Mortgage in Virginia
There are plenty of reasons to call Virginia home. For starters, it has beautiful seasons, fantastic mountains, stunning beaches, and a robust economy. It's one of the lower cost-of-living states, which is why it regularly appears on lists of the best places to retire. However, housing is above the median . If you're thinking of moving to Virginia, check how much you could pay to own a home or condo with our Virginia mortgage calculator.
Mortgage Options in Virginia
Current and prospective Virginia homebuyers can choose from three common mortgage types.
- Virginia conventional mortgage: Since housing tends to be pricier in Virginia, these are the most common loans. Many people buying Virginia homes end up with jumbo loans, which means banks require at least 20% down and a 700+ credit score. If you're lucky enough to find a home under the conforming loan limit, you can get a conventional mortgage with as little as 3% down and a 620 credit score.
- Virginia FHA mortgage: Given how expensive the Virginia housing market is, purchasing with an FHA mortgage can be challenging. However, if you find a property under the limits, you can put as little as 3.5% down. Your credit score can be as low as 500, though a score between 500-580 requires 10% down.
- Virginia VA mortgage: All current and former military members can get loans that require 0% down and carry no private mortgage insurance. These loans frequently require a credit score of 660.
These loan options are available to all Virginia homebuyers. If you are a first-time homebuyer, several programs can put homeownership within reach.
First-Time Home Buyer Programs in Virginia
The Virginia Housing Development Agency offers multiple programs to help first-time homebuyers stop spending money on rent and start owning a place of their own!
Virginia offers a wide range of 30-year fixed-rate loans that serve many different needs. Some loans require no down payment. Others allow lower credit scores. It all depends on what you need to qualify.
Eligibility Criteria: Eligibility varies depending on which mortgage you choose. However, all programs require minimum credit scores and have maximum income and purchase price limits.
If you qualify, Virginia Housing bundles many of the above mortgage options with a down payment grant. This grant is free money that never requires repayment. If you can qualify for the loan combo, you'll likely want to take it!
Eligibility Criteria: The criteria vary. However, it is typically a little more stringent than the underlying mortgages.
The mortgage credit certificate lets you take 10% of the mortgage interest you pay and claim it back as a non-refundable tax credit. The maximum annual benefit is $2,000.
Eligibility Criteria: Borrowers must receive approval from Virginia Housing before closing on their loan. Purchase price and income limitations apply. Borrowers must live in the home as their principal residence.
Virginia Mortgage Calculator: See What You Will Pay
There are plenty of positives to living in Virginia. With mountains, four distinct seasons, and proximity to major U.S. cities like Washington, D.C., Virginia is consistently a top place to live. That desirability has pushed property prices up significantly. If you're looking to move to Virginia, use our Virginia mortgage calculator to see how much home you can afford.
