Virginia Mortgage Rates
May 24, 2015 07:08 AM Eastern
VA Mortgage Rates for Home Ownership Loans
Virginia was ranked one of the best states to live in by Money Magazine’s "Best Places to Live" survey respondents in 2006 and 2007. It is home to beautiful mountains, rushing rivers, pristine beaches and 34 state parks. It’s no wonder that tourism is one of the state's most profitable industries.
Residents of this beautiful state can take advantage of various programs available to help them become homeowners. The Virginia Housing Development Authority offers loans with 30-year, fixed-rate terms. These conventional fixed loans are offered at below market interest rates, with low monthly payments, and are available for applicants with good credit and who meet the income requirements.
FHA Virginia Mortgage Interest Rates
In addition to the conventional fixed loan programs, the Virginia Housing Development Authority offers programs in conjunction with Federal Housing Administration (FHA) Insured Loans. These types of loans offer the following features:
• less strict approval qualifications
• low down payments
• fixed monthly payments
• competitive VA mortgage rates
The FHA Plus loan is available to assist Virginia home buyers with their down payment and closing costs. This type of loan qualifies as a second mortgage, and also features low, fixed monthly payments.
Veterans Affairs (VA) Loan Programs and Virginia Mortgage Interest Rates
Virginia has long been part of America's military history, dating back to the Revolutionary War. It’s no wonder that special programs are in place to help veterans become homeowners in return for their service to our nation. The Department of Veterans Affairs has loans that:
• are below the market for Virginia mortgage interest rates
• offer fixed monthly payments
• allow up to 100 percent financing
VA loans are made available through participating lenders who agree to work with and are approved by the Department of Veterans Affairs, which acts as a guarantor of your loan once it’s approved by the lender.
VA Mortgage Rates for Rural Housing Services Guarantee Loans
Rural Housing Services (RHS) Guarantee loans have below market VA mortgage interest rates, and are designed to help VA residents acquire, build or improve single family dwellings in state-approved rural areas. Similar to the VA loan, the RHS loan program offers loans that:
• are obtained through participating lenders, and guaranteed by the government
• may offer $0 down payments
• require low, fixed monthly payments