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Last updated: May 28, 2024
  • Minimum 620 credit score needed to prequalify
  • 0% down USDA loan for rural homebuyers
  • 97% of borrowers would recommend to friends or family
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Virginia Mortgage Overview

Virginia homes are always in high demand because of the close proximity to the government and the many jobs they offer. Despite its popularity, homes are still affordable in the area with a median cost of $273,000 in the area.

If you're thinking of moving to the Virginia area, here are your loan options:

Virginia conventional loans

If you have at least a 660 credit score and low debt ratio (around 36 percent), you may qualify for conventional financing. You don't need the traditional 20 percent down - lenders accept as little as 3 percent down for first-time buyers and 5 percent for subsequent buyers. You will pay PMI for the time you owe over 80 percent of the home's value, but that doesn't last forever.

Virginia FHA loans

If you have less than perfect credit, the FHA loan may be a good alternative. You need just a 580 credit score and 3.5 percent down. Most borrowers can use down payment assistance and/or gift funds for the FHA loan. If you have a score between 500 - 579, you'll need a 10 percent down payment and 3.5 percent should be from your funds. FHA loans have mortgage insurance for the life of the loan in exchange for the flexible guidelines.

Virginia VA loans

VA loans are for veterans of the military. You may also qualify if you are currently serving if you served at least 181 days in peacetime or 90 days during wartime. Veterans don't need a down payment and you can get approved with a credit score as low as 620. VA loans allow debt ratios of as high as 50 percent. VA loans don't charge mortgage insurance but most veterans pay a funding fee.

Virginia USDA loans

USDA loans are for borrowers who don't qualify for other financing options. It's for low to moderate-income families. If you're eligible, you need a 640 credit score and a max 41 percent debt ratio. You must live within the USDA boundaries, but they aren't as 'isolated' as you think.

First-Time Homebuyer Programs in Virginia

Mortgage Credit Certificate

First-time homebuyers can secure an MCC that's equal to up to 10 percent of the mortgage interest you pay for the year. The tax credit reduces your tax liability and puts more money in your pocket. This makes it easier to afford a home loan and the expenses that homeownership creates.

Virginia Housing Plus Second Mortgage

The Housing Plus Second Mortgage helps you meet the down payment requirements of a first mortgage. You can borrow up to 1.5 percent more than the sales price and if your credit score is high enough (680) you may include the closing costs in the loan too.

Down Payment Assistance Grant

This grant helps with the down payment. You may borrow up to 1.5 percent more than the sales price. You may use the funds for the down payment and/or any closing costs associated with a loan including funding fees. No repayment is required.

Closing Cost Assistance Grant

The Closing Cost Assistance Grant provides funds to cover the closing costs on your loan. It's a non-repayable grant that helps offset the cost of closing on a loan.

Mortgage Credit Certificate

The MCC provides you with a dollar-for-dollar tax credit on the mortgage interest you pay for the year. This decreases your total tax liability and enables you to have more money to afford housing payments.

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