West Virginia is a southern state. Rich in natural resources, physical beauty, and traditional culture, West Virginia’s charm is that of being “off the beaten path.” West Virginia is a destination for white water rafting, kayaking, skiing, climbing, golf, mountain biking, hiking, and off-roading. It is the only state that is entirely contained in Appalachia. Its location between the midwest and eastern seaboard of the United States means that over 60% of the United States population lives less than 500 miles from West Virginia.

West Virginia is abundant in natural resources, being primarily known as a major producer of coal since the 1800s—in fact, it’s the number two coal-producing state in the U.S. *

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Maybe you’re buying your first home in West Virginia, or perhaps you’re relocating to West Virginia from another state. Either way, it’s important that you educate yourself on West Virginia home loans before shopping for a home and mortgage. This article explains what you’ll need to know before buying a home in West Virginia:

The median price of a home in West Virginia is $72,800. Homes in West Virginia appreciate at a lower rate than that of average national home appreciation; however, they do appreciate at a modest rate. The rate of job growth in West Virginia is below the national average, and income levels in many parts of West Virginia are too low to purchase a median-priced home with a conventional loan.

Average mortgage interest rates in West Virginia are just slightly above the national average interest rate. Income levels in West Virginia are amongst the lowest in all 50 states; however, home prices are also amongst the lowest in all 50 states. Nationally, West Virginia has the lowest number of individuals over the age of 25 whom have Bachelors degrees.

Borrowers have three days after signing a HELOC contract and paying their fees to change their mind and cancel the loan. Borrowers who decide not to take the line of credit within three days will be refunded all fees paid. Additionally, West Virginia law does not allow interest rates on subordinate mortgage loans to exceed 18% per year.