Home financing in Taylor County.

Home financing — most commonly a mortgage — is a loan you use to buy, build, or refinance a home, with the property itself serving as collateral.

In Taylor County, WV, the housing market is rural and relatively affordable compared to most of the country.

Median home prices in Grafton and surrounding communities tend to be well below national averages, which means smaller loan amounts and, in many cases, more flexibility with local lenders who understand the local market.

The most common loan types you'll encounter here are:

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

• **FHA loans** — backed by the federal government, allowing lower credit scores (580+) and down payments as low as 3.5%. These are popular in rural counties like Taylor.

• **USDA Rural Development loans** — because much of Taylor County qualifies as rural, many buyers here can access USDA guaranteed loans with zero down payment required.

• **VA loans** — for veterans and active-duty service members; no down payment, no private mortgage insurance.

• **ITIN-based loans** — for buyers who don't have a Social Security number but have an Individual Taxpayer Identification Number (ITIN). A handful of community lenders and CDFIs in the region offer these.

Think of your loan type as a tool — pick the one that fits your situation, not the one that sounds most impressive.

Taylor County's economy is shaped by healthcare (United Hospital Center is a major employer in neighboring Bridgeport), small manufacturing, trades, retail, and a meaningful self-employed workforce — contractors, truckers, small farmers, and home-based business owners. The county seat is Grafton, a town of roughly 5,000 people along the Tygart Valley River.

Here's what qualification generally looks like for different types of borrowers in this region:

**W-2 employees** — If you get a regular paycheck from a local employer, qualification is typically the most straightforward. Lenders want two years of employment history, a credit score of at least 580–620 depending on the loan type, and a debt-to-income ratio under 43–50%.

**Self-employed contractors and tradespeople** — Very common in Taylor County. You'll usually need two years of federal tax returns showing consistent income, a business bank account if possible, and proof that your business is active. Income is calculated from your net earnings, not gross revenue — so this matters when you're doing your taxes.

**ITIN holders** — If you pay taxes with an ITIN rather than a Social Security number, you can still qualify for a home loan through certain CDFI and community lenders (see Section 4). You'll typically need 12–24 months of bank statements, a larger down payment (10–20%), and a strong rental or payment history.

**First-time buyers** — West Virginia's state housing authority (WVHDF) has programs designed specifically for first-time buyers across the state, including Taylor County residents. Income and purchase price limits apply.

**Low-to-moderate income buyers** — Taylor County's median household income is below the state and national averages, which can actually work in your favor: many programs set their eligibility thresholds based on area median income (AMI), meaning more people in this county qualify for down payment assistance and reduced-rate programs.

Every lender has its own checklist, but here is what most home loan applications in Taylor County will require. Gathering these ahead of time saves weeks.

**For all applicants:**

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

• Social Security number OR ITIN

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

• Last two years of W-2s or 1099s

• Last 30–60 days of pay stubs (if employed)

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

• Proof of any other income (rental income, Social Security, child support, etc.)

• Landlord contact information or 12–24 months of rental payment history

**If self-employed:**

• Business tax returns (two years, Schedule C or Form 1120/1120S)

• Year-to-date profit and loss statement

• Business bank statements (2–3 months)

• Business license or proof of active operation

**For ITIN applicants:**

• ITIN letter from the IRS

• 12–24 months of bank statements

• Alternative credit references: utility bills, insurance payments, rent payment history

• Larger down payment documentation (source of funds)

**For the property:**

• Signed purchase agreement (once you have an accepted offer)

• Property address for appraisal and title search

Tip: Get your documents organized into a folder — physical or digital — before you talk to any lender. You'll feel more confident and the process will move faster.