Available Loan Programs 

 

Conventional Fixed Rate Loans First Time Home Buyer
Conventional Adjustable Rate Loans WesBanco's Freedom Mortgage Loan
Conventional Jumbo Loans Specialty Programs
Veteran's Administration (VA) Refinancing
Federal Housing Administration (FHA)

 

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Conventional Fixed Rate Loans

WesBanco offers a variety of fixed rate loans with varying terms, down payment requirements, and competitive rates.

Fixed rate loans offer the convenience of a fixed principal and interest payment over a fixed period of time. This is nice for budgeting.

Conventional loans refer to loans that are not insured by a government agency and have either a fixed or adjustable rate. Private mortgage insurance is typically required when the loan amount exceeds 80% of the value.

Subject to Credit Approval

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Conventional Adjustable Rate Loans (ARM)

An adjustable rate mortgage, commonly referred to as an ARM, has an interest rate that may change during the term of the loan.

Generally, adjustments are determined by a margin and an index so interest rate changes, up or down, are based on market conditions at the time of the adjustment. Most often these interest rate changes are limited by a rate change cap and a lifetime cap.

If you apply for an adjustable rate mortgage, the lender is required to provide you with an ARM Program Disclosure that describes the terms of the loan.

Conventional loans refer to loans that are not insured by a government agency and have either a fixed or adjustable rate. Private mortgage insurance is typically required when the loan amount exceeds 80% of the value.

Subject to Credit Approval

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Conventional Jumbo Loans

Conventional JUMBO loans refer to loans that are not insured by a government agency, have either a fixed or adjustable rate and exceed the maximum loan amounts established by Fannie Mae or Freddie Mac. Private mortgage insurance is typically required when the loan amount exceeds 80% of the value.

Subject to Credit Approval

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Veteran's Administration (VA)

VA loans are exclusively designed for eligible veterans of military service. Eligibility requirements vary during peace times vs. times of military action. Initially a VA loan was a one-time benefit, but now it may be used multiple times. The advantage of a VA loan is that a down payment is normally not required and the Federal Government guarantees the loan.

Subject to Credit Approval

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Federal Housing Administration (FHA)

The FHA is a department of the U.S. Department of Housing and Urban Development (HUD) that insures low down payment mortgages granted by some lenders. The loan must meet the established guidelines of FHA in order to qualify for the insurance. FHA loans are mortgages insured by the Federal Government and allow for a minimal down payment. FHA does not have an income limit and is not geared to first-time buyers however there are maximum loan amounts determined by HUD.

Subject to Credit Approval

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First Time Home Buyer

WesBanco is committed to addressing the needs of low- and moderate-income individuals and low- and moderate-income geographies.As a result, WesBanco offers flexible loan programs that are designed to address the credit needs of the communities we serve.

State Bond Programs

The West Virginia Housing Development Fund Mortgage Revenue Bond Program is often known throughout West Virginia as the “first-time home buyer” program.This program provides 30-year, competitively priced, fixed-rate mortgages.One special feature of this program is the Home Ownership Assistance Program which provides a loan for down payment and closing cost assistance to qualified borrowers.Income and house price limits apply.You may not need to be a first-time home buyer to qualify. In targeted counties, there is no requirement of first-time buyer status. In addition, the first-time buyer status is defined as someone who has not owned and occupied their principal residence in the past 36 months.

Ohio Housing Finance Agency loan programs offer competitive fixed interest rates on 30-year conventional loans and FHA and VA government programs.Eligible borrowers can choose down payment and closing cost assistance in the form of a grant in an amount equal to two percent of the home’s purchase price or a second mortgage in an amount up to four percent of the home’s purchase price.Income and house price limits apply.You may not need to be a first-time home buyer to qualify. The First-Time Homebuyer Program is available to those who have not owned or occupied a principal residence in the last three years. In targeted counties, there is no requirement of first-time buyer status. Additionally, a temporary federal exception allows veterans who may have owned a home in the past three years to qualify for the First-Time Homebuyer Program.

Home Possible and My Community Mortgages

Home Possible and My Community Mortgages are flexible loan products that allow zero or low down payment.Closing costs may come from a wide array of sources, such as a grant from a local housing agency or the FHLBank of Pittsburgh’s First Front Door Program, employer, gift from a relative, or a three percent concession from the property seller.These mortgage products also offer flexible underwriting guidelines.Additional flexibilities may exist for those who serve their community as teachers, law enforcement, firefighters, healthcare workers, or the military.

First Front Door Program, FHLBank of Pittsburgh

 

Qualified borrowers can receive matching funds up to $5,000.00 from the FHLBank of Pittsburgh to use as down payment and closing cost assistance.Income limits and other guidelines apply.

 

Subject to Credit Approval

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WesBanco's Freedom Mortgage Loan

WesBanco is committed to being an active partner in our neighborhoods. The Freedom Mortgage Loan may expand opportunities for income qualified borrowers purchasing affordable housing.

Customers can be pre-qualified for any of these programs and can apply for assistance grants for down payment and/or closing costs.

Counseling and homebuyer education programs are also available to help prospective homebuyers understand some of the complexities of homeownership.

Subject to Credit Approval

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Specialty Programs

WesBanco offers a variety of special programs such as construction permanent, temporary construction, and land only loans.

Subject to Credit Approval

Refinancing

Whether you have a high fixed rate that you want to lower or an adjustable that you want to convert to a fixed rate, WesBanco can help. Refinancing is an excellent way to utilize your equity for education funds for college, debt consolidation, financial planning (increase/decrease monthly obligations by increasing/decreasing length of repayment) and acquisition of other assets.

Subject to Credit Approval

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