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Guide to Virginia Mortgages
Maybe you are buying your first home in Virginia, or perhaps you're relocating to Virginia from another state. Then again, you may be a long-time Virginia resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Virginia home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Virginia:
The median price of a home in Virginia is $211,500. Recently, homes in Virginia have been appreciating at rates well above the national average. As a result, income levels in many parts of Virginia are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Virginia are below the national average, Virginia has one of the lowest levels of home affordability in the nation.
In Virginia, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Virginia's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Virginia law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Virginia law enacted a set of anti-predatory lending laws in order to help protect Virginia homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Virginia, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Virginia FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Virginia's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Virginia also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Virginia's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Virginia Housing Finance Agency.
Last Updated: Saturday, May 10, 2008
Virginia Real Estate Market View
updated Saturday, May 10, 2008
| Housing & Social Facts |
Virginia |
United States |
| Total housing units |
3,174,708 |
n/a |
| Owner-occupied housing units |
69.6% |
66.9% |
| Renter-occupied housing units |
30.4% |
33.1% |
| Vacant housing units |
9.0% |
10.8% |
| Average Home Value |
$212,300 |
$167,500 |
| Average Mortgage Payment |
$1,411.00 |
$1,295.00 |
| Average Rental Payment |
$328 .00 |
$388.00 |
| Total Population |
7,332,608 |
n/a |
| Percentage Male |
48.7% |
49.0% |
| Percentage Female |
51.3% |
51.0% |
| Median Age |
37.2 |
36.4 |
| Under 5 years |
6.9% |
7.0% |
| 18 years and over |
75.3% |
74.6% |
| 65 years and over |
11.2% |
12.1% |
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1 Year Market Value Change for Virginia |
| 1yr | 5yr | 10yr |
 |
|
Popular Virginia Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Alexandria |
128,283 |
$56,054 |
| Annandale |
54,994 |
$72,561 |
| Arlington |
189,453 |
$63,001 |
| Blacksburg |
39,573 |
$22,513 |
| Burke |
57,737 |
$93,561 |
| Centreville |
48,661 |
$71,232 |
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| Woodbury Mortgage Company, LLC |
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Woodbury Mortgage Company, LLC has built a strong reputation as an outstanding mortgage brokerage firm serving the lending needs of real estate professionals, builders and individual homebuyers throughout Virginia, Maryland, and the District of Columbia. Woodbury Mortgage Company, LLC is a full-service mortgage broker with an experienced staff offering expertise in every area of mortgage lending; from purchase to refinance to construction lending. We have access to a full range of mortgage sources and all of our lending specialists are dedicated to finding the right loan with the best rates, terms and costs to meet our clients' unique needs. But that is just the tip of the iceberg with of our service. Throughout the lending process we provide regular loan updates and progress reports so clients always know the status of their loan. We also offer a special Mortgage Manager service for those considering refinancing their mortgage. And, now it's our pleasure to offer all of our exceptional mortgage services online. Through Woodbury Mortgage Company, LLC you not only have access to the best loans available in the marketplace, but you can review loan alternatives, and even apply for your loan, at your convenience, online - 24 hours a day. Thank you for selecting Woodbury Mortgage as your loan expert. We look forward to putting our mortgage service to work for you! VA License #MLB-1033 Woodbury Mortgage Company, LLC
40 Cross Street 3rd Floor
Urbanna, VA 23175
Ph: 703-788-2000
Fx: 703-832-8661
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| First Heritgage Mortgage, LLC |
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First Heritage Mortgage, LLC. First Heritage Mortgage is a direct lender with two convenient locations in Fairfax, Virginia and Bethesda, MD. We are a full service lender providing home loans in Virginia, Maryland, the District of Columbia, Delaware, North Carolina, South Carolina, Georgia, Florida, West Virginia and Colorado. As a direct lender we control every aspect of the mortgage process from start to finish. We are not a mortgage broker; our loans are originated, processed, underwritten and closed in our local offices most importantly, every borrower has unique needs and fortunately we offer virtually every loan program imaginable with the most competitive rates you will find. Whether you are buying your first home, just changing residences or refinancing an existing home, our professional and experienced staff is here to assist you with every step of the mortgage process. Firt Heritage Mortgage, LLC offers: Fixed Rate Mortgages, Adjustable Rate Mortgages, Interest Only Loans, Buydowns, 100% Financing, Option ARM Loans, 103% Financing, Low Doc Loans, No Doc Loans,
80/10/10 and 80/15/5 Loans, Home Equity Line of Credit, Home Equity Loans and more. First Heritage Mortgage, LLC
4100 Monument Corner Drive, Suite 210
Fairfax, VA 2030
703.352.0721 Main
866.833.LOAN Toll Free
703.293.9024 Fax First Heritage Mortgage, LLC is licensed by the Virginia State Corporation Commission under license # MLB-437
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| WestStar Mortgage, Inc. |
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WestStar Mortgage, Inc. is one of the leading national financial investment firms offering both residential mortgages and commercial lending. We offer our clients assurance and piece of mind when they entrust us with their financial needs. We accomplish this task by recruiting competent professionals to whom we provide the highest levels of ongoing training. WestStar Mortgage, Inc. fully comprehends that the loan approval process can be a long and confusing. Our company does not make promises they cannot keep, but work side by side with our clients, navigating their mortgage course with a clear destination of an approval. WestStar Mortgage, Inc. ensures that all our clients needs are handled quickly and professionally. We utilize the latest technology in loan origination that enables our processing staff to provide fast, effective loan services. Our customer service department uses our cutting-edge online service, as well as calls and faxes, to keep you informed about the status of your loan. This level of dedication to customer care exists to ensure that you will receive the highest levels of service and efficiency. At WestStar Mortgage, Inc., you are first! WestStar Mortgage, Inc. is committed to operating a company built on the enduring values of trust, honesty, integrity, and respect for each employee and each client. We are dedicated to providing quality service with a positive attitude and the highest level of ethics. We provide: Residential Mortgage Loans, Commercial Lending, Foreign National Loans, Construction and Construction-to-Permanent Loans. WestStar Mortgage, Inc.
3350 Commission Court
Woodbridge, VA 22192
Toll Free: 888-349-3773
Local: 703-643-1002 WestStar Mortgage, Inc., is a real estate broker licensed by the VA Dept of Real Estate License
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