Did you know that West Virginia is the only state located entirely within the Appalachian Mountain range? Hence its nickname, "The Mountain State." Adding to its unique charm, the New River (despite its name) is one of the oldest rivers in the world, estimated to be over 300 million years old. Aside from natural beauty and green forests, West Virginia has several intriguing markets for international real estate investors to explore. In this guide, we’ll share everything you need to know about investing in West Virginia, from identifying high-demand areas to maximizing your leverage with DSCR loans.
We are providing the following discussion to you for informational purposes only. All investments, including real estate, involve risk, and we encourage you to invest carefully. The information in this article is not intended to replace or serve as a substitute for any legal, real estate, tax, or other professional advice or service. You should consult with a professional in the respective legal, tax, accounting, real estate, or other professional area before making any decisions or entering into any contracts relating to a rental property.
West Virginia can offer many opportunities for rental property investors–if they know how to finance deals. For foreign nationals looking to buy property in this state, debt-service coverage ratio (DSCR) loans can offer an ideal way to do so.
A DSCR loan allows investors to purchase rental properties in West Virginia without needing to live there. Unlike traditional loans, DSCR loans are a type of non-qualified mortgage that doesn’t depend on the borrower’s personal income; they focus instead on the property’s cash flow.
These loans offer flexible documentation and qualification requirements, making it easier for foreign investors to buy property in West Virginia and beyond. It streamlines the process compared to a conventional mortgage.
DSCR loans provide a simple and effective financing option for foreign nationals interested in income-generating properties in West Virginia. With DSCR loans, international investors can quickly expand their real estate portfolios across the United States. Here’s why DSCR loans are viable option for foreign investors:
When applying for a DSCR, there are many factors that can come into play. Understanding what these are and why they are important can make the process smoother and improve your chances of securing a rental property in West Virginia. Here’s what you should know:
Most lenders: Lenders based in the United States usually prefer income earned in the U.S. because it is easier to verify. If your income comes from another country, you will need extra documents, such as translated bank statements, proof of salary, and U.S. tax returns if available. Even with the right paperwork, delays or denials often happen because many lenders do not work with foreign financial systems.
Waltz: We understand that your income can come from various sources and potentially from different countries. Whether your earnings are from the U.S. or another country, we accept documents like local bank statements, employer pay slips, and rental income from properties you may already have.
Most lenders: Did you know that many American lenders require foreign buyers to put down 30-50% of the property price in a down payment? This is a sizable amount, especially considering that the typical American homebuyer only puts about 20% down. Some lenders also require extra savings to cover possible costs, like repairs or empty rental months, which increases upfront expenses.
Waltz: We understand your unique position as a foreign buyer and we’re proud to offer more flexible payment options compared to traditional lenders. While 30% down payments are common, some qualified buyers can pay as little as 25%. We also adjust reserves to match your financial situation and the rental income your West Virginia property could generate.
Most lenders: Many lenders require U.S. identification, such as a passport and visa. Buyers are also often required to create a U.S.-based LLC (Limited Liability Company), which involves setting it up and submitting its legal documents, before they can buy an American investment property.
Waltz: We make this process easier for international buyers. All you need is a valid passport for identification. If you need an LLC, our Investor Kit helps you set one up quickly and get an EIN (Employer Identification Number) in minutes.
Most lenders: Most lenders rely on U.S.-based credit scores, which can make it hard for international buyers without a U.S. credit history. Unfortunately, delays and denials can also be common for foreigners, even if you have a strong credit history in your home country.
Waltz: We understand that building a U.S. credit history can be difficult. Waltz looks at foreign nationals' credit from their home country and other factors to decide their creditworthiness. This allows us to fairly assess your financial reliability without requiring a U.S.-based credit score.
Find out how international investors have benefited from working with Waltz.
