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Conventional loans in Virginia

Quick answer

Conventional loans in Virginia allow as little as 3% down (about $10,821 on a $360,700 home) with a 620+ credit score, up to the $832,750 baseline conforming limit.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsLast updated

Conventional loan snapshot for Virginia

ItemEstimate
Minimum down payment3%
Minimum credit score620
Typical VA home value$360,700
3.5% down on typical home$12,625
20% down on typical home$72,140
Avg. effective property tax0.74%/yr (~$224/mo)
Income for typical home (31% rule)$111,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Which Virginia programs pair with Conventional loans?

  • Down Payment Assistance Grant: A grant (no repayment) toward the down payment for eligible first-time buyers.
  • Virginia Housing Plus: A second mortgage that can cover the down payment alongside a Virginia Housing first loan.

Details and current limits: Virginia Housing.

How does a conventional loan work?

Conventional loans are made by private lenders and usually sold to Fannie Mae or Freddie Mac. Because they follow those agencies' guidelines, they're called conforming loans. You can choose a fixed rate (15, 20 or 30 years) or an adjustable rate.

Your rate and mortgage insurance cost depend heavily on your credit score and down payment, so improving either before you apply can noticeably lower your payment.

Who qualifies for a conventional loan?

  • Credit score: generally 620 minimum.
  • Debt-to-income (DTI): up to 45%, and sometimes 50% with strong compensating factors.
  • Down payment: 3% (HomeReady, Home Possible, 97% LTV programs) to 5%+.
  • Steady, documented income — usually two years of history.
  • Property: primary homes, second homes and investment properties are all allowed (with higher down payments for non-primary homes).

Conventional loans in Virginia cities

Conventional in Virginia BeachConventional in ChesapeakeConventional in ArlingtonConventional in NorfolkConventional in RichmondConventional in Newport NewsConventional in AlexandriaConventional in HamptonConventional in RoanokeConventional in PortsmouthConventional in SuffolkConventional in LynchburgConventional in Dale CityConventional in CentrevilleConventional in RestonConventional in HarrisonburgConventional in McLeanConventional in LeesburgConventional in TuckahoeConventional in CharlottesvilleConventional in AshburnConventional in BlacksburgConventional in Lake RidgeConventional in WoodbridgeConventional in BurkeConventional in ManassasConventional in DanvilleConventional in Linton HallConventional in AnnandaleConventional in MechanicsvilleConventional in OaktonConventional in Fair OaksConventional in South RidingConventional in PetersburgConventional in SterlingConventional in SpringfieldConventional in West Falls ChurchConventional in FredericksburgConventional in Short PumpConventional in TysonsConventional in WinchesterConventional in Cave SpringConventional in StauntonConventional in SalemConventional in Bailey's CrossroadsConventional in HerndonConventional in FairfaxConventional in BrambletonConventional in ChantillyConventional in ChesterConventional in Cherry HillConventional in HopewellConventional in West SpringfieldConventional in LeesylvaniaConventional in ChristiansburgConventional in WaynesboroConventional in McNairConventional in MontclairConventional in LortonConventional in Woodlawn

Frequently asked questions

Yes. Conventional loans are available statewide in Virginia through approved lenders, subject to county loan limits where they apply.

Often yes. Virginia Housing and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.

Answer a few questions on Purchase Mortgage Loan and we'll match you with lenders and loan officers in our network who serve Virginia.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.