Mortgage Loans
Whether you are looking to purchase or refinance your home, we have the perfect solution to best fit your needs.
- Competitive closing costs
- Low or no down payment programs
- Competitive rates
- In house programs
- Easy application process
- Fast and free preapprovals
For more information or for current rates, please contact Sara McQuain at 304-485-4523 ext 1104, or 800-642-1902 or via email at sara.mcquain@wvccu.org.
Available Loan Programs:
Conventional Fixed Rate Loans
Conventional Adjustable Rate Loans
WV Housing Single Family Bond Loan
Veteran’s Administration (VA)
Federal Housing Administration (FHA)
Internal 15 Year Programs
Home Equities
Conventional Fixed Rate Loans
West Virginia Central Credit Union offers a variety of fixed rate loans on varied terms, down payment options with competitive rates.Conventional loans are not insured by a government agency and are either fixed or adjustable rate. Subject to credit approval.
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Conventional Adjustable Rate Loans
Also known as an ARM loan or variable-rate term. The interest rate can change at specified time periods based on interest rate index that reflects current finance market conditions. The ARM promissory note states the maximum and minimum rates. Payment can increase or decrease depending on the rate change. Subject to credit approval.
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WV Housing Single Family Bond Loan
The Mortgage Revenue Bond Program is the loan that is usually called the First Time Homebuyer Loan. This loan offers a below-market interest rate to make home ownership more affordable. The loan is a 25- to 30- year fixed mortgage loan, with low down payment options. There is also a special closing cost assistance loan that can help with down payment and closing costs. There are certain criteria that have to be met for this loan according to county and eligible homes so please contact us for more information. Subject to credit approval.
Veteran's Administration
VA guarantees loans made to veterans and non-remarried surviving spouses for the purchase or refinancing of homes. VA guarantees part of the total loan, permitting the veteran to obtain a mortgage with a competitive interest rate with little or no down payment. This benefit can now be used multiple times. Subject to credit approval.
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Federal Housing Administration
The Federal Housing Administration has been helping people afford homes since 1934. The FHA insures your loan so that lenders can offer you better and more affordable rates. 3.5% is the required down payment and you can finance your closing costs with your mortgage loan. People with past credit issued can be helped. It is not necessary to meet a minimum income requirement in order to qualify for an FHA loan but debt ratios specific to the state in which the home will be purchased have been put into place to prevent borrowers from getting into homes that they can’t afford. The FHA does not directly make mortgage loans; they insure the loans we assist people in getting. Subject to credit approval.
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Internal 15-Year Mortgage
First and second mortgage loans will be made in an amount not to exceed 80% of the lower of the purchase price or appraised value of the pledged real estate. In the case of a second mortgage, the maximum loan shall not exceed the 80% calculation less the outstanding balance of any superior liens. The property offered, as security should be the borrower’s principal or secondary residence and is a dwelling for no more than four families. Debt ratios applied to real estate loans will be more stringent than those applied to other loans. The credit union does not require an escrow account be set up for the payment of property tax, homeowner insurance or flood premiums.
Mobile homes (single and double wides) can be used as collateral as long as the home is situated on land which is offered as security under a mortgage deed or deed of trust. The mobile home must have the wheels and axles removed and must be on a permanent block foundation. Subject to credit approval.
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Internal Home Equity
The Home Equity Loan Program is a secured revolving line of credit designed to offer flexible borrowing terms to the homeowners. The amount borrowed can range from $5,000-$120,000 and is on a fifteen-year draw period. The first three years will be a fixed interest rate and then based on the Managed Credit Policy. The maximum loan to value and interest rate is dependent on credit score. The payment is based on 1.5% of the outstanding loan balance and there is a $25 annual fee that is added on the one year anniversary of the loan. We can use second homes on a HELOC but can only go to 50% of the value. Single wides do not qualify. Subject to credit approval.
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