Buying a Home • Mercer County, WV • 1 / 4
Are You Ready to Buy? • Mercer County, WV
Check your credit, savings, debt, and the local market before you start shopping.
Mercer County Market Snapshot
- • In Mercer County, homes tend to cost between $113,000 and $169,000.
Credit Score and Down Payment
- • Most home loan programs need a credit score of at least 580.
- • A score of 620 or higher can unlock better interest rates and lower costs over time.
- • Save money for a down payment, closing costs, and an emergency fund with 3 to 6 months of expenses.
Debt-to-Income Ratio
- • Lenders compare your monthly debt payments to your monthly income.
- • A common target is to keep total monthly debt at or below 43% of your monthly income.
- • This helps show that you can manage a mortgage payment along with your other bills.
Renting vs. Buying
- • Renting is more flexible and can make moving easier.
- • Buying helps you build equity, reduces the risk of rent increases, and may offer tax benefits.
- • Homeownership also means taking responsibility for repairs, insurance, and maintenance.
Action Step
- • Check your credit score at AnnualCreditReport.com.
- • Write down your score and the three lender focus areas: payment history, amounts owed, and length of credit history.