Borrowers in West Virginia can more easily buy large properties with jumbo loans.
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The only state completely within the Appalachian mountain range, West Virginia has good reason to be known as the “Mountain State.” Its unique vistas make it one of the most dynamic locations in the East, rivaling the Big Sky country of the West.
According to KV Realtors, the median sales price for a home in the state Is just over $160,000. While this median price remains below the conforming limits on conventional mortgages, West Virginians looking for larger properties or more modern homes could very well pass those limits. Financing with a jumbo loan can help those in West Virginia who want an easier way to finance a large home purchase.
For the most recent year, the HDMA data places West Virginia 47th in the country in terms of mortgage origination activity, with a total of $325 million in jumbo mortgages originated. If you’re looking for a jumbo mortgage in West Virginia, there may well be many other West Virginians doing the same.
The jumbo loan limit in West Virginia is $726,200 for most counties in the state. In Jefferson County, the jumbo loan limit is $1,089,300. Any loan that exceeds either $726,200 or $1,089,300 is a jumbo loan, depending on the county.
| West Virginia County | West Virginia Jumbo loan (1-unit) | West Virginia Conforming loan limit (1-unit) | West Virginia FHA loan limit (1-unit) |
|---|---|---|---|
| Barbour | $726,200+ | $726,200 | $420,680 |
| Berkeley | $726,200+ | $726,200 | $420,680 |
| Boone | $726,200+ | $726,200 | $420,680 |
| Braxton | $726,200+ | $726,200 | $420,680 |
| Brooke | $726,200+ | $726,200 | $420,680 |
| Cabell | $726,200+ | $726,200 | $420,680 |
| Calhoun | $726,200+ | $726,200 | $420,680 |
| Clay | $726,200+ | $726,200 | $420,680 |
| Doddridge | $726,200+ | $726,200 | $420,680 |
| Fayette | $726,200+ | $726,200 | $420,680 |
| Gilmer | $726,200+ | $726,200 | $420,680 |
| Grant | $726,200+ | $726,200 | $420,680 |
| Greenbrier | $726,200+ | $726,200 | $420,680 |
| Hampshire | $726,200+ | $726,200 | $420,680 |
| Hancock | $726,200+ | $726,200 | $420,680 |
| Hardy | $726,200+ | $726,200 | $420,680 |
| Harrison | $726,200+ | $726,200 | $420,680 |
| Jackson | $726,200+ | $726,200 | $420,680 |
| Jefferson | $1,089,300+ | $1,089,300 | $765,600 |
| Kanawha | $726,200+ | $726,200 | $420,680 |
| Lewis | $726,200+ | $726,200 | $420,680 |
| Lincoln | $726,200+ | $726,200 | $420,680 |
| Logan | $726,200+ | $726,200 | $420,680 |
| Mcdowell | $726,200+ | $726,200 | $420,680 |
| Marion | $726,200+ | $726,200 | $420,680 |
| Marshall | $726,200+ | $726,200 | $420,680 |
| Mason | $726,200+ | $726,200 | $420,680 |
| Mercer | $726,200+ | $726,200 | $420,680 |
| Mineral | $726,200+ | $726,200 | $420,680 |
| Mingo | $726,200+ | $726,200 | $420,680 |
| Monongalia | $726,200+ | $726,200 | $420,680 |
| Monroe | $726,200+ | $726,200 | $420,680 |
| Morgan | $726,200+ | $726,200 | $420,680 |
| Nicholas | $726,200+ | $726,200 | $420,680 |
| Ohio | $726,200+ | $726,200 | $420,680 |
| Pendleton | $726,200+ | $726,200 | $420,680 |
| Pleasants | $726,200+ | $726,200 | $420,680 |
| Pocahontas | $726,200+ | $726,200 | $420,680 |
| Preston | $726,200+ | $726,200 | $420,680 |
| Putnam | $726,200+ | $726,200 | $420,680 |
| Raleigh | $726,200+ | $726,200 | $420,680 |
| Randolph | $726,200+ | $726,200 | $420,680 |
| Ritchie | $726,200+ | $726,200 | $420,680 |
| Roane | $726,200+ | $726,200 | $420,680 |
| Summers | $726,200+ | $726,200 | $420,680 |
| Taylor | $726,200+ | $726,200 | $420,680 |
| Tucker | $726,200+ | $726,200 | $420,680 |
| Tyler | $726,200+ | $726,200 | $420,680 |
| Upshur | $726,200+ | $726,200 | $420,680 |
| Wayne | $726,200+ | $726,200 | $420,680 |
| Webster | $726,200+ | $726,200 | $420,680 |
| Wetzel | $726,200+ | $726,200 | $420,680 |
| Wirt | $726,200+ | $726,200 | $420,680 |
| Wood | $726,200+ | $726,200 | $420,680 |
| Wyoming | $726,200+ | $726,200 | $420,680 |
If you’re ready to learn more about the best jumbo mortgage lenders in West Virginia, here are the top options we’ve found through our research.
