West Virginia Investment Property Loans

Buying an Investment Property in West Virginia

West Virginia is a great place to invest in real estate, offering a balance of affordable properties and growing tourism. With more affordable housing available, you can buy properties for less money compared to other states. Plus, with different investment options, you can choose from long-term rentals in cities, vacation rentals in popular spots, and fix-and-flip projects in up-and-coming residential neighborhoods.

The real estate market in West Virginia is looking good, demonstrated by the fact that home values have gone up by more than 5% in the last year. This means your real estate investment could grow over time. Also, West Virginia has lower property taxes than many other states, which can help you keep more of the money you make from your rental or investment property.

There are many ways to invest in West Virginia real estate:

• Long-term rentals: Buy a house or apartment and rent it out to tenants who will live there for a year or more.
• Short-term rentals: Purchase a property to rent out for days at a time.
• Vacation rentals: Buy a home in a popular vacation spot and rent it out to tourists.
• Fix-and-flip projects: Purchase undervalued properties, renovate them, and sell them for a profit. This can be effective in areas experiencing revitalization or growing popularity.
• Multifamily properties: Purchase apartment buildings or duplexes. This can provide multiple streams of rental income from a single property.

No matter which type of investment you choose, you’ll need to know about the different loans available for investment property in West Virginia.

West Virginia Investment Property Loan Types

Investors can choose between a variety of loans for investment property in West Virginia. The one that’s best for you will depend on your investment strategy and overall goals. Let’s take a look at the type of West Virginia investment property loans available to you:

Conventional Loans

Conventional loans are the most well-known loan types for investors. For these loans, you’ll usually need a larger down payment and a better credit score than you would for a regular home loan. Conventional loans are best suited to borrowers with a solid financial history and some money saved up. Anyone can use them as long as they qualify.

DSCR Loans

Debt service coverage ratio (DSCR) loans are a type of rental property loan in West Virginia. They’re unique because eligibility and loan amounts are based on how much money the property can make rather than the borrower’s personal income. DSCR loans are ideal for experienced investors who want to buy properties that will earn them enough rental income to cover their business expenses and the cost of their mortgage.

Bank Statement Loans

If you’re self-employed or have a non-traditional job, you might not qualify for a conventional loan due to tax deductions that lower your taxable income. Instead of using tax returns to check your income, lenders can look at your bank statements. Bank statement loans can be helpful for any investor whose tax returns don’t do a good enough job showing their true income.

VA Loans

VA loans are designed for active-duty service members and veterans. While they’re usually only for homes you’ll actually live in full-time, you can use a VA loan to buy an investment property with 1-4 units as long as you live in one. This could be a good way to dip your toe into real estate investing.

FHA Loans

Like VA loans, FHA loans are typically for primary residences. However, using an FHA loan to buy a property with up to four units is possible if you plan to live in one of them. This can be a great option for first-time investors who want to live in their investment property.

Home Equity Loans

If you already own a home, you might be able to use a home equity loan to buy an investment property. This means borrowing money against the value of your current home. Home equity loans are for homeowners who have built up equity in their homes over the years because they typically come with lower interest rates than other investment property loans in West Virginia.

Asset-Based Loans

These loans consider your liquid assets as income rather than just focusing on your income from work. Asset-based loans can be useful if you have valuable assets like savings or retirement accounts but don’t have a traditional job or steady income.

Private Money Loans

Private money loans come from individual lenders or companies, allowing them to offer faster and more flexible loan products. However, hard money lenders in West Virginia typically charge higher interest rates, so these loans are ideal for short-term investments like fix-and-flip projects or if you need to move quickly on a property.

How to Finance an Investment Property in West Virginia

Now that you know about the different types of loans, here’s how to get started in the Mountain State:

1. Choose your investment strategy: Decide between long-term rentals in university towns like Morgantown, commercial properties in growing areas like Charleston, or fix-and-flip projects in up-and-coming neighborhoods across the state.
2. Figure out which type of loan works best for your situation: Think about your credit score, how much money you have saved, and your long-term goals.
3. Find a property you like and apply for financing:Your lender will guide you through the process and help you get the best loan for your needs.

Why Choose Griffin Funding?

At Griffin Funding, we’re experts in investment property loans in West Virginia. Here’s why you should choose us:

• Experience: We’ve helped many investors just like you find the right loans for their properties.
• Flexible solutions: We know that every investor is different, so we offer a range of loan options to fit your needs.
• Personal service: Our team will work closely with you to understand your goals and find the best loan for your situation.
• Competitive rates: We offer great rates on investment property loans in West Virginia, helping you save money in the long run.

Partner With a Leading West Virginia Investment Property Lender

Griffin Funding is here to help you grow your investment portfolio. We’re a trusted investment property lender in West Virginia, and we’re excited to work with you. Don’t miss out on the great investment opportunities in West Virginia. With the right financing, you can start building your real estate portfolio and working towards your financial goals.

Ready to get started? It’s easy! Just use our Griffin Gold app to learn about your options and connect directly with our loan experts, or apply now to begin the process.