See why WesBanco is a better mortgage partner.
Over the years, we have established an excellent working relationship with Freddie
Mac, Fannie Mae, FHA, VA, and a number of local and state housing funds (Ohio Housing
Finance Agency, West Virginia Housing Development Fund), thereby allowing us a wide
selection of mortgage programs to offer.
We make it extremely convenient for you to get started on your application – whether
for a pre-qualification or to actually apply for your dream home. We offer face-to-face
appointments during normal business hours, evenings or weekends, telephone interviews
or Internet applications. Our Mortgage Loan Specialists can assist you every step
of the way.
Specialists in the field of mortgage lending, WesBanco Bank’s experienced loan officers
will help you select the loan that best suits your needs and expectations for the
purchase or building of a new home or to refinance an existing residential property.
Call our toll free number at (877)682-7944.
Available Loan Programs
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
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
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
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
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
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 25 to 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 2.5% 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.
Subject to Credit Approval
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
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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