Virginia Mortgage Rates
Access the Best Virginia Mortgage Rates
With interest rates at historic lows in the state of Virginia, now is the best time to take advantage of Virginia mortgage rates. Homesite Mortgage is a consumer-direct lender, so you won’t have to deal with working through a middleman, but instead, know that you’re getting the best interest rate with a high level of personalized customer service. If you’re considering purchasing a home or refinancing in the state of Virginia, work with Homesite Mortgage—our low rates and attention to customer satisfaction won’t disappoint you.
Home Loan and Refinancing Solutions
Through partnering with Homesite Mortgage for your refinance or home loan, you can have confidence that you’re accessing the best Virginia mortgage rates. With over ten years of successfully providing home loan solutions for every type of home loan need, we promise to work closely with you and offer you the best home loan for your situation.
Mortgage Options with Homesite Mortgage
Conventional loans are our most popular loan as they follow traditional home loan standards and frequently come with the lowest available interest rate. Conventional loans (also referred to as “Fannie Mae” and “Freddie Mac” loans) require a 20% down payment, which is the main reason the lowest interest rates can be found with conventional loans. If you have less than a 20% down payment to offer, be prepared to pay for a higher interest rate as well as PMI (private mortgage insurance).
FHA loans are another great option for homeowners with less to offer for a down payment. FHA loans only require a 3.5% down payment, and credit scores as low as 580 are accepted. You’re also allowed to borrow cash to take on home repairs for your new home. FHA loans are another government-backed loan, and due to the low down payment requirements, PMI is required.
USDA loans are home loans available in many rural areas of the United States for homebuyers with low to moderate income levels. One of the most appealing factors of USDA loans is the no-down payment requirement. Since USDA loans are government-sponsored home loans, lenders can offer no-down payment home loans due to the loans being secured by the U.S. government. Additionally, flexible credit score guidelines offer home seekers of varying financial histories the opportunity to qualify for a home loan. While PMI is required, it’s available at competitively low rates when used in conjunction with a USDA loan.
VA Home Loans
VA loans are home loans exclusively available to active-duty military men and women, veterans, and their spouses. VA home loans are available in several forms, ranging from purchase loans, new construction loans, to cash out refinancing, and debt consolidation. VA loans don’t require down payments or PMI, and are available at low interest rates. By choosing Homesite Mortgage for your VA loan, you can work with veteran loan officers who have personally gone through the VA loan process.
Jumbo loans were created to provide borrowers the opportunity to borrow above the standard loan amount that conventional loans allow. The conforming loan amount limits of Fannie Mae and Freddie Mac loan range from $417,000–$625,000, depending on the location. If you have a loan need higher than that, a jumbo loan will likely be your best solution. Qualifying for a jumbo loan will require both a higher down payment (20–30%) and credit score—the average jumbo loan applicant has a credit score of 680. In addition to providing the funds you need for your home purchase, jumbo loans also offer advantageous tax benefits.