Today’s Virginia Mortgage Rates: Find the Best Mortgage in the Old Dominion State

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What Are Today’s Mortgage Rates in Virginia?

For Wednesday, December 07, 2022, here are the current mortgage rates in Virginia. The average 30-year fixed mortgage rate is 6.620%. The average 30-year fixed mortgage refinance rate is 6.590%. Today, the average 15-year fixed mortgage rate is 5.960%.

Looking at variable rate loans, the average 5/1 adjustable-rate mortgage (ARM) rate is 5.830%. 

This information is from Bankrate’s latest survey of the nation’s largest mortgage lenders.

Current Mortgage Rates in Virginia

Loan TypeRate
30-year Fixed6.620%
15-year Fixed5.960%
5/1 ARM5.830%
30-Year Refi6.590%

First-Time Homebuyer Programs in Virginia

Virginia has several programs available to first-time home buyers, or anyone who hasn’t owned a home in the past three years. If you fall under the household income limits you may be eligible for assistance with closing costs or your down payment. 

Down Payment Assistance Grant: You can receive 2% to 2.5% of the purchase price as a grant. This gift is available only for first-time homebuyers and has income limits that vary by county. 

Closing Cost Assistance Grant: If you’re taking out a VA loan or Virginia Rural Housing Services (RHS) loan you can qualify for closing cost assistance of 2% of the smaller of the purchase price or appraised value. These funds are also given to the homebuyer as a grant.

VHDA Plus Second Mortgage: This assistance is a 30-year mortgage for 3% to 5% of the home’s purchase price. It can cover the entire down payment and may be paired with other types of homebuyer assistance. You’ll need to meet the income limits and be using an eligible Virginia Housing loan product.

HOMEownership Down Payment and Closing Cost Assistance program: Eligible homebuyers can receive 10% or 15% of the sale price as a grant for the down payment. In addition, you can get up to $2,500 to help pay for closing costs.

Virginia Mortgage Taxes

You are able to deduct your mortgage interest from your federal and state taxes if you live in Virginia. However, this only applies if you are itemizing your expenses instead of taking the standard deduction. And Virginia is in the middle when it comes to the average property taxes with an effective tax rate or 0.84%, according to the Tax Foundation.

If you are a first-time homebuyer, you may qualify for a Mortgage Credit Certificate (MCC). With an MCC you can get a credit for 10% of the yearly mortgage interest you pay. This credit is valid for the life of the loan, but you need to meet the household income and loan size limits to be eligible.

Virginia Mortgage Refinancing

Refinancing in Virginia is essentially the same as in other states, however there is a state law which could make it easier to refinance if you have a second mortgage. If you happen to have a second loan on your home, such as a home equity loan, a lender will want its loan to take priority over the secondary loan. The law allows a refinanced mortgage to keep its position ahead of other loans. This is less risky for the lender because then it would get paid first in the case of bankruptcy or default.

Any time you refinance a home loan you should also pay attention to the fees you’re paying, not just the refinance rate. Refinance closing costs can be 3% to 6% of the loan balance, so you need to ensure you’ll be staying in the home long enough for any monthly savings to outweigh the upfront costs. To calculate your break-even point, just take the fees and divide them by your monthly savings. So if you paid $10,000 in fees and are saving $250 a month, it would take you 40 months (over three years) to break even.

Conforming and FHA Loan Limits by County

Every year the Federal Housing Finance Agency sets guidelines for what qualifies as a conforming loan. Conforming loans are less risky for lenders because they can be sold to Fannie Mae or Freddie Mac, two government-sponsored enterprises. So a conforming loan will typically have a more favorable rate than a non-conforming loan. Here are the conforming loan limits for each county in Virginia:

