Harrisonburg’s median sale price ended Q2 at $315,000—a $19k jump from last year—yet still $85k below the Virginia statewide mark. Inventory sits at 112 active listings, down 18% YoY, creating a seller’s market with 1.4 months’ supply. The sweet spot for first-time buyers is the $250k–$300k band, where 42% of June’s sales occurred; anything under $275k receives multiple offers within 48 hours.

• New construction: 14 subdivisions active (Hershey Hill, The Crossings, and Northfield) with frame-move-ins starting at $349k.
• Investor activity: JMU-area duplexes trade at a 6.2% cap rate, but new short-term-rental rules require owner-occupancy for the first year—NMHL’s 25%-down investor DSCR loans still pencil.
• Appreciation leaders: The small 22801 zip core (Old Town, Purcell Park) rose 11.3%, while county 22802 trailed at 4.7%.

Bottom line: expect 3%–5% annual growth through 2025, driven by hospital expansion and JMU enrollment gains. Locking a rate now beats chasing tomorrow’s higher price.

Keister Community (22801): 1950s brick cape cods, walkable to downtown breweries. Median $259k; FHA 203(k) rehabs common here—NMHL’s in-house draw team funds renovations within 10 days.

Stone Port / Crossroads (22840): 2000s-era colonials, HOA pools, and quick I-81 access. $290k–$340k range; USDA eligible south of Port Republic Road. Perfect for veterans wanting 100% financing plus a yard for the dog.

North of Downtown (22830 fringe): Mini-farms and 3-acre lots. Prices start at $375k but you can roll fencing, barns, and even solar panels into one VA construction-to-perm loan with NMHL.

JMU Rental Row (Main, Cantrell, Devon): Converted single-family to 5-bed rentals. Gross rents hit $2,900/mo; we qualify 75% of that toward DSCR, requiring only 20% down.

Virginia Housing’s Down-Payment Assistance Grant gifts 3% (up to $10k) on FTHB loans with no repayment and no resale restriction. Combine it with:

• Rockingham County Closing-Cost Grant: $5,000 forgiven after 5 years—available city-wide.
• Federal Home Loan Bank of Atlanta’s FirstHome: $7,500 at 0% for five years; income limit 80% AMI (under $70k for a family of three).
• NMHL Lender Credit: up to 1% of loan amount for choosing 6.875% instead of 6.625%—perfect when appraisal comes low.

On a $275k purchase, layering these can leave your cash-to-close at $1,200—often covered by seller credits in this competitive market.

Taxes: City rate $0.95 + Rockingham County personal-property offset = effective 0.95% of assessed value (assessments run 92%–98% of sale price). Expect $2,850 yearly on a $300k home. Payment is split June 5 and December 5; NMHL escrows at no fee.

Homeowners Insurance: $965 annually for HO-3 on frame homes, $730 for masonry. Flood zones hug Linville Creek; NMHL’s insurance desk runs NFIP quotes same day.

Closing Costs: Title & escrow run about 0.9% of price—Rockingham Settlement Services and Old Dominion Title dominate the market. Recording fees: $76 deed + $56 deed of trust. Add survey ($425) and termite ($65) unless waived.

Transfer Tax: Virginia’s 0.1% grantor tax is customarily paid by seller, so buyers save ~$300 compared to Maryland transactions.

Rockingham County’s economy is 28% self-employed—poultry, trucking, craft brewing, Etsy artisans. Traditional underwriting penalizes these borrowers by using net income after write-offs. NMHL offers three Harrisonburg-friendly solutions:

• Bank-Statement Loan: 12 or 24 months of business statements; we apply 50% expense factor or use your CPA-prepared profit-and-loss. Up to 90% LTV on $650k with 700 score; 80% with 640.
• 1099 Only: No tax returns. Qualify on gross 1099 income averaged 24 months; 10% down, 660 score minimum.
• Asset-Depletion: Perfect for retirees sitting on land equity. We divide 60% of liquid retirement/assets by 60 months and add to monthly income—lets doctors at RMH buy before selling Northern Virginia rentals.

Already turned down by a big-bank jumbo? Try NMHL’s Portfolio Select—DTI up to 50%, no MI, and we’ll count boarder income if you list your spare room on Airbnb for at least six months.

Harrisonburg hosts 4,200 veterans and 1,700 active-duty dependents—yet only 38% of last year’s purchases used a VA loan. That’s leaving money on the table. VA allows $0 down up to $766,550 in Rockingham County, no monthly MI, and sellers can pay up to 4% in concessions (covering everything from credit-card payoff to VA funding fee).

Credit Flex: NMHL’s VA manual underwrite goes to 580 with 12 months’ rent history. Recent bankruptcy or foreclosure? Only a two-year seasoning if you re-established 620 score.

Energy Efficient Mortgage Add-On: Roll solar panels, geothermal HVAC, and new windows into the same loan—up to $6,000 more without hitting county limit.

JMU Faculty Perk: The university’s HR will gift $2,500 toward closing for tenure-track hires within 24 months—just present our pre-approval letter to HR and funds arrive before settlement.