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Mortgage lenders in Virginia

Look beyond traditional mortgages for home financing in Old Dominion.

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Fact checked

Government-backed programs typically offer lower interest rates, low down payment options and competitive closing costs. But you can get a reasonable loan by comparing multiple lenders against your range of home prices and long-term financial goals.

Government-backed financing in Virginia

Take your time comparing rates, closing costs and down payment options and see if you qualify for a government-backed home loan program. If you’re buying in a rural or suburban area or are a first-time homebuyer, you might find stronger loan terms through FHA or USDA programs.

Compare more mortgage lenders

Name Product Loan products offered State availability Min. credit score
Better.com
(NMLS #330511)
Better.com
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
620
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
LoanDepot
(NMLS #174457)
LoanDepot
Conventional, Jumbo, FHA, VA, Home Equity, Refinance
Available in all states
620
Access a wide range of mortgage and home equity options in person or online with this direct lender.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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Mortgage lenders for veterans in Virginia

The Veteran Affairs (VA) home loan program offers mortgages that allow for low down payment options, low interest rates and no mortgage insurance. VA mortgages are available from the VA itself or through private lenders, and they’re open to veterans, active service members and select military spouses.

How to compare the best lenders and rates in Virginia

When narrowing your options, look beyond interest rates to compare fees, terms and the type of loan that fits your needs:

  • Interest rates. Compare advertised low rates against the terms and any perks of the loan.
  • Fees. Ask about application, maintenance, insurance, prepayment and any other fees you might end up paying.
  • Terms. A 15-year mortgage can significantly shave down interest, but with higher payments, while a 30-year offers the stability of lower payments.
  • Type. Adjustable rates tend to start out low but can make it hard to predict how much you’ll pay in the future. Fixed-rates, on the other hand, are predictable and can help your budget stay on track.
  • Discounts. Loan programs through the VA, USDA and Virginia Housing Development Authority can help eligible homeowners cut overall costs.

How the Virginia Housing Development Authority can help

First-time homebuyers may benefit from this state-backed agency offering:

  • Variety of home loans. Conventional, FHA, VA and Rural Housing Services loans come with fixed rates over 30 years.
  • Down payment support. The VHDA Plus Second Mortgage and Down Payment Assistance Grant offers support with down payments to eligible homebuyers.
  • Closing cost assistance. Those in Virginia’s rural markets and eligible veterans may get help with closing costs through a grant.
  • Mortgage credit certificates. You may be able to claim a federal tax credit for a portion of mortgage interest you pay during a year.

Closing cost fees in Virginia

After taxes, you could pay an average $5,849 in closing fees on mortgage between $200,000 and $300,000. High costs are in part a result of the high taxes in this state, which can make up close to 50% of the closing cost fees. Compared to its neighbors, only Maryland has higher closing costs than Virginia.

Closing costs in Virginia

Bottom line

Government-backed and local programs from the VHDA could get you strong loan terms. But look for competitive options from banks, credit unions and other lenders as well.

Compare a range of mortgage lenders to find the right fit for your long-term financing needs.

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