Conventional loans refer to loans that are not insured by a government agency, may be either fixed or adjustable rate.

Subject to Credit Approval

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

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, may be either fixed or adjustable rate. However 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, is a loan type that allows the interest rate to adjust during the term of the loan.

Generally, these changes are determined by a margin and an index so that the interest rate changes, up or down, are based on market conditions at the time of the change. 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, may be either fixed or adjustable rate. However 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, may be either fixed or adjustable rate and exceed the maximum loan amounts established by Fannie Mae or Freddie Mac.

Conventional loans refer to loans that are not insured by a government agency, may be either fixed or adjustable rate.

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 best known advantages of a VA loan is that no down payment is required up to a point and the Federal Government guarantees the loan.

Subject to Credit Approval

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Federal Housing Administration (FHA)

A department of the U.S. Department of Housing and Urban Development (HUD) that insures low downpayment 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 participates whenever special funds are made available by various state agencies such as the West Virginia Housing Development Fund and the Ohio Housing Finance Agency.

West Virginia Housing Development Fund a.k.a. WVHDF

The WVHDF was established to develop and improve housing opportunities for West Virginia residents. The Fund has several programs designed to help families realize the “American Dream” of owning their own home. One of the programs available is the Single Family Bond Program. This program has below market rates, provides 97% to 100% financing, and is often referred to as First-Time Homebuyers. Generally, First-Time Homebuyer means that the applicant can not have owned a home in the prior three (3) years; however, this restriction only applies in 19 counties. Income and house price limits apply based on county of residence.

Ohio Housing Finance Agency aka OHFA

The Ohio Housing Finance Agency offers affordable housing opportunities for Ohioans from rental assistance to homeownership. OHFA also provides access to financial resources for the development and management of safe, sanitary and affordable housing. The Agency's programs serve first-time homebuyers, renters, senior citizens and other populations with special needs who otherwise might not be able to afford quality housing. OHFA programs are made possible through coordination and cooperation between private industry and local communities.

The Office of Homeownership works to ensure that families earning low to moderate incomes have access to affordable housing by providing low-interest loans and down payment assistance statewide. With the help of the state's real estate professionals and mortgage lenders, OHFA's program offers below-market interest rates to first-time homebuyers and persons purchasing homes in targeted reinvestment areas designated by HUD.

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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Reverse Mortgage

If you are at least sixty-two years of age and have equity in your home or condominium, a reverse mortgage can turn that equity into cash, a line of credit, monthly income or a combination of the three.

A reverse mortgage is a loan against the equity in the home that provides tax-free* cash advances, but requires no payments during the term of the loan. Since there are no monthly payments during the life of the loan, the balance grows larger and the equity gets smaller.

The loan is not due and payable until the borrower no longer occupies the home as a principal residence such as when the last surviving borrower sells, moves out permanently or passes away.

There are no income or credit requirements to qualify. You may be eligible for a reverse mortgage even if you still owe money on your first mortgage.

*Consult a Tax Advisor

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Specialty Programs

WesBanco offers a variety of special programs such as construction perm, temporary construction, mobile homes on land, blanket mortgages (encompasses multiple properties or other collateral) 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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