Home financing in Preston County.

Home financing — most commonly called a mortgage — is a loan you use to buy a house or other residential property. You borrow money from a lender, purchase the home, and repay the loan in monthly installments over a set term (often 15 or 30 years). The home itself serves as collateral, meaning the lender can reclaim it if payments stop.

There are several types of home loans available in Preston County:

• **Conventional loans** — offered by banks and credit unions, typically requiring a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — backed by the Federal Housing Administration, these allow lower credit scores (as low as 580) and down payments as low as 3.5%. They are a popular starting point for first-time buyers.

• **USDA Rural Development loans** — because most of Preston County is classified as rural, many buyers here qualify for USDA loans, which can require zero down payment.

• **VA loans** — for eligible veterans and active-duty service members, offering zero down payment and favorable terms.

• **ITIN loans** — some community lenders offer mortgages to buyers who have an Individual Taxpayer Identification Number (ITIN) but not a Social Security number.

No single loan type is right for everyone. The goal of this guide is to help you find the right fit for your specific situation.

Preston County is a largely rural, working-class community in north-central West Virginia. Its economy is anchored by timber, agriculture, small manufacturing, and service-sector work — along with a notable and growing population of Latino workers and families, many employed in poultry processing, farming, and construction trades.

This economic reality shapes who qualifies for home loans here:

• **Wage earners** with steady employment (even part-time or seasonal) may qualify with as little as one to two years of documented income.

• **Self-employed contractors and small business owners** — very common in Preston County's construction and trade sectors — typically need two years of tax returns to document income, though some CDFI lenders are more flexible.

• **ITIN holders** — buyers who pay taxes with an Individual Taxpayer Identification Number, rather than a Social Security number, can access mortgage products through specific local lenders (see Section 4).

• **First-time buyers** — the West Virginia Housing Development Fund (WVHDF) defines a first-time buyer as anyone who has not owned a primary residence in the past three years, which opens up a broader pool of applicants than many people expect.

• **Lower-income households** — Preston County's median household income is well below the state average, which actually makes more residents eligible for USDA Rural Development loans and WVHDF assistance programs, both of which use income limits tied to local area median income (AMI).

Do not assume you don't qualify before speaking with a local housing counselor. Eligibility is more flexible than many people realize — especially in rural West Virginia.

Gathering paperwork early makes the process much smoother. The exact list varies by lender and loan type, but here is what most home loan applications in Preston County will require:

**For identification:**

• Government-issued photo ID (driver's license, passport, or consular ID / matrícula consular)

• Social Security number OR Individual Taxpayer Identification Number (ITIN)

**For income verification:**

• Last two years of federal tax returns (all pages)

• W-2 forms or 1099s for the past two years

• Recent pay stubs (last 30–60 days)

• If self-employed: profit-and-loss statements and business bank statements

**For assets and savings:**

• Last 2–3 months of bank statements (all pages, all accounts)

• Documentation of any gift funds (a signed gift letter from the donor)

**For the property:**

• Signed purchase agreement (after you've made an offer)

• Property address for appraisal scheduling

**For rental history (if applicable):**

• 12–24 months of canceled rent checks or a letter from your landlord

If you have non-traditional income — cash wages, remittances, or income from multiple informal jobs — talk to a CDFI or HUD-approved housing counselor first. They can help you organize this documentation in a way lenders will accept.