Virginia Mortgage Broker

Loan options in Virginia

Duane compares programs for your scenario and explains the tradeoffs before you commit.

• Conventional. Purchase and refinance loans with as little as 3% down for qualifying buyers. Mortgage insurance can come off as your equity grows.
• FHA. As little as 3.5% down with qualifying credit, and more flexible credit guidelines. FHA carries an upfront and an annual mortgage insurance premium.
• VA. Virginia has a large veteran and military community, with major installations in Hampton Roads and Northern Virginia. VA loans can be $0 down for eligible borrowers, with no monthly mortgage insurance. A funding fee usually applies unless exempt.
• Jumbo. For loan amounts above the conforming limit in your county. Expect closer review of down payment, reserves and documentation.
• Refinance. Lower the rate, shorten the term or take cash out. Compare the break-even point against how long you plan to stay.

Buying in Virginia: what to know

• Recordation and grantor taxes. Virginia charges state and local recordation tax on the deed and the new loan, and a grantor tax on the seller. The closing cost estimator on this site breaks these out.
• Property tax is local. Each city and county sets its own real estate rate, so Fairfax, Richmond and Roanoke can look very different. Check the rate where you plan to buy.
• Higher limits in Northern Virginia. Many Northern Virginia localities sit in a high-cost area with higher conforming loan limits than most of the state. Check your county.
• Settlement. Closings run through a settlement agent, typically a title company or a law firm. Ask for fee estimates early.
• Military timelines. Buyers with PCS orders often work to a short window. Share your dates early so the closing can be planned around them.