Mortgage in Virginia (2026)

Find the best mortgage rates in Virginia. A mortgage is the largest financial commitment most cities across residents will make; understanding your options is essential to long-term financial health.

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Virginia Rates & Terms

FHA loans in VA typically offer rates 0.25% to 0.50% higher than conventional loans but require only 3.5% down.

Borrowers in cities across with credit scores above 760 and 20% down payments qualify for the best conventional mortgage rates.

Requirements in Virginia

All mortgage applicants in cities across must provide W-2s, tax returns, bank statements, and authorization for a credit check.

FHA loans in VA accept credit scores as low as 580 with 3.5% down, or 500-579 with 10% down.

State Regulations

Virginia borrowers are protected by the following regulations:

  • Usury Limit: 12% (non-licensed)
  • Payday Lending: Capped at 36% APR since 2020
  • Notes: Virginia reformed payday lending with a 36% APR cap effective 2021.

Top Cities in Virginia for Mortgage

Virginia Beach Richmond Chesapeake Norfolk Arlington Roanoke Newport News Alexandria

Borrowing Tips

  • Save for closing costs in addition to your down payment; expect 2-5% of the loan amount for closing expenses.
  • Lock your mortgage rate once you have a signed purchase agreement; rates can change daily and cost you thousands.
  • Improve your credit score by 20+ points before applying; even small improvements can lower your rate significantly.

Frequently Asked Questions

What is the current average mortgage rate in VA?

As of 2026, average 30-year fixed mortgage rates in VA range from 6.5% to 7.5%, while 15-year fixed rates range from 5.75% to 6.75%. Rates vary by lender and borrower profile.

Should I choose a fixed or adjustable-rate mortgage?

Choose a fixed-rate mortgage if you plan to stay in the home long-term and want payment stability. An ARM may save money if you plan to sell or refinance within 5-7 years.

How long does mortgage approval take in cities across?

Most lenders can issue a conditional approval within 3-5 business days. Full loan approval and clear-to-close typically take 30-45 days from application.

Can I get a mortgage with student loan debt in cities across?

Yes, lenders factor your total debt-to-income ratio. Income-driven repayment plans on federal student loans can help keep your DTI within qualifying limits.

Important Disclaimer

LoanMatchers is not a lender and does not make credit decisions. We connect consumers with licensed lending partners. All loan terms, rates, and fees are determined by the lender and are subject to credit approval. APRs range from 5.99% to 35.99%. Not all applicants will qualify for the lowest rates. This website provides general information and does not constitute financial, legal, or tax advice. Consult a qualified professional before making financial decisions. Rates and terms are accurate as of 2026 but subject to change without notice.