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How to Get the Best Rate in Virginia
Mortgage rates are not one-size-fits-all. The rate you receive depends on your credit profile, the loan type you choose, your down payment, and current market conditions. Here is what you can control to secure the lowest rate possible.
NMHL loan officers work with 300+ lenders to find competitive rates for every borrower profile — whether you have excellent credit or are rebuilding.
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Understanding Virginia's Mortgage Rate Landscape
Virginia's mortgage rates are influenced by its strong economy, proximity to Washington D.C., and major military installations. The state's average mortgage rate typically aligns with the Mid-Atlantic regional average, but local factors can cause variations.
Northern Virginia, particularly areas like Arlington and Fairfax, experience higher home prices and intense lender competition. This competition often results in more favorable rates for borrowers. In contrast, rural areas may see slightly different rate dynamics due to lower demand.
Check our live rate widget above for the most current Virginia mortgage rates.
Virginia Housing Programs for Homebuyers
Virginia Housing (VHDA) offers several programs to help homebuyers, particularly first-time buyers and veterans. These programs include below-market 30-year fixed rates, down payment assistance grants, and closing cost assistance.
The down payment assistance grants can provide up to 2-2.5% of the purchase price, which can significantly reduce the upfront costs for buyers. Additionally, VHDA's Mortgage Credit Certificate program offers a federal tax credit worth up to $2,000 per year.
Explore VHDA programs if you're a first-time buyer or veteran looking for assistance with your mortgage.
Mortgage Options for Different Virginia Regions
Virginia's diverse regions offer various mortgage options tailored to local needs. In Northern Virginia, where home prices are higher, jumbo loans are more common. In contrast, rural areas may be eligible for USDA loans with 0% down payment.
The Hampton Roads area, with its significant military presence, has a strong VA loan market. Lenders in this region are experienced in handling VA loans, offering competitive rates and terms.
Consider your location within Virginia when choosing a mortgage option to maximize your benefits.
Tips for Getting the Best Mortgage Rate in Virginia
To secure the best mortgage rate in Virginia, consider utilizing VHDA programs, understanding the high-cost conforming limits in Northern Virginia, and factoring in property taxes that vary by locality.
For veterans, leveraging VA loans in areas like Hampton Roads can provide significant benefits. Additionally, locking in your rate early in competitive markets like Northern Virginia can make your offer more attractive to sellers.
Work with a knowledgeable lender to navigate Virginia's mortgage landscape and find the best rate for your situation.
Virginia Mortgage Rates FAQs
Virginia mortgage rates generally align with the Mid-Atlantic regional average. Northern Virginia's proximity to DC drives intense lender competition that benefits borrowers. Check our live rate widget above for today's Virginia rates.
Virginia Housing offers competitive 30-year fixed rates typically below national averages, plus down payment assistance grants of 2-2.5% of the purchase price. Additional programs include the Closing Cost Assistance Grant and the Mortgage Credit Certificate for a federal tax credit worth up to $2,000/year.
While Northern Virginia is the most expensive region, areas like Manassas, Woodbridge, and outer Loudoun County offer more affordable options. VHDA programs help with down payment, and the high-cost conforming limit keeps more loans in conventional territory.
Virginia has one of the highest concentrations of VA-eligible buyers in the country. Lenders in Hampton Roads are especially experienced with VA loans, offering competitive rates with 0% down and no PMI.
Yes, significant portions of Virginia qualify for USDA loans, including the Shenandoah Valley, Southwest Virginia, and Southside. Even some exurban communities near NoVA may qualify, offering 0% down with competitive rates.
FHA loans are ideal for first-time buyers with lower credit scores or smaller down payments. Conventional loans offer better rates for those with stronger credit and 20% down. Consider your financial situation and goals when deciding.
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