loans are government-backed mortgages guaranteed by the Department of Veterans Affairs. They offer eligible veterans, active-duty service members, National Guard members, and qualifying surviving spouses the opportunity to purchase a home with zero down payment and no monthly mortgage insurance. The VA guarantees a portion of the loan, which allows lenders to offer more favorable terms, such as lower interest rates and lower funding fees.
The VA loan process typically begins with a pre-approval, where the lender reviews your creditworthiness and provides a pre-approval letter. Next, you'll need to find a home and submit an offer, which will be contingent on the VA appraisal. The VA appraisal is a critical step in the process, as it ensures the property meets the VA's minimum property requirements.
Once the appraisal is complete, the lender will finalize the loan and schedule a closing. At closing, you'll sign the final loan documents, and the lender will disburse the funds. It's essential to review the loan documents carefully and ask questions if you're unsure about any aspect of the loan.
The VA loan process can be complex, but working with an experienced lender like National Mortgage Home Loans can make the process smoother and more efficient.
Eligibility Requirements
To qualify for a VA loan, you must be an eligible veteran, active-duty service member, National Guard member, or qualifying surviving spouse. The VA has specific eligibility requirements, which include service requirements, credit score requirements, and income requirements. You'll need to obtain a Certificate of Eligibility, which confirms your eligibility for a VA loan.
The Certificate of Eligibility can be obtained through the VA's eBenefits portal or by submitting a request to the VA. You'll need to provide documentation, such as your DD Form 214 or a statement of service, to support your eligibility. It's essential to review the VA's eligibility requirements and consult with a lender to determine if you qualify for a VA loan.
The VA's eligibility requirements can be complex, but working with an experienced lender like National Mortgage Home Loans can help you navigate the process.
Costs and Fees Unique to VA Loans
VA loans have several costs and fees that are unique to this loan type. The VA funding fee is a one-time fee that ranges from 1.25% to 3.3% of the loan amount, depending on your down payment and usage. This fee can be financed into the loan amount, but it's essential to review the VA funding fee structure and factor it into your loan calculations.
Additionally, VA loans have specific appraisal requirements, which can be more thorough than conventional appraisals. The VA appraisal ensures the property meets the VA's minimum property requirements, which can include requirements for the property's condition, safety, and value.
The VA funding fee and appraisal requirements can add complexity to the VA loan process, but working with an experienced lender like National Mortgage Home Loans can help you navigate these costs and fees.
VA Loans vs Alternatives
VA loans offer many advantages, including zero down payment and no monthly mortgage insurance. However, they may not be the best option for every borrower. For example, borrowers who plan to sell their home soon may prefer a conventional loan with a lower interest rate.
It's essential to review the pros and cons of each loan type and consult with a lender to determine the best option for your specific situation. National Mortgage Home Loans offers a range of loan options, including VA loans, conventional loans, and FHA loans. Our experienced loan officers can guide you through the process and help you navigate the unique aspects of each loan type.
The right loan type for you will depend on your individual circumstances, including your credit score, income, and loan amount. Working with an experienced lender like National Mortgage Home Loans can help you make an informed decision.
VA Loans in West Virginia - FAQs
In West Virginia, VA loan limits are determined by the Department of Veterans Affairs and can vary depending on the county. As of 2022, most counties in West Virginia follow the conforming loan limit of $647,200 for a single-family home. However, some high-cost areas in West Virginia may have higher limits. It's essential to check with the VA or a lender like National Mortgage Home Loans to determine the specific loan limits in your area. Additionally, veterans with full entitlement may not be subject to these limits.
To qualify for a VA loan in West Virginia, you must be an eligible veteran, active-duty service member, or surviving spouse with a valid Certificate of Eligibility. There is no minimum credit score set by the VA, but most lenders in West Virginia require at least a 620 credit score. You must also meet income requirements and plan to use the property as your primary residence. It's crucial to review the VA's eligibility requirements and consult with a lender to determine if you qualify for a VA loan in West Virginia.
Yes, VA loans in West Virginia allow you to purchase properties with up to four units, provided you occupy one of the units as your primary residence. This is an excellent strategy for veterans in West Virginia who want to generate rental income while building equity. The rental income from other units may even help you qualify for the loan. However, it's essential to note that the VA has specific requirements for multi-unit properties, and not all properties may be eligible.
The VA funding fee in West Virginia is a one-time fee that ranges from 1.25% to 3.3% of the loan amount, depending on your service type, down payment, and whether this is your first VA loan. First-time users with no down payment pay 2.15%, while subsequent users pay 3.3%. Veterans with service-connected disabilities are exempt from the funding fee entirely. It's essential to review the VA funding fee structure and factor it into your loan calculations when using the VA Loans calculator.
Yes, VA loan benefits can be reused multiple times in West Virginia. If you have paid off a previous VA loan or sold the property and repaid the loan, your full entitlement is restored. Some veterans can even have two VA loans simultaneously if they have remaining entitlement, which is common when relocating within or to West Virginia. It's crucial to review the VA's reuse guidelines and consult with a lender to determine if you can reuse your VA loan benefit in West Virginia.
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