Virginia Mortgage and Refinance Rates
As of Thursday, October 21, 2021, current rates in Virginia are 3.15% for a 30-year fixed, 2.44% for a 15-year fixed, and 2.63% for a 5/1 adjustable-rate mortgage (ARM).
Bankrate has offers for Virginia mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.
About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.
Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.
Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.
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Virginia mortgage overview
By Dhara Singh
Virginia homes are generally in high demand, which means home prices in the Commonwealth tend to be relatively insulated from economic shocks. With a diverse economy and the federal government as a major employer, there are typically plenty of buyers eager to pay top dollar for a home in Virginia.
Virginia home prices have continued an upward trend, and already-low housing inventory has declined further. The median home price in Virginia as of April 2020 was $310,000, up 5.3 percent from a year earlier, according to Virginia Realtors.
Top 5 Bankrate mortgage lenders in Virginia
- Better.com – Best online lender
- Interfirst Mortgage Company – Best no-fee lender
- First Mortgage Direct – Best non-bank lender
- Fairway Independent Mortgage Corporation – Best for first-time homebuyers
- Cardinal Financial Company – Best for low-credit score borrowers
Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.
Better.com - Best online lender
Better.com is an online-only lender that offers mortgages in 46 states along with Washington, D.C.
Strengths: Better.com offers fast mortgage preapprovals — three minutes — and 21-day closings, on average, as well as the Better Price Guarantee of $100 if it can't match a competitor's offer.
Weaknesses: Better.com offers conventional and FHA loans, not government-insured VA or USDA loans, and the Better Price Guarantee is only available via the lender's website.
Read Bankrate's Better.com mortgage review
Interfirst Mortgage Company – Best no-fee lender
Interfirst Mortgage Company offers the standard slate of mortgage products, including rate-and-term and cash-out refinancing.
Strengths: Interfirst Mortgage Company doesn’t charge an application fee or other type of lender fee.
Weaknesses: Interfirst Mortgage Company operates in many states, but not all, and doesn’t offer FHA, VA or USDA loans. The lender also requires a relatively higher credit score and isn’t as flexible in underwriting.
Read Bankrate's Interfirst Mortgage Company review
First Mortgage Direct – Best non-bank lender
First Mortgage Direct offers loans for purchases, first-time homebuyers and refinancing.
Strengths: First Mortgage Direct doesn’t charge any origination or hidden fees.
Weaknesses: First Mortgage Direct provides mortgages in only some states, and doesn’t advertise its rates online.
Read Bankrate's First Mortgage Direct review
Fairway Independent Mortgage Corporation – Best for first-time homebuyers
Fairway Independent Mortgage Corporation offers mortgages in all states and has over 700 branch and satellite locations.
Strengths: Fairway Independent Mortgage Corporation’s built-out educational resources can be valuable for borrowers, and the lender offers a convenient app with the ability to submit loan documents electronically.
Weaknesses: Fairway Independent Mortgage Corporation doesn’t post mortgage rates on its website or offer home equity lines of credit (HELOCs).
Read Bankrate's Fairway Independent Mortgage Corporation review
Cardinal Financial Company – Best for low-credit score borrowers
Cardinal Financial Company offers mortgages in all 50 states.
Strengths: Cardinal Financial Company offers a wider range of loans for first-time homebuyers compared to some competitors, including FHA, VA and USDA loans, and a quick loan process overall.
Weaknesses: Cardinal Financial Company doesn’t advertise mortgage rates or its fees on its website, and doesn’t offer home equity lines of credit (HELOCs) or home equity loans.
Read Bankrate's Cardinal Financial mortgage review
First-time homebuyer programs in Virginia
Virginia Housing has many programs to assist homebuyers. The agency was formerly called the Virginia Housing Development Authority, or VHDA, and many references on its website use that name. The agency provides affordable mortgages for first-time and repeat homebuyers, as well as down payment and closing cost assistance.
Homebuyer Programs: Virginia Housing offers a range of options for affordable 30-year fixed-rate mortgages, such as conventional, FHA, VA and USDA loans. To make a mortgage even more affordable, homebuyers can use a Virginia Housing Loan Combo to pair a mortgage with other assistance, like a down payment grant or a tax credit.
Down Payment Assistance Grant: This program helps Virginians become homeowners by providing grants for down payments. The maximum grant is 2 percent to 2.5 percent of the purchase price, and the amount does not have to be repaid.
To qualify, you’ll need a minimum credit score of 620 for an FHA loan, 660 for a Fannie Mae No Mortgage Insurance loan and 640 for a Fannie Mae Reduced Mortgage Insurance loan. The maximum debt-to-income ratio is 45 percent. Buyers must also meet household income limits.
Closing Cost Assistance Grant: If you’re a first-time buyer using either a Rural Housing Service (RHS) loan or a VA loan to purchase a home in Virginia, you can apply for a closing cost grant of 2 percent of the purchase price. This money can be used for closing costs, RHS guarantee or VA funding fee, and the amount does not have to be repaid. You must meet household income limits and have a sales contract in place to receive the grant.
Virginia Housing Plus Second Mortgage: This program helps you meet the down payment requirement on a Virginia Housing mortgage through a second mortgage covering the entire amount. The 30-year fixed-rate loan amounts to 3 percent to 5 percent of the purchase price, depending on your credit score and the type of mortgage.
If your credit score is 680 or higher, you can also include part of your closing costs in the second mortgage. You must meet household income limits to qualify. At closing, you need to be able to show you have 1 percent of the purchase price available.
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 mortgage refinancing
Virginia Housing does not offer a refinancing program at this time. Past programs, such as the VHDA Rapid Refi, have been discontinued.
Use Bankrate’s mortgage refinance calculator to see how much you can save by lowering your rate.