Virginia Mortgage Guide 2026
A comprehensive look at mortgage programs, rates, lender requirements, and home buying strategies across Virginia.
Virginia’s mortgage market spans some of the widest ranges in the country. Northern Virginia’s $1,249,125 conforming and FHA loan limit is more than 49% higher than the $832,750 standard limit that applies to most other Virginia counties.
Virginia’s Housing Market Overview
Virginia presents one of the most geographically and economically diverse housing markets in the eastern United States. Northern Virginia (Fairfax, Arlington, Alexandria, Loudoun, and Prince William counties) is among the wealthiest and most expensive suburban markets in the country, driven by proximity to Washington, D.C. and a massive federal government and contractor employment base. The Richmond metro offers strong job growth in finance, technology, and government. Hampton Roads — anchored by Norfolk, Virginia Beach, Chesapeake, and the world’s largest naval station — combines a large military population with a diverse civilian economy.
| Region | Market Notes |
|---|---|
| Northern Virginia | Wealthiest, most expensive suburban market in the country; driven by D.C. proximity and federal/contractor employment |
| Richmond Metro | Strong job growth in finance, technology, and government |
| Hampton Roads | Anchored by the world’s largest naval station; large military population plus diverse civilian economy |
Mortgage Programs in Virginia
Conventional Loans
The 2026 conforming loan limit is $1,249,125 for Fairfax, Arlington, Alexandria, Loudoun, and Prince William counties — among the highest in the country. Most other Virginia counties have the standard limit of $832,750.
| County/Jurisdiction | Conforming Limit | FHA Limit |
|---|---|---|
| Fairfax / Arlington / Alexandria / Loudoun / Prince William / Stafford / Spotsylvania / Fredericksburg | $1,249,125 | $1,249,125 |
| Virginia Beach / Norfolk / Chesapeake / Hampton / Newport News | $832,750 | $757,850 |
| Richmond / Chesterfield / Henrico | $832,750 | $707,250 |
| Charlottesville / Albemarle / Fluvanna / Greene / Nelson | $832,750 | $598,000 |
| All Other Counties/Cities | $832,750 | $541,287 |
FHA Loans
FHA loans are widely used in Hampton Roads, Richmond, and the Roanoke Valley. FHA loan limits in Northern Virginia reach $1,249,125, making FHA viable even in the DC suburbs.
VA Loans
Virginia is arguably the premier VA loan state in the nation. Naval Station Norfolk is the world’s largest naval station. Langley AFB, Fort Gregg-Adams, Marine Corps Base Quantico, and Joint Base Myer-Henderson Hall make Virginia home to one of the largest veteran and active-duty populations in the US.
USDA Loans
Virginia’s rural regions — particularly Appalachian Southwest Virginia, the Shenandoah Valley’s smaller communities, the Northern Neck, Eastern Shore, and rural Piedmont counties — have meaningful USDA eligibility.
| Program | Min Down Payment | Min Credit Score | Best For |
|---|---|---|---|
| FHA | 3.5% | 580 | Hampton Roads, Richmond, Roanoke Valley buyers |
| VA | 0% | No VA minimum (lender-set) | Veterans and active-duty near military installations |
| USDA | 0% | 640 | Rural Southwest VA, Shenandoah Valley, Eastern Shore |
| Conventional (HomeReady) | 3% | Not specified | Buyers counting full household income |
Virginia Housing Development Authority (VHDA)
Virginia Housing offers a Down Payment Assistance Grant (2–2.5% of purchase price — a true grant, no repayment), a Plus Second Mortgage (up to 3.5% deferred), and the MCC program (up to $2,000/year federal tax credit). All programs available through VHDA-approved lenders including NEXA Lending LLC.
Virginia Housing’s Down Payment Assistance Grant is a true grant, not a loan. Unlike many state DPA programs structured as second mortgages, Virginia Housing’s grant requires no repayment. Confirm current terms at virginiahousing.com.
Property Taxes in Virginia
Property taxes in Virginia are assessed at the city or county level. Fairfax County’s effective rate is approximately 1.02%, while rural Appalachian counties may be significantly lower. Virginia cities (independent of counties) set their own rates.
Typical Closing Costs in Virginia
Virginia buyers typically pay between 2% and 4% of the purchase price in closing costs. Amounts below are estimated for a $500,000 purchase — see the full Virginia Closing Costs Guide for a complete breakdown.
| Cost Category | Estimated Range | Paid By |
|---|---|---|
| Loan Origination Fee | 0–1% of loan | Buyer |
| Title Insurance (both) | $1,200–$2,000 | Buyer |
| Settlement/Title Fees | $300–$700 | Buyer |
| Deed of Trust Recordation Tax | $0.25 per $100 of loan | Buyer |
| Grantor’s Tax | $0.50–$0.65 per $500 of price | Seller |
| Total Buyer Estimate | $8,000–$18,000+ |
