Interest Rate
Average home price

If you’re planning to buy a home in Virginia, you’ll want to do what you can to get the best mortgage rate possible. Your mortgage rate will depend on a few critical factors, including your income, your credit score, your debt-to-income ratio, and how much of a down payment you can offer.

You can position yourself to get the best mortgage rate in Virginia by verifying your credit before you apply for a home loan, making sure all of your documentation is in order, and getting preapproved by a reputable mortgage lender.

Here’s a quick look at current Virginia mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.635% 6.706% -0.01%
Conventional 20 year fixed 6.205% 6.282% -0.09%
Conventional 15 year fixed 5.991% 6.114% -0.02%
Conventional 10 year fixed 5.641% 5.843% Unchanged
Conventional 7 year ARM 7.006% 7.682% -0.11%
Conventional 5 year ARM 6.625% 7.663% -0.06%
FHA 15 year fixed 6.523% 7.223% -0.02%
FHA 30 year fixed 6.05% 6.805% Unchanged
VA 30 year fixed 5.975% 6.237% +0.29%
VA 15 year fixed 5.696% 6.151% +0.33%
VA 5 year ARM 6.078% 6.867% +0.02%

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Virginia

Talking about buying a home in Virginia? It’s a great time to be alive in the Mother of Presidents State. Here’s what you need to know:

Decide if you prefer cities or the countryside. Virginia has lovely rolling hills and valleys, and a total population of just over 8 million residents, of whom one in six clusters around the state’s largest five cities:

  • Virginia Beach
  • Norfolk
  • Chesapeake
  • Arlington
  • Richmond (state capital)

Seriously think about how much home you can really buy. Virginia ranks 19th in US homes for sale at average price, and 13th for homes over $1,000,000. Getting preapproved can help you nail down a clear budget and keep you from overextending.

First-time Homebuyers

If you are a first-time home buyer, you may be able to qualify for assistance through a program administered by the Virginia Housing Development Authority (VHDA), also known as Virginia Housing. The VHDA offers loans, grants, education and other forms of assistance.

Virginia Housing Conventional Loans can either have a mortgage insurance requirement or no requirement, They allow up to 97% financing, and can be combined with down payment assistance or a tax credit. Down payment or closing cost assistance can be provided in an amount up to 2.5% of purchase price.

Buyers are mandated to:

  • Provide a 3% down payment (may use assistance)
  • Have a 640-680 credit score depending on loan type
  • Have a maximum 45% DTI ratio

Refinancing in Virginia

If you need to refinance a home in Virginia to take advantage of favorable Virginia mortgage rates, you can do any of the following:

  • Get a lower interest rate and pay less long term
  • Get a longer loan term and pay less each month
  • Get a cash-out equity refinance
  • Quit paying private mortgage insurance (PMI)

You might want to think about seeing if you get a streamlined refinance, available only for certain types of loans. Ask your lender for more information.


Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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