Buyer resources
Financing options for Virginia buyers
Understanding your financing options before submitting an offer makes you a stronger, more informed buyer. This guide covers the most common loan types used in Virginia real estate transactions.
Important disclaimer — please read before proceeding
Not financial advice: MyAgentless is a technology platform only — not a mortgage lender, financial advisor, broker, or any regulated financial professional. Nothing on this page constitutes financial advice, lending advice, or a recommendation to use any specific loan product or lender.
No lender relationships: MyAgentless does not have referral relationships with, receive compensation from, or endorse any mortgage lender, bank, credit union, or financial institution. We are not a mortgage broker and do not arrange financing.
RESPA compliance: MyAgentless does not accept or pay referral fees in connection with mortgage or settlement services. This page is for educational purposes only.
Consult professionals: Always consult a licensed mortgage lender and a licensed Virginia real estate attorney before making financing decisions. Loan terms, eligibility, and availability change frequently.
Information may be outdated: Loan limits, interest rates, program requirements, and eligibility rules change regularly. Always verify current information directly with a licensed lender or the relevant government agency.
Get pre-approved before submitting an offer
Most Virginia sellers expect buyers to have a mortgage pre-approval letter before submitting an offer. Pre-approval shows you are a serious buyer who has been vetted by a lender. It is different from pre-qualification — pre-approval involves a full credit check and income verification. Contact a licensed mortgage lender to get pre-approved before browsing listings on MyAgentless.
Conventional loan
Most commonDown payment
3% - 20%+
Min. credit
620+
The most widely used loan type for Virginia home purchases. Conventional loans are not government-backed, which means they typically have stricter credit requirements but more flexibility in property types and loan amounts.
Advantages
No upfront mortgage insurance with 20% down
Flexible loan terms (10, 15, 20, 30 years)
Works for primary residences, vacation homes, and investment properties
Faster closing than government-backed loans
Considerations
PMI required if less than 20% down
Higher credit score requirements
Stricter debt-to-income ratio requirements
FHA loan
First-time buyer friendlyDown payment
3.5% minimum
Min. credit
580+
Federal Housing Administration loans are government-backed and designed for buyers with lower credit scores or smaller down payments. Popular with first-time buyers across Virginia.
Advantages
Low 3.5% down payment requirement
More flexible credit requirements
Competitive interest rates
Higher debt-to-income ratio allowed
Considerations
Upfront mortgage insurance premium (1.75% of loan)
Annual MIP for life of loan (if less than 10% down)
Property must meet FHA minimum standards
Loan limits apply
VA loan
Virginia military buyersDown payment
$0 down
Min. credit
No minimum (lender varies)
Department of Veterans Affairs loans are available to eligible active duty military, veterans, and surviving spouses. Virginia has significant military populations near Quantico, Fort Belvoir, Langley AFB, Fort Gregg-Adams, Fort Story, and NAS Oceana, making VA loans extremely common in this market.
Advantages
Zero down payment required
No private mortgage insurance (PMI)
Competitive interest rates
No prepayment penalties
Can be reused multiple times
Considerations
VA funding fee required (1.25% - 3.3% of loan)
Only for eligible veterans, active duty, and surviving spouses
Property must meet VA minimum property requirements
Some sellers are unfamiliar with VA loan requirements
USDA loan
Rural VirginiaDown payment
$0 down
Min. credit
640+ recommended
US Department of Agriculture loans offer zero-down financing for eligible properties in rural and suburban areas. A large portion of Virginia counties and communities qualify, including much of the Shenandoah Valley, Western Virginia, Southside Virginia, and the Northern Neck.
Advantages
Zero down payment required
Below-market interest rates
Low mortgage insurance costs
Available to moderate-income buyers
Considerations
Property must be in USDA-eligible area
Income limits apply (typically 115% of area median income)
Upfront guarantee fee (1% of loan) and annual fee (0.35%)
Slower closing process than conventional
Cash purchase
Strongest offerDown payment
100% cash
Min. credit
N/A
Cash offers are the strongest offer type for sellers. No lender approval, no appraisal contingency (unless the buyer requests one), and faster closing. Cash buyers should still get a home inspection.
Advantages
Fastest closing — typically 10-21 days
No appraisal required (unless buyer requests)
No financing contingency — lower risk for seller
Often preferred over financed offers in competitive markets
Considerations
Ties up significant capital
Buyer forgoes potential leverage and liquidity
Still subject to inspection contingency unless waived
Buyer should still verify title
Virginia Housing (VHDA)
Virginia first-time buyersDown payment
As low as 0% - 3%
Min. credit
620+
Virginia Housing (formerly Virginia Housing Development Authority) offers below-market mortgage rates and down payment assistance programs for qualifying Virginia buyers. One of the most underutilized resources for first-time buyers in Virginia.
Advantages
Below-market interest rates
Down payment and closing cost assistance available
Homebuyer education programs
Virginia-specific programs for rural areas
Considerations
Income and purchase price limits apply
First-time buyer requirement for some programs
Property must be primary residence
Additional paperwork and processing time
For sellers — evaluating financed offers
As a seller, understanding a buyer's financing type helps you evaluate the strength of their offer. Here is a general guide — not financial advice:
Cash
Strongest
No financing contingency, fastest close, no appraisal required unless buyer requests one. Highest certainty of closing.
Conventional with 20%+ down
Very strong
No PMI, strong buyer financial position, standard appraisal process. Low risk of financing falling through.
VA loan
Strong
Government-backed, zero down, but requires VA appraisal. VA appraisers can be strict on property condition. Buyers using VA loans are typically well-qualified.
Conventional with less than 20%
Moderate
Standard financing, PMI required. Solid offer type but buyer has less equity cushion.
FHA loan
Moderate
Government-backed, lower down payment. FHA appraisers have minimum property standards — issues like chipped paint, exposed wiring, or safety hazards may require repair before closing.
USDA loan
Moderate
Zero down, government-backed. Slightly longer closing timeline due to USDA approval process. Property must be in eligible area.
Reminder: This is general educational information only and not financial or legal advice. Consult a licensed Virginia real estate attorney and your own advisors before making any offer acceptance decisions.
Official resources
Always verify current loan limits, eligibility, and program availability directly from official sources:
Virginia Housing (VHDA) — virginiahousing.com
Virginia state housing authority — down payment assistance and below-market rate loans for Virginia buyers
USDA Eligibility Map — eligibility.sc.egov.usda.gov
Check if a property is in a USDA-eligible area for zero-down rural financing
FHA Loan Limits — hud.gov
Current FHA loan limits by Virginia county
VA Home Loans — va.gov/housing-assistance/home-loans
Official VA loan information for eligible veterans and active duty military
Consumer Financial Protection Bureau — cfpb.gov
Unbiased mortgage information and tools for home buyers
Full disclaimer: All information on this page is for general educational purposes only. MyAgentless is not a mortgage lender, financial advisor, or real estate broker. We do not provide financial advice and do not recommend any specific lender, loan product, or financial institution. Loan limits, interest rates, program eligibility, and requirements change frequently — always verify current information with a licensed mortgage lender and consult a licensed Virginia real estate attorney before making any financial decisions related to real estate. MyAgentless does not receive compensation from any lender or financial institution. Nothing on this page creates a financial advisory relationship between you and MyAgentless.