VIRGINIA 2022 CONFORMING LOAN LIMITS BY COUNTY

CountySingle-family Property
Accomack$647,200
Albemarle$647,200
Alleghany$647,200
Amelia$647,200
Amherst$647,200
Appomattox$647,200
Arlington$970,800
Augusta$647,200
Bath$647,200
Bedford$647,200
Bland$647,200
Botetourt$647,200
Brunswick$647,200
Buchanan$647,200
Buckingham$647,200
Campbell$647,200
Caroline$647,200
Carroll$647,200
Charles City$647,200
Charlotte$647,200
Chesterfield$647,200
Clarke$970,800
Craig$647,200
Culpeper$822,375
Cumberland$647,200
Dickenson$647,200
Dinwiddie$647,200
Essex$647,200
Fairfax$970,800
Fauquier$970,800
Floyd$647,200
Fluvanna$647,200
Franklin$647,200
Frederick$647,200
Giles$647,200
Gloucester$647,200
Goochland$647,200
Grayson$647,200
Greene$647,200
Greensville$647,200
Halifax$647,200
Hanover$647,200
Henrico$647,200
Henry$647,200
Highland$647,200
Isle Of Wight$647,200
James City$647,200
King and Queen$647,200
King George$647,200
King William$647,200
Lancaster$647,200
Lee$647,200
Loudoun$970,800
Louisa$647,200
Lunenburg$647,200
Madison$970,800
Manassas$970,800
Mathews$647,200
Mecklenburg$647,200
Middlesex$647,200
Montgomery$647,200
Nelson$647,200
New Kent$647,200
Northampton$647,200
Northumberland$647,200
Nottoway$647,200
Orange$647,200
Page$647,200
Patrick$647,200
Pittsylvania$647,200
Powhatan$647,200
Prince Edward$647,200
Prince George$647,200
Prince William$822,375
Pulaski$647,200
Rappahannock$822,375
Richmond$647,200
Roanoke$647,200
Rockbridge$647,200
Rockingham$647,200
Russell$647,200
Scott$647,200
Shenandoah$647,200
Smyth$647,200
Southampton$647,200
Spotsylvania$822,375
Stafford$822,375
Surry$647,200
Sussex$647,200
Tazewell$647,200
Warren$822,375
Washington$647,200
Westmoreland$647,200
Wise$647,200
Wythe$647,200
York$647,200
Alexandria City$822,375
Bristol$647,200
Buena Vista$647,200
Charlottesville$647,200
Chesapeake$647,200
Colonial Height$647,200
Covington$647,200
Danville$647,200
Emporia$647,200
Fairfax Ind$822,375
Falls Church$822,375
Franklin Ind$647,200
Fredericksburg$822,375
Galax$647,200
Hampton$647,200
Harrisonburg$647,200
Hopewell$647,200
Lexington$647,200
Lynchburg$647,200
Manassas Park$822,375
Martinsville$647,200
Newport News$647,200
Norfolk$647,200
Norton$647,200
Petersburg$647,200
Poquoson$647,200
Portsmouth$647,200
Radford$647,200
Richmond Ind$647,200
Roanoke Ind$647,200
Salem$647,200
Staunton$647,200
Suffolk$647,200
Virginia Beach$647,200
Waynesboro$647,200
Williamsburg$647,200
Winchester$647,200
Kimble$647,200
King$647,200
Kinney$647,200
Kleberg$647,200
Knox$647,200
Lamar$647,200
Lamb$647,200
Lampasas$647,200
La Salle$647,200
Lavaca$647,200
Lee$647,200
Leon$647,200
Liberty$647,200
Limestone$647,200
Lipscomb$647,200
Live Oak$647,200
Llano$647,200
Loving$647,200
Lubbock$647,200
Lynn$647,200
Mcculloch$647,200
Mclennan$647,200
Mcmullen$647,200
Madison$647,200
Marion$647,200
Martin$647,200
Mason$647,200
Matagorda$647,200
Maverick$647,200
Medina$647,200
Menard$647,200
Midland$647,200
Milam$647,200
Mills$647,200
Mitchell$647,200
Montague$647,200
Montgomery$647,200
Moore$647,200
Morris$647,200
Motley$647,200
Nacogdoches$647,200
Navarro$647,200
Newton$647,200
Nolan$647,200
Nueces$647,200
Ochiltree$647,200
Oldham$647,200
Orange$647,200
Palo Pinto$647,200
Panola$647,200
Parker$647,200
Parmer$647,200
Pecos$647,200
Polk$647,200
Potter$647,200
Presidio$647,200
Rains$647,200
Randall$647,200
Reagan$647,200
Real$647,200
Red River$647,200
Reeves$647,200
Refugio$647,200
Roberts$647,200
Robertson$647,200
Rockwall$647,200
Runnels$647,200
Rusk$647,200
Sabine$647,200
San Augustine$647,200
San Jacinto$647,200
San Patricio$647,200
San Saba$647,200
Schleicher$647,200
Scurry$647,200
Shackelford$647,200
Shelby$647,200
Sherman$647,200
Smith$647,200
Somervell$647,200
Starr$647,200
Stephens$647,200
Sterling$647,200
Stonewall$647,200
Sutton$647,200
Swisher$647,200
Tarrant$647,200
Taylor$647,200
Terrell$647,200
Terry$647,200
Throckmorton$647,200
Titus$647,200
Tom Green$647,200
Travis$647,200
Trinity$647,200
Tyler$647,200
Upshur$647,200
Upton$647,200
Uvalde$647,200
Val Verde$647,200
Van Zandt$647,200
Victoria$647,200
Walker$647,200
Waller$647,200
Ward$647,200
Washington$647,200
Webb$647,200
Wharton$647,200
Wheeler$647,200
Wichita$647,200
Wilbarger$647,200
Willacy$647,200
Williamson$647,200
Wilson$647,200
Winkler$647,200
Wise$647,200
Wood$647,200
Yoakum$647,200
Young$647,200
Zapata$647,200
Zavala$647,200

