Virginia Mortgage and Refinance Rates
As of Wednesday, October 5, 2022, current rates in Virginia are 6.79% for a 30-year fixed and 5.98% for a 15-year fixed.
Bankrate has offers for Virginia mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.
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Current mortgage rates in Virginia
Mortgage rates have been headed upward throughout 2022, putting a damper on the homebuying market. The higher rates have inspired many prospective buyers to stay on the sidelines.
In Virginia, the higher interest rates combined with a lack of inventory for single family homes have been driving prices up and slowing sales. The median price as of April 2022 was $390,000, according to Virignia Realtors. Still, the homes that are available in Virginia are selling at a brisk pace, some in as little as three days.
Refinance rates in Virginia
Refinance rates have also been trending upward. If you’re considering refinancing, use Bankrate’s mortgage calculator to figure out what the monthly payments would be and determine how much you may save by resetting your mortgage.
How to find the best mortgage rate in Virginia for you
It’s always best to shop around to find the most competitive mortgage loan. Comparing multiple offers from lenders can save thousands of dollars over the course of a mortgage.
Mortgage options in Virginia
As one of the country’s top states for business and with many cities located within commuting distance of the nation’s capital, it’s no surprise many buyers are interested in Virginia. The state’s population is expected to grow by about 13 percent over the coming two decades. When it comes to mortgages in Virginia, there are many options including:
- Fixed-rate mortgages: Fixed-rate mortgages maintain the same interest rate over the life of your loan, which means your monthly mortgage payment always stays the same.
- Adjustable-rate mortgages: Unlike the stability of fixed-rate loans, adjustable-rate mortgages (ARMs) have interest rates that fluctuate with market conditions.
- FHA loans: Backed by the FHA, these home loans come with competitive interest rates, and help make homeownership possible for borrowers without a large down payment or pristine credit.
- VA loans: VA loans provide flexible, low-interest mortgages for members of the U.S. military (active duty and veterans) and their families.
- USDA loans: USDA loans help moderate- to low-income borrowers who meet certain income limits buy homes in rural, USDA-eligible areas.
- Jumbo loans: Jumbo mortgages are home loan products that fall outside FHFA borrowing limits. Jumbo loans are more common in higher-cost areas where home prices are often on the higher end.
First-time homebuyer programs in Virginia
Virginia Housing offers many programs to assist homebuyers. The agency was formerly called the Virginia Housing Development Authority, or VHDA, and many references on its website still use that name. The agency provides affordable mortgages for first-time and repeat homebuyers, as well as education programs, down payment and closing cost assistance.
- Down payment assistance grant: The Down Payment Assistance (DPA) grant provides funds to qualified first-time homebuyers. The maximum down payment grant is between 2 to 2.5 percent of the home’s purchase price. Because the funds are provided in the form of a grant, the money does not have to be paid back. To be eligible, you must be a first-time home buyer. The money must also be used in conjunction with a Virginia Housing loan. There are also income limits for all household members.
- Closing Cost Assistance grant: Virginia’s Closing Cost Assistance (CCA) grant is designed to reduce out of pocket expenses for home buyers who are using either a VA loan or a Rural Housing Service (RHS) loan. The maximum grant is 2 percent of the home’s purchase price and the money can be applied to your closing costs. As a grant, the money does not have to be paid back. You must be a first-time home buyer to be eligible and the grant must be used with an RHS or VA loan from Virginia Housing. There are also income limits to qualify.
- Virginia Housing Conventional: Virginia Housing offers a 30-year, fixed-rate conventional loan program for first-time and repeat buyers. The program requires less cash at closing then with an FHA loan. This loan can be used for both a purchase and a cash-out refinance. It also allows for flexible down payment sources such as gifts, Virginia Housing down payment assistance grants or the Virginia Housing Plus Second Mortgage. The program allows for a down payment of 3 percent or as low as 1 percent when using the down payment assistance grant. When using the Plus Second program, the down payment may even be 0 percent. Applicants must have a credit score of at least 640 and the maximum debt-to-income ratio is 45 percent.
- Virginia Housing Conventional With No Mortgage Insurance: Nearly identical to the Virginia Housing Conventional program, the main difference is that applicants are not required to have mortgage insurance. In addition, the minimum credit score requirement for this program is slightly higher at 660.
- Virginia Housing Plus Second Mortgage: This program eliminates the down payment required for qualified first-time homebuyers. The program works by pairing an eligible Virginia Housing first mortgage with the Housing Plus Second Mortgage that is used to cover the down payment. The maximum second mortgage amount is 3 to 5 percent of the purchase price. The program provides a 30-year, fixed rate loan and covers the entire down payment. To qualify, you must have a credit score of 680 or higher. There are also income limits for qualification.
- Mortgage Credit Certificate: This program provides homebuyers with a dollar-for-dollar tax credit against your federal income tax bill, in an amount equal to 10 percent of your annual mortgage interest. To qualify, you must be a first-time buyer who has not owned a home in the past three years. However, if you’re buying a home in a target neighborhood, you may not need to be a first-time buyer. There are also household income and home price requirements.
- Virginia Housing Loan Combo: The Virginia Housing Loan Combo allows homebuyers to pair a mortgage with other assistance, like a down payment grant, tax credit and first time home buyer classes.