Mortgage in Virginia
There are plenty of reasons to call Virginia home. For starters, it has beautiful seasons, fantastic mountains, stunning beaches, and a robust economy. It's one of the lower cost-of-living states, which means that it usually finds its way onto lists that talk about the best places to retire. However, housing is above the median . Therefore, if you're thinking of moving to Virginia, make sure you check out how much you could pay to own a home or condo with our Virginia mortgage calculator.
Virginia Mortgage Calculator: You Have Some Options!
Current and prospective Virginia homebuyers should know that there are three common mortgage types from which you can choose.
- Virginia conventional mortgage: Since housing tends to be pricier in Virginia, these are the most common loans. Many people buying Virginia homes will end up with jumbo loans. This categorization means banks require at least 20% down and a 700+ credit score. If you're lucky enough to find a home under the conforming loan limit, you can get a conventional mortgage with as little as 3% down and a 620 credit score.
- Virginia FHA mortgage: With how expensive the Virginia housing market is, purchasing with an FHA mortgage is challenging. However, if you find a property under the limits, you can put as little as 3.5% down. You can also have a credit score as low as 500 (with that said, having a score between 500-580 requires 10% down).
- Virginia VA mortgage: All military members, both current and in the past, can get loans that require 0% down and have no private mortgage insurance. These loans frequently require a credit score of 660.
These loan options are available to all Virginia homebuyers. If you are a first-time homebuyer, you should know that programs are available to make homeownership more within reach.
First-Time Homebuyers in Virginia
The Virginia Housing Development Agency offers multiple programs to help first-time homebuyers stop spending money on rent and start owning a place of their own!
Virginia offers a plethora of 30-year fixed-rate loans that serve a wide variety of needs. Some loans require no down payment. Others allow for lower credit scores. It all depends on what you need to qualify.
Eligibility Criteria: Eligibility varies depending on which mortgage you choose. However, all programs require minimum credit scores and have maximum income and purchase price limits.
If you qualify, Virginia Housing bundles many of the above mortgage options with a down payment grant. This grant is free money that never requires repayment. Therefore, if you can qualify for the loan combo, you'll likely want to take it!
Eligibility Criteria: The criteria vary. However, it is typically a little more stringent than the underlying mortgages.
The mortgage credit certificate lets you take 10% of the mortgage interest you pay and claim it back as a non-refundable tax credit. The maximum annual benefit is $2,000.
Eligibility Criteria: Borrowers must receive approval from Virginia Housing before closing on their loan. Purchase price and income limitations apply. Borrowers must live in the home as their principal residence.
Virginia Mortgage Calculator: See What You Will Pay
There are plenty of positives to living in Virginia. With mountains, the four seasons, and being close to some of the U.S.'s major cities (e.g., Washington, D.C.), Virginia is consistently a top destination in which to live. This desirability has increased property prices significantly. Therefore, if you're looking to move to Virginia, use our Virginia mortgage calculator to see how much home you can afford.
