HELOC Loans in West Virginia

Home Equity Line of Credit (HELOC)

Homeowners in West Virginia can unlock flexible financing through a HELOC (home equity line of credit), which allows borrowing as needed during a draw period. Whether you're upgrading your home in Charleston, consolidating debt in Morgantown, or funding tuition in Huntington, a HELOC offers convenience and control. These loans typically require 15%–20% home equity, a credit score of at least 620, and proof of income. Most HELOCs feature variable interest rates tied to the prime rate. Home equity loans, by contrast, offer a one-time lump sum with fixed payments and rates—ideal for large, one-time expenses. Credit unions and regional banks in West Virginia often provide personalized service and competitive loan options.

GET A QUOTE

How to qualify

To obtain a quote, we will need the following information:

Property Value and

 Purchase Price


Down Payment

Amount


Credit Score

 Asset Types

  • Single Family Homes
  • Townhomes
  • Condos
  • 2 - 4 Units (Duplex, Triplex, Quadplex)
  • Multi-Family: 5 - 8 Units
  • Mixed-Use: 2 - 8 Units
  • Multi-Family: 9+ Unit


Loan Terms

  • Loan Sizes: $100k up to $3.5 Million (Larger loan sizes available on a case by case basis)
  • Purchase LTV: Up to 85%
  • Rate & Term Refinance LTV: Up to 80% 
  • Cash Out Refinance LTV: Up to 80%
  • Amortization: 30 Year % 40 Year Amortization Options Available
  • Term Lengths: 5/6 ARMs, 7/6 ARMs, 10 Year Interest Only, 30 Year Fixed & 40 Year Fixed
  • Floor Rate: 5.50% (subject to change daily due to market volatility)
  • Full Recourse with personal guarantee required for all borrowers with majority ownership (typically 20%+ or 25%+ if closing in an Entity)
  • DSCR Requirement: 1.00x or greater depending on loan size and property type. Sub-1.00x DSCR and NO DSCR options available.
  • Vesting: Lending to Individuals, LLCs, and Corporations. Trusts Allowable on a Case by Case Basis.
  • Average Time to Close: 14 to 35 days

Wondering if you qualify for investment property financing in your area?


We offer lending services in all 50 states!

FIND OUT MORE

Frequently Asked Questions

What is a HELOC and how does it differ from a home equity loan?

A HELOC in West Virginia is a revolving credit line secured by your home equity. It allows you to borrow in stages and repay over time. A home equity loan gives you a fixed lump sum with a stable monthly payment and interest rate. Choose based on your financial goals and expense schedule.

How do HELOC rates work and what affects the interest rate?

HELOC rates in West Virginia are generally variable and tied to the prime rate. Your actual rate depends on your credit score, income, home equity, and lender guidelines. Some lenders offer fixed-rate conversion features or promotional intro APRs.

Can I qualify for a home equity loan in West Virginia with low credit?

Yes, West Virginia homeowners with lower credit may still qualify for a home equity loan if they have substantial equity and stable income. While most lenders prefer credit scores above 620, some credit unions or community banks may work with scores in the 580–620 range. Expect stricter underwriting and higher interest rates.

How much equity do I need in my home to get a HELOC?

In West Virginia, most lenders require 15%–20% equity in your home to qualify for a HELOC. This usually means your loan-to-value ratio must be 80%–85% or better. Lenders will also consider your credit profile and income stability.

Are home equity loans in West Virginia better for large expenses?

Yes, home equity loans in West Virginia are well-suited for major, one-time expenses like home improvements or debt consolidation. They offer fixed rates and predictable repayment terms. For phased or recurring expenses, a HELOC may be more appropriate.

What are typical equity rates and loan terms in West Virginia?

In West Virginia, HELOC APRs typically range from 7% to 10%, based on credit, income, and available equity. Most HELOCs offer a 10-year draw period and a 10- to 20-year repayment phase. Home equity loans come with fixed rates and 5- to 30-year terms. Compare multiple lenders to find favorable terms.

Looking beyond West Virginia? Explore HELOC lending programs in Ohio , Pennsylvania , Virginia , Kentucky , and Maryland to find the best rates and regional options.