Virginia Mortgage Rates
Find the best Virginia mortgage rates and Richmond home loan options. Compare current VA mortgage rates, explore military-friendly lenders, and calculate your payments with our Virginia-specific tools.
Virginia Mortgage Calculator
Calculate your monthly mortgage payment using current Virginia rates and local market data. Factor in Virginia property taxes and insurance costs for accurate estimates.
Virginia Mortgage Calculator
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Current Virginia Mortgage Rates by Loan Type
30-Year Fixed Conventional
stable15-Year Fixed Conventional
downFHA 30-Year Fixed
stableVA 30-Year Fixed
downUSDA Rural Development
stable5/1 ARM
upVirginia Housing Market Overview
Statewide Market Stats
Virginia Beach
Virginia Beach City
Norfolk
Norfolk City
Richmond
Richmond City
Newport News
Newport News City
Alexandria
Alexandria City
Hampton
Hampton City
Top Mortgage Lenders in Virginia
Navy Federal Credit Union
Special Programs:
- VA loans
- Military-specific programs
- First-time buyer discounts
Strengths:
- Excellent VA loan rates
- Military-focused service
- Low fees
Considerations:
- Limited to military members
- Geographic restrictions
Wells Fargo
Special Programs:
- First-time buyer programs
- Jumbo loans
- Construction loans
Strengths:
- Extensive branch network
- Variety of programs
- Strong presence
Considerations:
- Higher closing costs
- Slower processing times
Virginia Housing Development Authority (VHDA)
Special Programs:
- VHDA loans
- Down payment assistance
- Below-market rates
Strengths:
- State-backed programs
- First-time buyer focus
- Competitive rates
Considerations:
- Income restrictions
- Limited to Virginia residents
PenFed Credit Union
Special Programs:
- VA loans
- Member benefits
- Jumbo loans
Strengths:
- Competitive rates
- Good customer service
- Military-friendly
Considerations:
- Membership requirements
- Limited physical locations
Virginia Community Banks
Special Programs:
- Local first-time buyer programs
- Community development loans
- Portfolio loans
Strengths:
- Personal service
- Local market knowledge
- Flexible underwriting
Considerations:
- Limited product options
- Basic technology platform
Virginia Homebuyer Programs & Incentives
Virginia Housing Development Authority (VHDA)
Virginia Housing Development Authority
Program Benefits
- Below-market interest rates
- Down payment assistance available
- VHDA Loan Program
- Homebuyer education and counseling
Application Process:
Through participating VHDA approved lenders
Eligibility Requirements
- First-time homebuyer (or not owned home in past 3 years)
- Primary residence in Virginia
- Complete homebuyer education course
- Meet income and purchase price limits by area
VHDA Plus
VHDA
Program Benefits
- Down payment assistance up to 2.5%
- Competitive interest rates
- Can be used statewide
- No geographic restrictions
Application Process:
Through VHDA participating lenders only
Eligibility Requirements
- First-time homebuyer or repeat buyer in targeted areas
- Property must be in Virginia
- Meet income requirements
- Complete homebuyer education
USDA Rural Development - Virginia
USDA Rural Development Virginia
Program Benefits
- No down payment required
- No monthly mortgage insurance
- Below-market interest rates
- Available in many Virginia rural areas
Application Process:
Through USDA approved lenders in Virginia
Eligibility Requirements
- Property in USDA eligible area
- Income below area limits
- Primary residence only
- U.S. citizenship or permanent residency
Virginia Counties Mortgage & Economic Data
Fairfax County
Major Employers:
Virginia Beach City
Major Employers:
Henrico County (Richmond)
Major Employers:
Loudoun County
Major Employers:
Chesterfield County
Major Employers:
Norfolk City
Major Employers:
Virginia Real Estate Market Trends & 2024 Outlook
Current Market Trends
- Northern Virginia (DC area) driving statewide price growth
- Hampton Roads military presence supporting stable demand
- Richmond metro showing steady appreciation
- Tech sector growth in Northern Virginia corridor
- Military families utilizing VA loan benefits extensively
2024 Market Projections
Market Challenges
- High home prices in Northern Virginia and DC suburbs
- Limited inventory in desirable school districts
- Traffic and infrastructure concerns affecting desirability
- Competition from high-income federal workers
Market Opportunities
- Strong military presence supporting VA loan market
- Growing tech sector creating high-paying jobs
- Excellent first-time buyer programs through VHDA
- Diverse geographic options from mountains to coast
Virginia Mortgage Rates FAQ
What are current mortgage rates in Virginia?
Current Virginia mortgage rates range from 6.215% for 5/1 ARM loans to 7.115% for 30-year fixed conventional loans. VA loans average 6.615%, FHA rates average 6.865%. Military members often get better rates through military-focused lenders like Navy Federal and PenFed.
What is the median home price in Virginia?
The median home price in Virginia is $425,000 as of 2024. Northern Virginia (Fairfax, Loudoun) averages $685,000+, Virginia Beach averages $385,000, Richmond $285,000, while Norfolk averages $225,000. Prices vary significantly based on proximity to Washington DC and military bases.
What Virginia first-time homebuyer programs are available?
Virginia offers VHDA programs with below-market interest rates and down payment assistance, VHDA Plus for broader eligibility, and extensive VA loan benefits for military members. USDA rural loans are available in eligible areas throughout Virginia.
Which Virginia areas have the best mortgage rates?
Mortgage rates are generally consistent statewide, but Northern Virginia, Richmond, and Hampton Roads areas have the most lender competition. Military-focused lenders throughout Virginia offer excellent VA loan rates and specialized programs for service members.
How do Virginia property taxes affect mortgage payments?
Virginia property tax rates vary by locality from 0.87% to 1.33% of assessed value. Henrico County (Richmond) has low rates at 0.87% while Loudoun County has higher rates at 1.33%. Property taxes are typically included in monthly mortgage payments through escrow accounts.
What credit score do I need for a Virginia mortgage?
Minimum credit scores for Virginia mortgages vary by loan type: Conventional loans typically require 620+, FHA loans accept scores as low as 580, VA loans often accept 580+, and VHDA programs require 620+. Higher scores (740+) qualify for the best rates from Virginia lenders.
Virginia Mortgage Resources
Ready to Buy a Home in Virginia?
Use our Virginia-specific mortgage calculator to estimate your payments with current rates, local taxes, and insurance costs. Explore Virginia VHDA programs and VA loan benefits.