West Virginia’s property market offers something for a variety of investment strategies. Here are the most popular types to consider:
Here are a few of our favorite things about investing in West Virginia real estate:
West Virginia offers several promising cities for real estate investors, each presenting unique opportunities:
As the state capital and largest city with nearly 47,000 residents, Charleston has a diverse economy driven by healthcare, government, and energy industries. Home to major employers like CAMC Health System and Dow Chemical, the city has a steady demand for rental properties. Charleston also boasts an average home price of just over $150,000, making it an attractive option for long-term real estate investments.
Home to West Virginia University and its 25,000 students, Morgantown has a strong rental market driven by steady demand for student housing. The city’s growing tech and healthcare sectors add economic stability, creating opportunities for both short-term and long-term rentals. Morgantown also offers higher-end real estate options, with an average home price of $266,007 (about $100,000 above the state average). Not to mention, the city’s demographics skew younger, with 51% of residents under 24 and nearly 70% single. This only reinforces high rental demand.
Located in the Eastern Panhandle, Martinsburg benefits from its proximity to Washington, D.C. (77 miles) and Baltimore (95 miles), with commuter access via train and subway. Many residents work in these higher-paying job markets while taking advantage of West Virginia’s lower cost of living. Berkeley County, where Martinsburg is located, saw a 2.37% population increase between 2022 and 2023, making it one of the state’s fastest-growing areas. To further encourage economic growth, several development projects are underway, including city hall renovations, expanded downtown parking, and a new police headquarters.
A gateway to the New River Gorge National Park – which welcomed a record 1.8 million visitors in 2024 – Beckley is a prime location for investors looking into short-term rental opportunities. The region's booming outdoor recreation industry, including whitewater rafting, rock climbing, and hiking, attracts visitors year-round. The local economy also benefits from healthcare and higher education institutions, further supporting rental demand.
West Virginia’s rugged landscape and industrial history present unique challenges for investors, including:
Refinancing your West Virginia investment property means replacing your existing mortgage with a new one. This allows you to leverage your property’s equity to fund new investment opportunities. Waltz provides tailored solutions to make the refinancing process smoother for West Virginia real estate investors. With our expertise, you can confidently optimize your investment strategy in West Virginia. For foreign nationals, the refinancing process typically includes:
For foreign investors looking to improve their terms, rate-and-term refinancing offers an opportunity to do just that. This option lets you adjust the terms of your current mortgage, potentially securing more favorable loan conditions. Even if you refinance at a lower interest rate, it’s worth noting that your total finance charges could end up being higher over the life of the loan.
Cash-out refinancing enables you to tap into your property’s equity and borrow more than your current mortgage balance, based on the original equity. For those looking to invest in West Virginia real estate, the extra funds can be used for a variety of purposes, such as home improvements, debt consolidation, or a down payment on another property. This gives you cash at closing, expanding your investment opportunity potential.
If you’re interested in West Virginia real estate, let Waltz help you secure a DSCR loan. Here’s how our process works:
1. Find a profitable investment
Think about what you want from the property and find a place that fits your budget and your goals. For example, you might want steady rental income from a multi-family property or a quick flip from a suburban house.
2. Gather essential documents
You'll need a few key documents like your passport, proof of income (pay stubs or bank statements), and details on the property you’re interested in. Having everything ready will speed things up.
3. Select a lender experienced with foreign nationals
Work with a lender who’s experienced with international buyers. A lender like Waltz will walk you through the process with guidance tailored to your situation.
4. Set up an LLC and U.S. bank account
You’ll need a U.S.-based LLC and a local bank account for investment properties. It’s a simple process, and Waltz can help you set up your LLC and get your EIN quickly.
5. Submit your loan application
Once everything’s ready, submit your application. Make sure all your paperwork is complete to avoid delays.
6. Perform due diligence
Before sealing the deal, hire an inspector to take a close look at the property. Make sure it’s in good shape, check that the price matches its value, and confirm that the terms fit what you’re expecting.
7. Complete the purchase process
When everything checks out, sign the papers, transfer the funds, and finalize your purchase. It’s that easy!
