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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 Michelle Fitcher at 304-485-4523 ext 1138, or 800-642-1902 or via email at mfitcher@wvccu.org.

Available Loan Programs:

Conventional Fixed Rate Loans
Conventional Adjustable Rate Loans
SHOP 
Veteran’s Administration (VA)
Federal Housing Administration (FHA)
Internal 20-Year Mortgage
Internal 15-Year Second Mortgage
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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SHOP 

The Wood County Home Consortium's Single Family Housing Opportunity Program (SHOP) provides low interest loans to qualified hoseholds for the purchase of homes. This program defers the payment on 40% of the home loan, which gives residents more buying power. To be eligible for this program you must be a first time homebuyer or have not owned a home in the last three years. You must also be purchasing a home in Wood County and meet and verify all income requirements. There is a $500.00 application fee that is refundable if the loan is not approved or you will receive credit for this at your loan closing. The first 60% of your loan is financed with West Virginia Central Credit Union for 20 years at a fixed rate. The remaining 40% is financed through the Parkersburg/Wood County Home Consortium for 10 years at 3% after the first loan is paid. No interest is paid or accrued on the 2nd loan for 20 years.

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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 20-Year Mortgage

The credit union will offer mortgage loans up to a maximum term of 20-years on a First Deed of Trust/Mortgage. The loan 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 . 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 15-Year Second Mortgage

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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Locations
Hours
Phone

Main Office
1306 Murdoch Ave.
Parkersburg, WV 26101

South Parkersburg Office
809 Division St.
Parkersburg, WV 26101

Vienna Office
1701 Grand Central Ave.
Vienna, WV 26105
Lobby Hours:
Mon-Thu: 8:30am-4:30pm
Fri: 8:30am-5:30pm

Drive-Through Hours:
Mon-Fri: 7:30am-6:00pm
Sat: 8:00am-12:00noon
Local:
304-485-4523

Toll-Free:
1-800-642-1902

Lost or Stolen Cards:
Use these numbers to report lost
or stolen cards after hours:

Debit Card #: (800) 554-8969
VISA #: (800) 558-3424


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