Virginia mortgage lenders | finder.com
AutumnOnMonumentAvenueOfRichmongVirginia_GettyImages_250x250

Mortgage lenders in Virginia

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Look beyond traditional mortgages for home financing in Old Dominion.

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.

Name Product Min. credit score State availability Loans offered
620
Available in all states
Purchase, Refinance, Home Equity, HELOC, Jumbo, Reverse, Fixed, Adjustable, FHA, VA, USDA
Connect with vetted home loan lenders quickly through this online marketplace.
Vylla
Vylla
620
Not available in: HI, MA, NV, NY, ND, UT
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Explore financing options and home shopping services all on the same website.
620
Not available in: HI, NY
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA, Reverse
A hassle-free lender specialized in home loans.
620
Available in all states
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Flexible options, fast approvals and support online backed by a trusted brand.
620
Available in all states
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA
A subsidiary of CIT Group, CIT Bank is a direct lender that offers a variety of mortgage loan options.
620
Available in all states
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Streamline your mortgage from quote to final payment — all from your computer or phone.

Compare up to 4 providers

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.

Name Product Min. down payment Origination fee
0%
None
No lender fees and an easy online application from this top VA lender.
Vylla
Vylla
Depends
Explore financing options and home shopping services all on the same website.
0%
N/A
A hassle-free lender specialized in home loans.
0.5% to 1.0%
Flexible options, fast approvals and support online backed by a trusted brand.

Compare up to 4 providers

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.

Frequently asked questions

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site