Virginia Mortgage Calculator

Most conventional loans require a minimum credit score of 620, but you can qualify for an FHA loan with a score as low as 580 (with 3.5% down) or 500 (with 10% down). VA loans, available to eligible veterans and service members, have no official minimum credit score, though most lenders prefer 620 or higher. VHDA programs for first-time buyers may accept scores as low as 620.

Virginia buyers typically pay 2-3% of the purchase price in closing costs. This includes lender fees, title insurance, appraisal, survey, recording fees, and prepaid items like property taxes and homeowner's insurance. Virginia does not charge a transfer tax to buyers. On a $400,000 home, expect roughly $8,000-$12,000 in closing costs.

The Virginia Housing Development Authority (VHDA) offers several programs for homebuyers. These include below-market interest rates, down payment assistance grants (up to 2-2.5% of the purchase price), and mortgage credit certificates that provide a federal tax credit of up to 20% of your annual mortgage interest. VHDA programs are available to first-time and repeat buyers who meet income and purchase price limits.

The traditional recommendation is 20% to avoid private mortgage insurance (PMI), but many Virginia buyers put down far less. FHA loans require just 3.5%, and VA loans require zero down for eligible borrowers. Conventional loans are available with as little as 3% down through programs like HomeReady and Home Possible. VHDA programs can also provide down payment assistance to reduce your upfront cost.

No. Property tax rates in Virginia vary significantly by locality. They are set by each county, city, or town. For example, rates in Northern Virginia (Fairfax County) hover around 1.11%, while some rural counties may be lower. Richmond City's rate is approximately 1.2%. When budgeting, always check the specific rate for the jurisdiction where you plan to buy. This calculator defaults to 1.1%, which is close to the statewide average.