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JD MORTGAGE® connects you with lenders who want to help you build a new home or renovate an existing property. We find the lenders that offer terms specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your construction financing needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
West Virginia got its start in 1863 as a breakaway state from Virginia (hence the name, West Virginia), and played a key role as a border state during the Civil War. Today the Mountain State is home to more than 1.7 million people, many of which are looking to buy property.
The Kanawha Valley Board of Realtors in West Virginia reports that the median home price is $160,000, making homeownership significantly cheaper than other parts of the country. On the other hand, it’s also significantly cheaper to build a home in West Virginia with local real estate experts stating that the cost per square foot can be as low as $90.
For those reasons, many borrowers are turning to construction loans versus home loans as a way to finance their dream home, knowing that they can get something custom built for a reasonable price that will exactly match the needs of their family.
Keep reading to learn more about the benefits of getting a new construction loan in West Virginia and see the best lenders we found in the state during our research.
New construction loans can provide you with many benefits. Since they provide financing up front for your entire construction process, you won’t need to sell your current home before getting the financing you need. This allows you to continue living in your current home while the new home is being built.
Short-term construction loans also generally only require interest payment during the construction phase, which will let you balance your existing monthly living expenses with the additional costs of building a home.
One disadvantage of construction loans is that the building process takes significant time as compared to buying an existing residential property, so you’ll want to make sure you are ready for the commitment and have the proper team in place before you take out a construction loan.
If you’re ready to check out the top construction mortgage lenders in West Virginia, here are the best options we’ve found through our research.
Fifth Third Bank is one of the largest banks in the nation with over $169 billion in assets. Its name is derived from a merger in 1909 between Third National Bank and Fifth National Bank. Not surprisingly, they offer real estate loans and construction loans throughout the midwest, including to those of you in West Virginia.
We contacted Fifth Third Bank to get details on their construction loan and this is what they told us:
When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.
Clear Mountain Bank is a locally owned community bank serving north-central West Virginia and western Maryland. If you’re looking for a local lender in West Virginia, this could be the bank for you.
We contacted Clear Mountain Bank to learn more about their construction loan and here is what we found:
When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.
Jefferson Security Bank is a West Virginia state-chartered bank that traces its roots all the way back to 1869. Still a local community bank, they offer a large array of financial services from personal to business to mortgage lending, including construction loans.
We contacted Jefferson Security Bank to get some details on their construction loan and this is what they said:
When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.
Wintrust Mortgage is one of the top 20 bank-owned retail mortgage originators in the country that originates in excess of $4 billion in loans annually in all 50 states.
Recently we asked Wintrust Mortgage to provide us with details on their construction financing and this is what they said:
When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.
A construction loan can be a great way to fund your home renovation or the construction of a new home, but it’s not for everyone. Here are some things to consider before taking out a construction loan.
Is your credit score high enough? You’ll need fairly good credit to qualify for a home construction loan. If you don’t have good credit, then you may want to wait until you’ve built up some history and improved your credit before applying.
Do you have enough cash on hand? You’ll need a good chunk of cash in savings or investments to cover the down payment and closing costs associated with taking out the loan. The amount varies depending on the lender, but it’s usually around 20%.
All things considered, a West Virginia construction loan is a great way to get the funding you need to build the home of your dreams while also keeping your costs down and maximizing your potential home equity.
Click on another state to find the best construction loan lenders in that state.
Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.
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