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 | 6.728% | 6.81% | -0.04% |
| Conventional 20 year fixed | 6.389% | 6.491% | -0.39% |
| Conventional 15 year fixed | 5.966% | 6.098% | -0.03% |
| Conventional 10 year fixed | 6.085% | 6.315% | +0.09% |
| Conventional 7 year ARM | 7.046% | 7.403% | +0.18% |
| Conventional 5 year ARM | 7.526% | 7.755% | +0.09% |
| VA 30 year fixed | 6.042% | 6.326% | -0.04% |
| VA 15 year fixed | 5.507% | 6.058% | -0.08% |
| VA 5 year ARM | 6.287% | 6.639% | +0.03% |
Data source: ©Zillow, Inc. Use is subject to the Terms of Use
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:
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.
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:
If you need to refinance a home in Virginia to take advantage of favorable Virginia mortgage rates, you can do any of the following:
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.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
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.