Virginia Mortgage Rates
Compare Virginia mortgage rates and choose the best option for your needs.
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Purchase
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- As low as 3% down on a fixed-rate mortgage
- Minimum 620 credit score needed to prequalify
- 0% down USDA loan for rural homebuyers
- 97% of borrowers would recommend to friends or family
- Fed finally cuts rates!
- Down payments as low as 1%
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- 0% Down VA Loans for Veterans & Military
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- Competitively low VA rates, no PMI required
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Mortgage in Virginia: Top Lenders in 2024
Willing to buy a home in Virginia State? The easiest way to do so is to use a mortgage loan, which is effective irrespective of what type of property you are searching for – a residential estate or an apartment. However, the home loan terms offered by different mortgage lenders can vary greatly. In the framework of this guide, we’ll review some of the top-rated lenders and try to find out which ones are worth considering.
VA Mortgage Lenders Comparison
All the lenders reviewed are trustworthy companies with reasonable rates and solid track records. To give you the most detailed information, we’ll compare them by several key criteria – an APR, the minimal down payment, minimal requirements, and so on.
Gateway Capital Mortgage
Gateway Capital Mortgage is another mortgage lender that works in several states. Its website promises extremely lucrative rates: 4.902% for a 15-year mortgage, 5.578% for 20 years, and 5.594% for a 30-year one. It doesn’t detail all the assumptions that go into this calculation, though. The minimum credit score is 620 and the floor for the down payment is 5%. The company was started in 2005 and boasts an A+ rating from BBB.
| Pros: | Cons: |
|---|---|
| Advertises very low rates. | Information on fees charged is untransparent. |
| Tempting offers for first-time home buyers. |
Morty, Inc. Mortgage
Not a lender by itself, but a mortgage broker, Morty, Inc. appeared in 2016. It is physically headquartered in New York City, but has close-to-nationwide coverage, with the exception of four states (Hawaii, Massachusetts, Missouri and Nevada).
The available options encompass fixed- and variable-rate conventional and jumbo mortgages, as well as FHA-insured loans. Refinancing is only available for loans originally issued through Morty.
A 30-year fixed-rate mortgage will carry a 6.667% APR. The rates for 20- and 10-year loans are lower, at 6.425% and 5.452% respectively. Morty requires a credit score of at least 600 from the applicants, as well as a DTI ratio less or equal to 45%. The minimum down payment varies depending on property size.
| Pros: | Cons: |
|---|---|
| A closing date guarantee. | No general refinancing. |
| Large partner network. | No VA or USDA plans. |
NBKC Bank
NBKC is a Kansas-based bank that’s been around since 1999. It offers conventional, FHA, VA, fixed and adjustable mortgages nationwide. The minimum credit score is 620. At the time of writing, the base rates advertised by the online calculator are as follows: 6.625% for a 30–year, 6.990% for a 25-year, 6.250% for a 20-year, and 6.000% for a 15-year fixed mortgage.
| Pros: | Cons: |
|---|---|
| Calculating rates is easy. You don’t even need to provide contact information. | No USDA loans. |
| Has a specialty program for pilots. | No down-payment assistance options for clients who would qualify for them. |
| The required down payment is just 3% for conventional loans. |
Average Mortgage Rate in Virginia from 1978 to 2018
The chart shows average conventional mortgage 30-Year Fixed Rates in Virginia.
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Information about the Housing Market and Real Estate Prices in Virginia
| Criteria | Amount, $ |
|---|---|
| The median home value in Virginia | $373,925 |
| The income required to buy the median priced home in Virginia | $61,266 |
| The monthly mortgage payment required to buy the median priced home in Virginia | $1,419 |
| The median household income for Virginia | $89,690 |
Things to Consider When Choosing a Mortgage Lender
A mortgage loan implies undertaking a serious commitment for a term of 15 through 30 years. So you need to think twice before signing an agreement with this or that lender. There are some core aspects to consider when choosing a lending entity.
Type of Lender
Basically, there are two popular options – banks and online mortgage lenders. Banks frequently offer attractive rates but they tend to practice strict credit checks. The approval time is longer, and eligibility criteria are quite hard to comply with. Online lenders work much faster, and their requirements for homebuyers are not too severe.
APR and Fees
Every loan has its cost, and mortgage is no exception. This cost is more than just an interest rate. It also includes extra fees, such as the origination fee, mortgage insurance fee, closing costs, etc. As of writing, for a fix-rated 30-year loan, the average mortgage rate in Virginia is 6.58%.
Terms and Conditions
Here, you need to consider the minimum size of a down payment, which often varies from 0% to 20% depending on the loan type, your current status (military, employed, self-employed, etc.). Another important parameter is the lifespan of the loan, which is its total length. Common options are 15 and 30 years.
What Mortgage Lender is the Number One in Virginia?
The list of reliable VA mortgage lenders is extensive, so it's hard to give an unambiguous answer to this question. Everything depends. For example, one of the industry leaders is Rocket Mortgage with a loan volume of $11.5 billion for the year 2021. To take your pick wisely, check our list of recommended lenders.
First-Time Homebuyer Programs in Virginia
Buying a home for the first time is quite challenging. Happily, residents of Virginia can take advantage of some governmental programs aimed at raising mortgage affordability.
- Federal Housing Administration loan program. In its framework, a buyer gets insurance from the federal government. The fee for this insurance is included in the total cost of the future loan. In return for this, the homebuyer gets some serious benefits: a low interest rate and minimal credit requirements. Thus, his FICO score can be as low as 500, and the debt to income ratio – just 50%.
- USDA loan program. It is oriented toward those living in rural areas. The participants of this program can get a mortgage loan with a zero down payment. However, their annual income must not exceed 115% of the average income in this region.
- VA loan programs. They are insured by the Veteran Affairs Department. This mortgage option is available to former militaries or their spouses.
Pre-Approval: What Does It Mean?
Preliminary approval is a sort of confirmation of a prospective homebuyer’s credibility. It lets home sellers know that lenders are ready to approve a mortgage loan to the buyer. To get a pre-approval one needs to provide documentary evidence of his paying capacity. A typical document set includes earning statements, account statements, a W2 form, or an alternative proof of income for at least 2 years. Additionally, it’s necessary to fill in the Uniform Residential Loan Application form.