Conventional loans are mortgage products that are not insured or guaranteed by the federal government. They are popular with first‑time homebuyers because they often have competitive rates and flexible terms once you meet the basic qualifications.

Key qualification factors

• Credit score. Most lenders look for a score of at least 620. Higher scores can secure better interest rates and lower mortgage‑insurance costs.
• Down payment. Conventional loans typically require as little as 3 % of the purchase price if you qualify for a low‑down‑payment program, though putting down 5–20 % can eliminate private mortgage insurance.
• Debt‑to‑income (DTI) ratio. Lenders usually want your total monthly debt payments, including the projected mortgage, to be 43 % or less of your gross monthly income.
• Loan‑size limits. In West Virginia, most counties follow the standard conforming loan limit (about $726,200 in 2024), with higher limits in a few high‑cost areas.

Why these rules exist

Lenders set credit‑score and DTI thresholds to gauge the likelihood that borrowers will repay the loan. A higher down payment reduces the lender’s risk, which is why private mortgage insurance (PMI) can be avoided once you reach 20 % equity.

West Virginia‑specific considerations

• The West Virginia Housing Development Fund offers down‑payment assistance and mortgage credit certificates that can be paired with a conventional loan, effectively lowering the amount you need to bring to closing.
• Many closings in the Mountain State are handled by a real‑estate attorney rather than a title company, which can affect closing‑cost structures and the documents you will sign.

Steps to get started

• Check your credit report and address any errors.
• Save for a down payment and closing‑cost buffer.
• Get pre‑approved by a mortgage lender to understand how much you can afford.
• Explore West Virginia’s first‑time‑buyer assistance programs and discuss eligibility with your lender.
• Work with a real‑estate attorney familiar with WV transactions to review contracts and closing documents.

This article provides general information about conventional loans for first‑time buyers in West Virginia and does not constitute personalized financial advice. You should consult a qualified mortgage professional or financial advisor to evaluate your specific situation.