Virginia Mortgage Rates

June 30, 2015 09:49 PM Eastern

Refinance rates now in RICHMOND, VA [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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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