Some government-secured loans also have limits on the size of the mortgage. These caps differ from conforming loan limits and also vary depending on home prices of the surrounding area.

The 2022 FHA loan limits for Virginia are:

VIRGINIA 2022 FHA LOAN LIMITS BY COUNTY

CountyFHA 1-unit limit
Accomack$420,680
Albemarle$420,680
Alleghany$420,680
Amelia$647,200
Amherst$420,680
Appomattox$420,680
Arlington$970,800
Augusta$420,680
Bath$420,680
Bedford$420,680
Bland$420,680
Botetourt$420,680
Brunswick$420,680
Buchanan$420,680
Buckingham$420,680
Campbell$420,680
Caroline$420,680
Carroll$420,680
Charles City$420,680
Charlotte$420,680
Chesterfield$647,200
Clarke$970,800
Craig$420,680
Culpeper$822,375
Cumberland$420,680
Dickenson$420,680
Dinwiddie$420,680
Essex$420,680
Fairfax$970,800
Fauquier$970,800
Floyd$420,680
Fluvanna$437,000
Franklin$420,680
Frederick$420,680
Giles$420,680
Gloucester$458,850
Goochland$647,200
Grayson$420,680
Greene$420,680
Greensville$420,680
Halifax$420,680
Hanover$647,200
Henrico$647,200
Henry$420,680
Highland$420,680
Isle Of Wight$420,680
James City$458,850
King and Queen$420,680
King George$420,680
King William$420,680
Lancaster$420,680
Lee$420,680
Loudoun$970,800
Louisa$420,680
Lunenburg$420,680
Madison$970,800
Manassas$970,800
Mathews$458,850
Mecklenburg$420,680
Middlesex$420,680
Montgomery$420,680
Nelson$437,000
New Kent$647,200
Northampton$420,680
Northumberland$420,680
Nottoway$420,680
Orange$420,680
Page$420,680
Patrick$420,680
Pittsylvania$420,680
Powhatan$647,200
Prince Edward$420,680
Prince George$647,200
Prince William$822,375
Pulaski$420,680
Rappahannock$822,375
Richmond$420,680
Roanoke$420,680
Rockbridge$420,680
Rockingham$420,680
Russell$420,680
Scott$420,680
Shenandoah$420,680
Smyth$420,680
Southampton$458,850
Spotsylvania$822,375
Stafford$822,375
Surry$420,680
Sussex$420,680
Tazewell$420,680
Warren$822,375
Washington$420,680
Westmoreland$420,680
Wise$420,680
Wythe$420,680
York$420,680
Alexandria City$822,375
Bristol$420,680
Buena Vista$420,680
Charlottesville$437,000
Chesapeake$420,680
Colonial Height$420,680
Covington$420,680
Danville$420,680
Emporia$420,680
Fairfax Ind$822,375
Falls Church$822,375
Franklin Ind$420,680
Fredericksburg$822,375
Galax$420,680
Hampton$458,850
Harrisonburg$420,680
Hopewell$420,680