Fifth Third Bank is headquartered in Cincinnati, Ohio and is one of the largest consumer banks in the country. The bank’s unique name came from a 1909 merger between Third National Bank and Fifth National Bank. The bank offers a full suite of financial products, including jumbo mortgages.
We contacted Fifth Third Bank to learn about their jumbo loan mortgage specifically. Here are the important details:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.
We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage and here’s what we heard back:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.
We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage and this is what we learned:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.
We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
Since new homes in West Virginia are getting more expensive and anyone looking for acreage may be facing a high price, many homebuyers are finding it difficult to finance with traditional mortgages in the state. West Virginia jumbo loans can be a step in the right direction. If traditional home loans have low limits but you found a dream home on the NMLS that you want to buy, a jumbo loan might be the answer.
There are many loan types out there, including an FHA loan and a VA loan. But these more traditional loans have more rules and limits, which can be a problem if the purchase or listing price on your chosen real estate is too high. These conforming loan limits are the biggest reason some homebuyers start researching jumbo loans.
Homeowners have loan options like a jumbo loan for a big purchase price on a dream home. Bear in mind that you’ll need to confirm interest rates, credit score requirements, and monthly payment amounts with any lender who says they offer jumbo loans. A mortgage calculator can give you a more realistic idea of what you’d be responsible for if you went forward with a purchase.
Over time, you’ll build home equity as you make mortgage payments, but it can take longer to get substantial home equity depending on your interest rates and the purchase price of the home. If you don’t put any down payment or only a small down payment, it will take longer to get traction with equity.
Share the NMLS id with your mortgage offer to verify if you’re eligible for a jumbo loan. Each lender has their own requirements around credit scores and other details, too, so ask about that as well. This gives you the best information to decide if a jumbo loan is best for you.
If you’re looking at a single-family home as an investment over time, a jumbo loan to get your foot in the door can work well so long as you know you’ll have the money to meet monthly payments. If you already looked into an FHA mortgage backed by Freddie Mac or Fannie Mae and realized it won’t work for you, keep looking.
What are the advantages of deciding to buy a home with this type of loan? One big advantage is the fact that you may not need to make a 20 percent down payment as you would with many traditional mortgages. A second advantage can be found in their higher limits; as an example, a homebuyer in Jefferson County would be able to finance a home that costs more than $765,600 with just one mortgage.
If that same homebuyer went with traditional mortgages, they would need several to cover the cost. Most people start looking into these loans because an FHA mortgage is not an option or an adjustable rate mortgage is not their first choice.
If you have a good or excellent credit score, a West Virginia jumbo loan might be a good idea to turn to. Because of the greater risk exposure experienced by lenders, jumbo loans have stricter requirements than conventional loans. Qualifying for a jumbo loan can help you buy a home you couldn’t get with a conventional loan, but it does mean you have to have good credit.
When deciding on a jumbo loan, look at the overall state of your finances, as well. If you have enough cash on hand to put down a very large down payment on a conventional loan, then you might be able to enjoy a lower interest rate. Jumbo loans, on the other hand, have higher interest rates, but often require much less money down. By factoring in these issues, you can easily decide whether a West Virginia jumbo loan is good for you.
If you want to find the best jumbo loans in other states, click on your state below.
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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