Virginia mortgage rates remain attractive in 2024. Virginia homeowners can lower their mortgage payments with special FHA financing incentives for local refinance and second mortgages online. Check the mortgage rates and compare VA mortgages with fixed rates and interest only. First and second mortgage refinance applications are on the rise. FHA home loan limits have been raised with mortgage restrictions capped at loan amounts between $271,050 and $729,750, depending upon which county your Virginia property lies in.
Consider a Fixed Rate Refinance and Virginia Home Loan.
Mortgage lender Bryan Wilson says the rising popularity of cash out refinancing and second mortgage is rooted from Americans clinging to mortgages rates they secured during the recent “refi Boom” that saw record low rates. First time homebuyers can take advantage of 97% FHA home purchase loans and 100% home financing available with the My Community loans sponsored by Fannie Mae.
Consumers took advantage with 1st mortgages locking these low rates that are worth keeping. So now when these consumers need cash second mortgages have become appealing because they can keep their low rate first mortgage intact.
2nd mortgage programs are becoming more popular with fixed rate loans or open end lines of credit. Ask Tim Sullivan if his second mortgage was a good idea. This resident of Virginia took out a loan secured by his home to fund his new business. After a few years Tim’s business took off, and he was able to pay off his 2nd mortgage 13 years before it was due.
New Virginia Mortgage Limits for FHA
In 2024, HUD raised the FHA mortgage limits for Virginia home loans and the increased loan changes can be seen below by county. In 2024 FHA loan limits could decrease.
County Name | State | One-Family | Two-Family | Three-Family | Four-Family |
| BRISTOL | VA | $271,050 | $347,000 | $419,400 | $521,250 |
| WASHINGTON | VA | $271,050 | $347,000 | $419,400 | $521,250 |
| CRAIG | VA | $280,000 | $358,450 | $433,250 | $538,450 |
| SALEM | VA | $280,000 | $358,450 | $433,250 | $538,450 |
| ROANOKE | VA | $280,000 | $358,450 | $433,250 | $538,450 |
| FRANKLIN | VA | $280,000 | $358,450 | $433,250 | $538,450 |
| CLARKE | VA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| WARREN | VA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| FAIRFAX | VA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| LOUDOUN | VA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| FAUQUIER | VA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| MANASSAS | VA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| STAFFORD | VA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| ARLINGTON | VA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| ALEXANDRIA | VA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| FALLS CHURCH | VA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| MANASSAS PARK | VA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| FREDERICKSBURG | VA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| PRINCE WILLIAM | VA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| DANVILLE | VA | $271,050 | $347,000 | $419,400 | $521,250 |
| CULPEPER | VA | $382,500 | $489,650 | $591,900 | $735,600 |
| AMHERST | VA | $271,050 | $347,000 | $419,400 | $521,250 |
| LYNCHBURG | VA | $271,050 | $347,000 | $419,400 | $521,250 |
| SUSSEX | VA | $528,750 | $676,900 | $818,200 | $1,016,850 |
| HANOVER | VA | $528,750 | $676,900 | $818,200 | $1,016,850 |
| CAROLINE | VA | $528,750 | $676,900 | $818,200 | $1,016,850 |
| HOPEWELL | VA | $528,750 | $676,900 | $818,200 | $1,016,850 |
| NEW KENT | VA | $528,750 | $676,900 | $818,200 | $1,016,850 |
| CUMBERLAND | VA | $528,750 | $676,900 | $818,200 | $1,016,850 |
| PETERSBURG | VA | $528,750 | $676,900 | $818,200 | $1,016,850 |
For a limited time, Atlantic State Homeowners * Offer available for residents living in Virginia who apply online for a second mortgage, home equity loan or line of credit. There is no obligation to get a loan, but submitting a loan request form is required for free home valuation offer. |
Second Mortgage Applications Rise on Both sides of the Potomac River. Virginia has a few regions that are still showing areas with real estate appreciation. Many Virginia cities like Fairfax, Alexandria and Fredericksburg continue to surprise real estate skeptics. Stable home values continue to appear in many communities across the DC area.
