Friday, 23 October 2020

2019 FHA Loan Limits in West Virginia

2019 FHA Loan Limits in West Virginia
06 Apr
6:18

West Virginia is currently experiencing a hot seller’s market, with home values up from last year and researchers predicting a continued increase in values through 2020. With median home prices right around $160,000 and median household incomes at $44,000 (as of 2017), it’s no wonder that prospective buyers are turning to FHA loans for help buying property.

Each year the Federal Housing Administration (FHA) insures mortgages for homebuyers all over the country. But to keep its risk at an acceptable level, it regulates the amounts of these loans according to the cost of living for each county. The most recent study of its kind by the U.S. Department of Housing and Urban Development (HUD) reports that 3,700 FHA loans were granted to West Virginia residents in 2016, for a total of $500 million in funding.

This year’s loan limits for West Virginia range from $314,827 for most of the state, to $726,525 in high-cost areas like Jefferson county.

West Virginia FHA Loan Limits by County

County Name One-Family Two-Family Three-Family Four-Family Median Sale Price
BARBOUR $314,827 $403,125 $487,250 $605,525 $65,000
BERKELEY $314,827 $403,125 $487,250 $605,525 $185,000
BOONE $314,827 $403,125 $487,250 $605,525 $129,000
BRAXTON $314,827 $403,125 $487,250 $605,525 $90,000
BROOKE $314,827 $403,125 $487,250 $605,525 $94,000
CABELL $314,827 $403,125 $487,250 $605,525 $158,000
CALHOUN $314,827 $403,125 $487,250 $605,525 $85,000
CLAY $314,827 $403,125 $487,250 $605,525 $129,000
DODDRIDGE $314,827 $403,125 $487,250 $605,525 $120,000
FAYETTE $314,827 $403,125 $487,250 $605,525 $104,000
GILMER $314,827 $403,125 $487,250 $605,525 $90,000
GRANT $314,827 $403,125 $487,250 $605,525 $139,000
GREENBRIER $314,827 $403,125 $487,250 $605,525 $117,000
HAMPSHIRE $314,827 $403,125 $487,250 $605,525 $264,000
HANCOCK $314,827 $403,125 $487,250 $605,525 $94,000
HARDY $314,827 $403,125 $487,250 $605,525 $90,000
HARRISON $314,827 $403,125 $487,250 $605,525 $120,000
JACKSON $314,827 $403,125 $487,250 $605,525 $121,000
JEFFERSON $726,525 $930,300 $1,124,475 $1,397,400 $768,000
KANAWHA $314,827 $403,125 $487,250 $605,525 $129,000
LEWIS $314,827 $403,125 $487,250 $605,525 $99,000
LINCOLN $314,827 $403,125 $487,250 $605,525 $158,000
LOGAN $314,827 $403,125 $487,250 $605,525 $91,000
MARION $314,827 $403,125 $487,250 $605,525 $100,000
MARSHALL $314,827 $403,125 $487,250 $605,525 $119,000
MASON $314,827 $403,125 $487,250 $605,525 $111,000
MCDOWELL $314,827 $403,125 $487,250 $605,525 $36,000
MERCER $314,827 $403,125 $487,250 $605,525 $93,000
MINERAL $314,827 $403,125 $487,250 $605,525 $96,000
MINGO $314,827 $403,125 $487,250 $605,525 $75,000
MONONGALIA $314,827 $403,125 $487,250 $605,525 $198,000
MONROE $314,827 $403,125 $487,250 $605,525 $109,000
MORGAN $314,827 $403,125 $487,250 $605,525 $148,000
NICHOLAS $314,827 $403,125 $487,250 $605,525 $55,000
OHIO $314,827 $403,125 $487,250 $605,525 $119,000
PENDLETON $314,827 $403,125 $487,250 $605,525 $113,000
PLEASANTS $314,827 $403,125 $487,250 $605,525 $111,000
POCAHONTAS $314,827 $403,125 $487,250 $605,525 $120,000
PRESTON $314,827 $403,125 $487,250 $605,525 $198,000
PUTNAM $314,827 $403,125 $487,250 $605,525 $158,000
RALEIGH $314,827 $403,125 $487,250 $605,525 $104,000
RANDOLPH $314,827 $403,125 $487,250 $605,525 $106,000
RITCHIE $314,827 $403,125 $487,250 $605,525 $86,000
ROANE $314,827 $403,125 $487,250 $605,525 $94,000
SUMMERS $314,827 $403,125 $487,250 $605,525 $95,000
TAYLOR $314,827 $403,125 $487,250 $605,525 $120,000
TUCKER $314,827 $403,125 $487,250 $605,525 $85,000
TYLER $314,827 $403,125 $487,250 $605,525 $94,000
UPSHUR $314,827 $403,125 $487,250 $605,525 $119,000
WAYNE $314,827 $403,125 $487,250 $605,525 $158,000
WEBSTER $314,827 $403,125 $487,250 $605,525 $71,000
WETZEL $314,827 $403,125 $487,250 $605,525 $92,000
WIRT $314,827 $403,125 $487,250 $605,525 $99,000
WOOD $314,827 $403,125 $487,250 $605,525 $99,000
WYOMING $314,827 $403,125 $487,250 $605,525 $71,000

How are FHA loan limits calculated?

FHA loan limits are are determined by the annual conforming loan limit, which is the largest conventional loan Fannie Mae and Freddie Mac will buy. The conforming loan limit for 2019 is $484,350.

The FHA “floor” limit represents the largest mortgage the FHA will back for single-family homes in low-cost areas. This number increased in 2019 from $294,515 to $314,827. The FHA also provides a “ceiling” limit that relates to high-cost areas and is based on 150% of the conforming loan limit. The 2019 ceiling is set at $726,525, which is also the maximum limit for West Virginia.

Are you eligible for an FHA loan in West Virginia?

FHA loans offer numerous incentives for qualifying borrowers, including flexible eligibility requirements (such as lower credit score requirements), lower down payment requirements, and even the possibility of closing cost assistance. To determine eligibility, lenders will assess your income and debt levels, credit score and ability to make a down payment.

You can learn more about FHA loans and qualifications by reading our complete guide to FHA loans.

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Larissa Runkle

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Source: https://www.magnifymoney.com/blog/mortgage/fha-loan-limits-in-west-virginia/

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