Mortgages in Virginia
Virginia is split between Northern Virginia (DC suburbs: Arlington, Fairfax, Loudoun, Prince William counties) — one of the most expensive and competitive markets in the country — and the rest of the state. Richmond and the Hampton Roads metro are more accessible. Rural Southwest Virginia is very affordable.
Virginia at a glance
Population
8.7M
U.S. Census Bureau, July 1, 2025 estimate
Primary Regulator
Virginia Housing (formerly Virginia Housing Development Authority / VHDA)
Official website ↗Editorial note — Virginia
Northern Virginia buyers should verify Virginia Housing program income limits against NOVA incomes — the metro is high-income but also high-cost. Virginia Housing's DPA grant (no repayment) is genuinely valuable for qualifying Richmond, Hampton Roads, and secondary market buyers.
Virginia Housing Finance Agency
The state HFA, first-time buyer programs, and down-payment assistance available in Virginia.
Primary regulator
Virginia Housing (formerly Virginia Housing Development Authority / VHDA)
Virginia Housing provides the Home Purchase Loan with Down Payment Assistance Grant for qualifying Virginia homebuyers, plus the Virginia Housing Plus combined first/second mortgage.
Verify HFA programs ↗First-time buyer & DPA programs
Virginia Housing's DPA Grant provides a grant (no repayment) for down payment and closing costs alongside a Virginia Housing first mortgage. Virginia Housing Plus combines first and second mortgages for buyers needing greater financing leverage. Visit virginiahousing.com for income limits and approved lenders.
Federal resources: HUD (U.S. Department of Housing and Urban Development) publishes state-by-state homebuyer resources and lists approved nonprofit housing counselors. Visit hud.gov for CFPB mortgage tools and the FHFA for conforming loan limits. hud.gov
What to compare when shopping a mortgage in Virginia
Mortgage rates and fees for the same borrower vary meaningfully across lenders. Shopping at least 3–4 lenders within a 14-day window counts as a single credit inquiry.
Interest rate vs. APR
APR includes lender fees (origination, points) and reflects the true annual cost. A lower rate with high fees can cost more than a slightly higher rate with no fees, depending on how long you keep the loan.
Loan type (conventional, FHA, VA, USDA)
Loan type determines down-payment requirements, mortgage insurance rules, and eligibility criteria. FHA loans allow lower credit scores and down payments; VA and USDA offer zero-down options for qualifying borrowers.
Down payment and PMI
Conventional loans require PMI (private mortgage insurance) below 20% down — typically 0.5–1.5% of the loan annually. FHA has its own mortgage insurance premium (MIP) regardless of down payment.
State HFA programs
Check the Virginia Housing (formerly Virginia Housing Development Authority / VHDA) for first-time buyer mortgage programs and DPA before choosing a lender. HFA programs can reduce cash-to-close significantly.
Loan term
30-year fixed is the standard. 15-year fixed reduces total interest paid dramatically but raises monthly payments. ARMs carry rate-reset risk and are appropriate only for buyers with a defined short-term horizon.
Lender responsiveness and lock policy
In competitive markets, lender responsiveness and willingness to issue a fully underwritten pre-approval (not just a pre-qualification) can make the difference between winning and losing an offer.
Compare top mortgage lender picks for Virginia buyers
Ranked by rates, fees, and loan-type availability. Ranked by our published methodology.
Mortgages in Virginia — common questions
What is Virginia Housing? +
Virginia Housing (formerly VHDA) at virginiahousing.com provides Home Purchase Loans, a DPA Grant (no repayment), and Virginia Housing Plus for qualifying VA buyers.
What is Virginia Housing's DPA Grant? +
The DPA Grant provides funds for down payment and closing costs that do not require repayment — a true grant. Income and purchase-price limits apply. Verify at virginiahousing.com.
Are Northern Virginia counties high-cost areas? +
Yes — Arlington, Fairfax, Loudoun, Prince William, and surrounding NOVA counties have FHFA high-balance conforming limits. Many NOVA purchases require jumbo financing. Check current limits at fhfa.gov.
Does Virginia Housing serve repeat buyers? +
Virginia Housing's DPA Grant is generally limited to first-time buyers (no ownership in past 3 years). Virginia Housing Plus and other programs may have different eligibility. Verify at virginiahousing.com.
Where can I find a HUD counselor in Virginia? +
HUD lists approved housing counselors at hud.gov/states/virginia.
Ready to compare mortgage lenders in Virginia?
We rank, against our published methodology, top mortgage lenders by rates, fees, and loan-type availability. Shopping 3–4 lenders within a 14-day window counts as a single inquiry for credit-scoring purposes.
Compare mortgage options →ClearValue Lending is an independent editorial platform and is not a mortgage broker, lender, or loan originator — we do not originate loans or provide mortgage advice. Some links are affiliate links — see disclosure below. Rankings are based on editorial criteria, not compensation. ClearValue Lending does not guarantee loan approval, specific rates, or program availability.
Sources
- Virginia Housing (formerly Virginia Housing Development Authority / VHDA) — Official Website ↗
- U.S. Department of Housing and Urban Development (HUD) ↗ — HUD-approved housing counselors and homebuyer resources by state
- U.S. Census Bureau ↗ — July 1, 2025 population estimates
Editorial disclaimer: This page provides general educational information about mortgages and housing finance programs in Virginia. It is not legal, tax, or financial advice and does not guarantee loan approval, rates, or program availability. HFA program details and conforming loan limits were accurate as of May 22, 2026. Verify current program terms directly with Virginia Housing (formerly Virginia Housing Development Authority / VHDA), HUD at hud.gov, and FHFA at fhfa.gov before applying. Scored against ClearValue's published methodology. Updated May 2026.
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