- Fixed Rate Refinance and Purchase
- 100% Loans to Consolidate Debt
- 100% VA Home Loans for Retired Vets
- USDA Loans for Rural Areas
- Refinance 1st and 2nd Mortgages Together for one low rate payment
- Tax Deductible 1st and 2nd Home Mortgages
- NO PMI & No Mortgage Insurance
- VA First Time Homeowners OK
Attention Virginia Homeowners: Mortgage Loans up to 100%: Fixed rates and fixed monthly payments. Choose from first or rate second mortgages that feature a fixed interest rate.
VA Mortgage Loans up to $4,000,000
Take advantage of our reduced cost mortgage options. For more details, call your Nationwide Account Executive at dial 1-877-212-9478 . At Nationwide, our goal is to make home loans easy. So Relax and let us use our resources to find you the best loan.
The VHDA offers a homeownership program that is designed to educate people for the home-buying process. Their focus is to help 1st time homebuyers prepare for making important decisions when buying a home. For more information, please visit vhda.com
Virginia Real Estate Fact
It now costs $618,692 to buy an average-priced home in the District, and $560,327 in Montgomery County . Prices in Northern Virginia also have maintained breathtaking heights, among the highest in the country, despite some slackening of sales. For more information, please visit www.varealtor.com
VA State Facts
Virginia Homeownership rate 68.1% For more information please visit commerce.gov/states/virginia.html
Virginia Homeownership rate is at 68.1%
Fannie Mae today announced that it will apply new conforming loan limits, as determined by the Office of Federal Housing Enterprise Oversight (OFHEO) based on federal data on mean (average) home prices, to increase its single-family mortgage loan limit to $724,000 for 2024. As a result of the new loan limit, Fannie Mae estimates that in 2024, as many as an additional 466,326 homeowners would be eligible for a conforming loan. Conforming loan limits may adjust annually. The conforming loan limits adjustments are based on the October-to-October changes in the mean (average) home price, as published by the Federal Housing Finance Board (FHFB). The FHFB figures come from its monthly survey of lenders. Both new and existing homes are included in the survey. Limits for multi-unit loans for 2006 will be as follows: two-family loans $533,850, three-family loans $645,300, and four-family loans $801,950. The 2024 loan limit for second mortgages will be $208,500.
The maximum amounts for one-to-four-family mortgages and second mortgages in Alaska, Hawaii, Guam and the U.S. Virgin Islands are 50 percent higher than the limits for the rest of the country. Most loans Fannie Mae purchases are well below the conforming limit. Our average loan size for single-family properties in the first three quarters of 2023 is about $172,000. For more information Please visit fanniemae.com
Virginia – First Time Homebuyer News
Renters Frank and Jennifer are excited about moving to a cozy neighborhood in Alexandria, Virginia. They just got married and are planning to finance their first home. In addition they were blessed with new jobs that have helped increase their incomes, and they have saved enough money to buy a home and put 10% down. Their loan officer friend has told them that they do not need to put anything down to get this home. The loan professional informed them of 100% home financing with an 80-20%. They are determined to their feet wet with the Virginia real-estate market, but aren’t sure to put money down or follow their friend’s advice with zero down financing.
Additional Resources for Virginia Residents
SUFFOLK REDEVELOPMENT AND HOUSING AUTHORITY
530 East Pinner Street Suffolk, Virginia 23435
Financial Counseling: Homebuying Education Programs, Relocation Counseling
Renters Assistance
For more information, please visit Website: suffolkrha.org
VIRGINIA BEACH COMMUNITY DEVELOPMENT CORPORATION
2700 International Parkway Virginia Beach , Virginia 23452
Homebuyer Education Programs
For more information, please visit Website: vbcdc.org
MOUNTAIN SHELTER, INC
P.O. Box 743 , Wytheville , Virginia 24382
For more information, please visit Website: mountainshelter.org
Home Buyer Counseling: Fair Housing Assistance
Homebuyer Education Programs & Debt Management