Buying a Home • Mercer County, WV • 2 / 4
Understanding Mortgages and Help Programs • Mercer County, WV
Learn the main loan types, why pre-approval matters, and what local programs may help.
Programs in Mercer County
- • The West Virginia Housing Development Fund Homeownership Program offers a 30-year fixed rate and up to 100% financing for eligible buyers with a 640+ credit score.
- • The Low Down Home Loan program can provide up to $12,000 for down payment and closing cost help.
Types of Loans
- • Conventional loans are standard bank loans and often need stronger credit and a larger down payment.
- • FHA loans can help buyers with lower credit scores and require as little as 3.5% down.
- • VA loans help eligible veterans, and USDA loans can support qualified buyers in rural areas with no down payment.
Getting Pre-Approved
- • Pre-approval shows sellers you are serious about buying.
- • It helps you understand what price range you can afford before you start shopping.
- • Ask lenders for timelines, interest rates, and full cost estimates before choosing one.
Action Step
- • Contact the West Virginia Housing Development Fund at wvhdf.com or call your local lender to ask about first-time buyer programs.