Current mortgage rates · week of July 2, 2026
| Week | 30-yr / 15-yr fixed |
| July 2, 2026 | 6.43% / 5.79% |
| June 25, 2026 | 6.49% / 5.84% |
| June 18, 2026 | 6.47% / 5.81% |
| June 11, 2026 | 6.52% / 5.84% |
| June 4, 2026 | 6.48% / 5.79% |
| May 28, 2026 | 6.53% / 5.87% |
| May 21, 2026 | 6.51% / 5.85% |
| May 14, 2026 | 6.36% / 5.71% |
U.S. weekly averages — Freddie Mac Primary Mortgage Market Survey via FRED.
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.
Virginia mortgage FAQ
- What types of mortgages can homebuyers get in Virginia?
- Virginia offers conventional loans requiring a 660 credit score, a debt ratio around 36 percent, and as little as 3 percent down for first-time buyers, FHA loans with a 580 score and 3.5 percent down, VA loans with no down payment and credit scores as low as 620, and USDA loans for low to moderate-income families with a 640 score.
- What first-time homebuyer assistance does Virginia provide?
- Virginia first-time buyers can use a Mortgage Credit Certificate worth up to 10 percent of yearly mortgage interest as a tax credit, the Virginia Housing Plus Second Mortgage to meet down payment requirements, a Down Payment Assistance Grant allowing up to 1.5 percent above the sales price with no repayment, and a Closing Cost Assistance Grant that offsets closing costs.
- How much do you need to put down on a house in Virginia?
- First-time buyers can put as little as 3 percent down on a conventional loan or 3.5 percent with FHA financing and a 580 credit score. Eligible veterans need no down payment with a VA loan, and USDA loans serve buyers who don't qualify elsewhere. Putting less than 20 percent down on a conventional loan means paying PMI until you owe under 80 percent of the home's value.