Roanoke, VA Mortgage Rates today
Virginia's blend of historical significance, natural beauty, and a strong job market make it an appealing choice for homebuyers. With top-rated schools and a rich cultural scene, it offers a high quality of life. When considering a home in Virginia, remember to compare our current rates for the best mortgage options.
If you have any questions about securing the best mortgage rates in Virginia, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for Roanoke, VA
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6.000% RATE
7.013% APR
$2,345/mo
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6.875% RATE
7.258% APR
$2,365/mo
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6.125% RATE
6.732% APR
$3,062/mo
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6.000% RATE
6.574% APR
$2,185/mo
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6.500% RATE
7.634% APR
$2,275/mo
infoLatest revision - July 26 2024 4:15pm EST.We update the table twice every day with the current mortgage rates.
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Frequently Asked Questions
What is the average mortgage rate in Virginia?
Mortgage rates in Virginia determine the percentages charged by lenders for home loans and refinances in the state. These interest rates directly influence homeowners' total expenditures on real estate financing.
What are the current mortgage rates in Virginia?
This information is provided to enable home seekers to compare the current mortgage rates in Virginia on each of our loan products displayed above. Your interest rate, monetary unit, and price quote are updated twice daily so that we can provide accurate information about how much money it costs you today.
How do Virginia interest rates affect mortgages in the state?
Homeownership costs amount to an actual sum of money, depending on the rate. Higher rates translate into higher monthly payments and borrowing costs. Conversely, lower rates can make property ownership more accessible for people living in Virginia.
Where can Virginia residents find the best mortgage rates?
The average person can save several thousand dollars by confidently asking questions and hopping between hot locations for reasonable mortgage rates in Virginia. Locals require more information: quotations, annual percentage rates, and monthly payments, as contrasted for all the loan products mentioned above. Lastly, eligibility requirements and relative expenses must be considered for each position before making an informed decision.
Virginia first-time homebuyer programs
Virginia Housing Conventional programs
Virginia Housing offers two 30-year fixed-rate programs—the Virginia Housing Conventional and the Virginia Housing Conventional No Mortgage Insurance. The latter exempts borrowers from paying mortgage insurance. Both programs assist with a 97% financing option and can be clubbed with programs that give grants or tax credits.
Requirements for applicants:
- A down payment assistance of up to 3%
- For the first, you need at least a 640 credit score, and a 660 for the latter.
- A debt-to-income ratio of 45%.
- Sellers can concede up to a 3% discount.
- Completing homeownership education is necessary, as is meeting Housing's income caps.
Property prerequisites:
- The abode must be a solitary single-family residence or approved condo in Virginia.
- Manufactured homes aren't eligible.
- There's no top price or minimum acreage—except when joining a program combining assistance with credits.
Virginia down payment assistance
Virginia Housing Plus Second Mortgage
As a first-time homebuyer in Virginia, funding a down payment can seem impossible without assistance. Thankfully, there are programs to alleviate this challenge.
The Virginia Housing Plus Second Mortgage helps qualified purchasers avoid depleting savings at closing. Such down payment assistance programs in Virginia assist initial owners and those buying in designated 'Target Areas.'
To qualify for the second loan:
- Applicants must verify allocating 1 percent of the purchase price for closing fees or funds in escrow.
- Assistance available is between 3% and 5% of the purchase price.
- Incomes cannot exceed limits set by Virginia Housing.
- Completing homebuyer education is compulsory.
For property eligibility:
- The dwelling must meet underwriting for the primary loan.
- Location within Virginia borders.
- Maximum two acres, though some lenders may flex to ten acres in rare cases.
- The sales price cannot surpass Virginia Housing loan restrictions.
Virginia Housing Down Payment Assistance (DPA) Grant
Virginia Housing's Down Payment Assistance grant awards up to 1% of the purchase price to eligible first-time buyers or those in a Target Area. To receive such first-time home buyer programs in VA, the funds must be paired with a Virginia Housing conforming, no private mortgage insurance, or FHA first trust, and all criteria for that initial loan must be satisfied.
Virginia Housing Closing Cost Assistance (CCA) Grant
Virginia Housing's Closing Cost Assistance grant is a savior for first-timers or Target Area home buyers using a VA or USDA loan. At most 2% of the price, the money can fund closing fees, discount points, prepayments, and the VA funding charge or USDA guarantee payment.
Other Virginia Homebuyer Programs
Virginia Housing Granting Freedom program
Virginia Housing offers up to $8,000 in funding for military members to renovate their homes. The grant assists Virginia veterans or those in service living with a disability incurred on duty. Modifications such as ramps and wider entrances can be covered for owned homes or rented units.
Virginia Housing Loan Combo
Through the Virginia Housing Loan Combo, Virginia first-time home buyers can bundle a mortgage, down payment aid, and complimentary education into one. Financial guidance aids in navigating options for restoring housing accessibility.
RRHA homeownership initiative
The Richmond Redevelopment and Housing Authority plans to debut a new program in 2024. Geared towards public housing tenants and voucher recipients, preliminary terms suggest closing and down costs help, reduced interest, and relief on mortgage insurance for eligible purchasers locally. Outreach will clarify details as the rollout date nears.
FHA Loans
These loans, insured through the Federal Housing Administration, deliver more flexible fiscal criteria. With an FHA loan, securing finance is possible with merely 3.5 percent down and a credit rating as low as 580.
VA Loans
Meanwhile, VA loans are backed by the United States Department of Veterans Affairs and are meant for active-duty military personnel, veterans, and surviving spouses. They tend to have lower interest rates and don't require a down payment.
USDA Loans
USDA loans present another choice without an upfront payment. However, one must procure a home in a classified rural location and meet specific eligibility terms to be considered.
HomeReady and Home Possible Loans
These programs, offered through government-sponsored enterprises like Fannie Mae and Freddie Mac, cater to first-time buyers. They require a 3 percent down and have more adaptable earnings prerequisites, rendering homeownership more obtainable.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
