Mortgage lender closing cost rankings in West Virginia (2025)

West Virginia is a deed-of-trust state that uses non-judicial foreclosure as its primary foreclosure mechanism, meaning lenders can foreclose without court involvement when a power-of-sale clause is present in the deed of trust. West Virginia is an attorney-closing state, meaning a licensed attorney must conduct or supervise the closing; title companies alone cannot close a transaction. Transfer taxes are structured as a state excise tax on the privilege of transferring real property, commonly called the Realty Transfer Tax; the rate is generally $1.10 per $500 of consideration, and by custom the seller typically pays, though this is negotiable. Title insurance rates in West Virginia are filed with the state Insurance Commissioner under a file-and-use regulatory framework. Prepayment penalties on residential mortgage loans are subject to federal restrictions under Dodd-Frank's Qualified Mortgage rules; West Virginia imposes stricter state-level limits by prohibiting prepayment penalties on residential mortgage loans under the WV Residential Mortgage Lender, Broker and Servicer Act. The West Virginia Division of Financial Institutions oversees state-chartered lenders and mortgage companies operating in the state.

Conventional loans dominate West Virginia's purchase market, accounting for 53.9% of 2024 originations (6,728 loans) at a median rate of 6.625%. FHA loans represent a notably high 28.0% share (3,501 originations), reflecting the state's lower median incomes and home values, which steer many buyers toward lower down-payment government-backed options. VA loans account for 13.2% of volume (1,643 originations), supported by a meaningful veteran population in the region. USDA loans, at 4.9% (615 originations), reflect the state's largely rural geography, where USDA Rural Development loan eligibility is widespread.