Current Mortgage Rates in Virginia
Mortgage rates in Virginia are slightly higher than the national average:
Fixed-rate mortgages:
- 30-year: Rates average around 6.74%, ranging from 6.28% to 7.21%.
- 15-year: Rates average around 5.96%, offering potentially lower overall interest costs if you qualify
- 5-year ARM: Rates average around 7.16%, providing initial flexibility but potentially higher future rates.
Other loan types:
- FHA loans: Rates average around 6.43% for 30-year terms, making them an option for borrowers with lower credit scores.
- VA loans: Rates average around 6.10% for 30-year terms, offering competitive rates for veterans and active-duty service members.
- Jumbo loans: Rates average around 6.60% for 30-year terms, typically slightly higher due to exceeding conforming loan limits.
Best Home Buyer Programs in Virginia
Virginia Housing Conventional Home Loan
This is a popular option for those seeking loan providers as it is available to first-time home buyers and repeat buyers.
Who Is It Available To? First-time and repeat homebuyers who meet income limits and other qualifications.
Income Limits: Applicants must meet Virginia Housing's income limits for eligibility.
Is It Only for First-Time Homebuyers? No.
Loan Options? Yes.
Is There Down Payment and Closing Cost Assistance? Yes.
Closing Cost Assistance Grant
What's unique about Virginia's Closing Cost Assistance Grant is that it can be used exclusively for closing costs, often proving to be a barrier for Virginians in the home-buying journey.
Who Is It Available To? Home buyers who have a Rural Housing Service or Veterans Affairs loan through Virginia Housing. First-time buyers qualify, as well as repeat buyers purchasing in a designated Area of Economic Opportunity. Income and sales price limits apply.
Income Limits: Yes. See Virginia Housing's income limits for eligibility
Is It Only for First-Time Homebuyers? No.
Loan Options? No, this is a grant—it does not need to be repaid like a traditional loan.
Is There Down Payment and Closing Cost Assistance? This grant is specifically for closing costs.
Plus Second Mortgage program
The Plus Second Mortgage program assists buyers in eliminating the need for a down payment, making homeownership more accessible.
Who Is It Available To? Both first-time and repeat homebuyers who meet Virginia Housing's standard income limits.
Income Limits: Yes. See Virginia Housing's income limits for eligibility
Is It Only for First-Time Homebuyers? No.
Loan Options? Yes.
Is There Down Payment and Closing Cost Assistance? Yes.
VA (Veterans Administration)
The VA (Veterans Administration) home buyer program offers liberal credit qualifying and is open to non-bond and bond options.
Who Is It Available To? Eligible veterans.
Income Limits: No specific income limits are mentioned, but VA guidelines and veterans' status primarily determine eligibility.
Is It Only for First-Time Homebuyers? No.
Loan Options? Yes.
Is There Down Payment and Closing Cost Assistance? Yes.
Conclusion: Home Buyer Programs in Virginia
This marks the beginning of your journey to becoming a homeowner in Virginia. With these programs, you can make your dream of owning a home a reality! Continue your research to uncover your options, and check the Lendstart blog regularly for more helpful information.