Home financing in Wayne County.

Home financing means borrowing money to buy, build, or repair a home, then repaying that loan over time — usually 15 to 30 years — with interest. The most common product is a mortgage. When you take out a mortgage, the home itself serves as collateral: if you stop making payments, the lender can foreclose and take ownership of the property.

There are several types of home loans available in West Virginia:

• **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 government, allowing credit scores as low as 580 and down payments as low as 3.5%. These are widely used in rural counties like Wayne.

• **USDA Rural Development loans** — because much of Wayne County is classified as rural, many buyers here may qualify for zero-down-payment USDA loans.

• **VA loans** — for veterans and active-duty service members; no down payment required.

• **ITIN loans** — for buyers who do not have a Social Security number but do have an Individual Taxpayer Identification Number. A small number of local and regional lenders offer these.

• **Rehab or renovation loans** — such as the FHA 203(k), which lets you finance the purchase and repair of a home in a single loan. This is particularly relevant in Wayne County, where older housing stock is common.

Federal programs like FHA and USDA set the rules, but local lenders and community organizations are the ones who actually process and deliver these loans to you.

Wayne County's economy is shaped by healthcare, education, small-scale construction, retail, and the commuter corridor along U.S. Route 52 toward Huntington, Cabell County.

Many residents work hourly or seasonal jobs, are self-employed contractors, or receive income from multiple sources.

That is okay — lenders who know this region understand that income documentation may look different here.

**General qualification factors lenders look at:**

- Steady income (W-2 wages, 1099 self-employment, or a combination)

- Debt-to-income ratio (your monthly debts vs. your monthly income — most lenders want this below 43–50%)

- Credit history (some local programs accept scores in the 580–620 range)

- Employment history (typically two years in the same field, though gaps can sometimes be explained)

- Down payment funds (gift funds from family are often allowed)

**If you are self-employed or a solo contractor:** Expect to provide two years of tax returns and possibly a profit-and-loss statement. Some local CDFIs and credit unions are more flexible than big banks when it comes to non-traditional income.

**If you do not have a Social Security number:** ITIN-based home loans are available through select lenders. You will need a valid ITIN, proof of income, and typically 10–20% down. See Section 4 for lenders that offer this in or near Wayne County.

**Geographic note:** Many parts of Wayne County — including areas around Crum, Dunlow, Kenova, and Ceredo — qualify for USDA Rural Development loans due to their rural designation. This is a significant benefit because USDA loans require no down payment and often carry competitive interest rates.

Gathering your paperwork ahead of time will make the process much smoother. Here is what most lenders — conventional, FHA, or USDA — will ask for:

**Identity and residency:**

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

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

- Immigration documents if applicable (visa, green card, work authorization)

**Income:**

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

- Last two years of W-2s or 1099s

- Last 30 days of pay stubs (if employed)

- If self-employed: business tax returns and a profit-and-loss statement

- Social Security or disability award letters (if applicable)

**Assets:**

- Last two to three months of bank statements

- Documentation of any gift funds (a signed gift letter is required)

- Retirement or investment account statements (optional but helpful)

**Property:**

- Purchase agreement or listing information for the home you want to buy

- Landlord contact information (if currently renting, some lenders verify rental history)

**Credit:**

- Lenders will pull your credit report — you do not need to provide it, but review it yourself first at AnnualCreditReport.com so there are no surprises.

If you work with a local CDFI or HUD-approved housing counselor before applying, they can help you organize these documents and spot any issues in advance — at little or no cost.