The Best Mortgage Lenders in Beverly, WV
Compare verified mortgage lenders serving Beverly, West Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Beverly
Featured Mortgage Lenders
Mortgage Department
First United Bank & Trust
First United Bank & Trust is a highly-rated regional financial institution with deep roots in West Virginia communities. Their Elkins branch serves the Beverly area with personalized mortgage services and local underwriting decisions. With over 120 years of operation, they offer competitive rates and a wide range of loan products including specialized rural housing loans perfect for the Beverly market. Their local loan officers understand the unique needs of Randolph County residents and provide exceptional customer service with the stability of a community-focused bank.
Loan Types:
Mortgage Center
City National Bank
City National Bank has been serving West Virginia communities for nearly 90 years with a strong presence in central WV including the Beverly area. Their Elkins location provides convenient access for Beverly residents seeking mortgage financing. They are particularly noted for their first-time homebuyer programs and USDA rural development loans that are well-suited for the Beverly housing market. The bank maintains high customer satisfaction ratings for their responsive service, local decision-making, and competitive rate offerings.
Loan Types:
Mortgage Services
United Bank
United Bank brings extensive mortgage lending experience to the Beverly area through their Elkins banking center. As one of West Virginia's largest and most established financial institutions, they offer comprehensive mortgage solutions with the advantage of local processing and underwriting. They excel in construction lending and renovation loans, which are particularly valuable in rural areas like Beverly. Their long history in the region ensures deep understanding of local property values and market conditions, combined with the resources of a major regional bank.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Beverly, WV
What are typical down payment requirements for homes in Beverly, WV, given the local market?
In Beverly's affordable market, many conventional loans require a 3-5% down payment, but local lenders often work with buyers who can put down as little as 3.5% through an FHA loan. For the area's median home price, this can mean an initial investment of just $5,000-$10,000. USDA loans are also popular in Randolph County, offering 0% down for eligible rural properties.
Are there any local or state-specific first-time homebuyer programs beneficial for purchasing in Beverly?
Yes, the West Virginia Housing Development Fund (WVHDF) offers several programs, including down payment assistance and competitive interest rate loans, which are accessible to Beverly homebuyers. These programs often have income limits that many local residents qualify for, given the area's median income. A local mortgage broker can help you navigate the specific "Homeownership Program" or "Movin' Up" program requirements.
How does Beverly's location in a rural area affect mortgage options and property eligibility?
Beverly's rural designation makes many properties eligible for USDA Rural Development loans, a major advantage offering 100% financing with no down payment. However, not every parcel qualifies, so a lender must confirm the specific address meets USDA guidelines. This program is a cornerstone of mortgage lending in the area due to the town's population size and setting.
What should I know about property taxes and insurance when calculating my monthly mortgage payment in Beverly?
Randolph County property taxes are relatively low, which helps keep total monthly payments affordable. You should budget for mandatory homeowner's insurance and, if your down payment is less than 20%, private mortgage insurance (PMI). A local lender can provide precise estimates for taxes and average insurance costs for homes in Beverly to factor into your debt-to-income ratio.
Are local credit unions or community banks in the Beverly area competitive for mortgages?
Absolutely. Local institutions like Summit Community Bank or Davis Trust Company have deep knowledge of the Beverly and Randolph County real estate market and often provide personalized service. They can be particularly helpful for buyers with unique financial situations or those seeking portfolio loans, and their rates are often competitive with larger national lenders.
Why Choose a Mortgage Lender in Beverly?
Local Market Knowledge
Lenders who understand Beverly's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in West Virginia.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Beverly and get competitive rates on your home loan.