Lexington$420,680
Lynchburg$420,680
Manassas Park$822,375
Martinsville$420,680
Newport News$420,680
Norfolk$458,850
Norton$420,680
Petersburg$420,680
Poquoson$420,680
Portsmouth$420,680
Radford$420,680
Richmond Ind$420,680
Roanoke Ind$420,680
Salem$420,680
Staunton$420,680
Suffolk$420,680
Virginia Beach$420,680
Waynesboro$420,680
Williamsburg$420,680
Winchester$420,680
Kimble$420,680
King$420,680
Kinney$420,680
Kleberg$420,680
Knox$420,680
Lamar$420,680
Lamb$420,680
Lampasas$420,680
La Salle$420,680
Lavaca$420,680
Lee$420,680
Leon$420,680
Liberty$420,680
Limestone$420,680
Lipscomb$420,680
Live Oak$420,680
Llano$420,680
Loving$420,680
Lubbock$420,680
Lynn$420,680
Mcculloch$420,680
Mclennan$420,680
Mcmullen$420,680
Madison$420,680
Marion$420,680
Martin$341,550
Mason$420,680
Matagorda$420,680
Maverick$420,680
Medina$393,300
Menard$420,680
Midland$420,680
Milam$420,680
Mills$420,680
Mitchell$420,680
Montague$420,680
Montgomery$420,680
Moore$420,680
Morris$420,680
Motley$420,680
Nacogdoches$420,680
Navarro$420,680
Newton$420,680
Nolan$420,680
Nueces$420,680
Ochiltree$420,680
Oldham$420,680
Orange$420,680
Palo Pinto$420,680
Panola$420,680
Parker$404,800
Parmer$420,680
Pecos$420,680
Polk$420,680
Potter$420,680
Presidio$420,680
Rains$420,680
Randall$420,680
Reagan$420,680
Real$420,680
Red River$420,680
Reeves$420,680
Refugio$420,680
Roberts$420,680
Robertson$420,680
Rockwall$404,800
Runnels$420,680
Rusk$420,680
Sabine$420,680
San Augustine$420,680
San Jacinto$420,680
San Patricio$420,680
San Saba$420,680
Schleicher$420,680
Scurry$420,680
Shackelford$420,680
Shelby$420,680
Sherman$420,680
Smith$420,680
Somervell$420,680
Starr$420,680
Stephens$420,680
Sterling$420,680
Stonewall$420,680
Sutton$420,680
Swisher$420,680
Tarrant$404,800
Taylor$420,680
Terrell$420,680
Terry$420,680
Throckmorton$420,680
Titus$420,680
Tom Green$420,680
Travis$389,850
Trinity$420,680
Tyler$420,680
Upshur$420,680
Upton$420,680
Uvalde$420,680
Val Verde$420,680
Van Zandt$420,680
Victoria$420,680
Walker$420,680
Waller$420,680
Ward$420,680
Washington$420,680
Webb$420,680
Wharton$420,680
Wheeler$420,680
Wichita$420,680
Wilbarger$420,680
Willacy$420,680
Williamson$404,800
Wilson$393,300
Winkler$420,680
Wise$404,800
Wood$420,680
Yoakum$420,680
Young$420,680
Zapata$420,680
Zavala$420,680