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Virginia Fixed Mortgage Rates

img Virginia Average img National High img National Low img
Loan Type Base Rate APY Points Base Rate APY Points Base Rate APY Points
4.875 5.000 0.750 6.500 6.500 0.000 3.875 4.125 2.125
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4.375 4.399 N/A 6.625 6.500 0.125 3.750 4.000 1.625
4.500 4.750 0.750 6.125 6.125 0.125 3.375 3.625 1.500
4.000 4.125 0.125 6.125 6.125 0.000 3.250 3.750 1.625

Virginia Adjustable Mortgage Rates

img Virginia Average img National High img National Low img
Loan Type Base Rate APY Points Base Rate APY Points Base Rate APY Points
4.625 4.143 N/A 4.750 4.188 0.125 3.750 3.813 3.250
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3.750 3.540 1.125 6.875 5.000 0.125 2.750 3.125 2.500
3.500 3.388 1.250 6.375 4.500 0.125 2.375 3.125 2.375
3.250 5.500 0.000 6.125 4.250 0.000 2.500 3.250 1.000
3.000 2.875 1.125 8.125 3.625 2.125 2.375 3.000 0.000
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Mortgage Rates at 4.25%*

  • $150,000 loan for under $867/month
  • $225,000 loan for under $1,301/month
  • $350,000 loan for under $2,023/month
 

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National vs Virginia 10/1 ARM Mortgage Monthly Payments

Loan Amount img Virginia Average img National High img National Low img  
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$771.21                      $782.47                      $694.67                     
$874.04                      $886.80                      $787.30                     
$2,107.97                      $2,138.75                      $1,898.77                     

National vs Virginia 30-yr. fixed Mortgage Monthly Payments

Loan Amount img Virginia Average img National High img National Low img  
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$748.93                      $960.47                      $694.67                     
$848.78                      $1,088.53                      $787.30                     
$2,047.07                      $2,625.27                      $1,898.77                     

National vs Virginia 15-yr. fixed Mortgage Monthly Payments

Loan Amount img Virginia Average img National High img National Low img  
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$1,109.53                      $1,275.94                      $1,054.00                     
$1,257.47                      $1,446.06                      $1,194.54                     
$3,032.72                      $3,487.56                      $2,880.94                     

National vs Virginia 5/1 ARM Mortgage Monthly Payments

Loan Amount img Virginia Average img National High img National Low img  
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$673.57                      $935.80                      $582.98                     
$763.38                      $1,060.58                      $660.71                     
$1,841.08                      $2,557.87                      $1,593.48                     

National vs Virginia 3/1 ARM Mortgage Monthly Payments

Loan Amount img Virginia Average img National High img National Low img  
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$652.81                      $911.42                      $592.68                     
$739.85                      $1,032.94                      $671.71                     
$1,784.35                      $2,491.20                      $1,620.00                     

National vs Virginia 1-yr. ARM Mortgage Monthly Payments

Loan Amount img Virginia Average img National High img National Low img  
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No SSN Required

$632.41                      $1,113.75                      $582.98                     
$716.73                      $1,262.25                      $660.71                     
$1,728.58                      $3,044.24                      $1,593.48                     
Source: U.S. Department of Housing and Urban Development - Mar 31, 2009

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Average Rates

15-yr fixed*

4.0%

30-yr fixed*

4.375%

Plumb Line Ministries reaches its target population through referrals from Norfolk State University, local churches, previous clients and local advertising. They acquire sites; the builder prepares each site, and builds the home on a turn-key basis. The builder is paid as building progresses by a construction loan from a financial institution. Progress is monitored by the financial institutions and the Plumb Line Ministries Executive Director. NRHA and City of Norfolk inspectors insure the homes meet all state and city code requirements. An approved attorney conveys the home to buyer at closing. Plumb Line Ministries has agreements with surveyors, builders, NRHA, banks, attorneys and mortgage lenders to provide all the necessary development services.

The City of Norfolk is a participating jurisdiction in the HUD HOME program. They contract with NRHA to use HOME funds to revitalize neighborhoods in Norfolk like the Brambleton community. One of the requirements of the HOME program is that 15 percent of a participating jurisdiction's allocation be set aside to support the activities of Community Housing Development Organizations (CHDOs). The City of Norfolk currently has four operational CHDOs. These are, with their designated areas, date of HOME involvement and production outputs since inception: Beacon Light (Berkley, 1996, 27 homes), Park Place Redevelopment Foundation (Park Place, 1993, 41 homes), Community Housing Partners (city-wide, 2005, 4 homes) and Plumb Line Ministries (Central Brambleton, 1994, 65 homes). Of all HOME houses built, 26 percent have been built by CHDOs.

Plumb Line Ministries has had great success in working with City of Norfolk funds for over 15 years. By removing and replacing blighted homes, the Central Brambleton area is enhanced. This project has improved the overall quality of Norfolk's housing stock and improved the lives of people like Ms. Martin. Plumb Line Ministries has blended HUD HOME funds and HUD Federal Housing Administration (FHA)-insured mortgages with funds or insured mortgages from HUD partners such as the state housing finance agency and Veterans Administration (VA)-insured mortgages which finance the construction of this affordable housing.

Fifteen years and 65 homes is quite an outstanding use of HUD HOME funds. This work, coupled with funds and resources of other HUD Partners, has had a profound affect on many lives.

Home Repairs: Virginia

The programs and resources listed below help homeowners with home repairs and improvements.

  • Virginia Department of Historic Resources rehabilitation tax credit training - Tax credits can be an effective way to help finance repairs to older properties
  • Virginia Housing Development Authority - Home improvement programs
  • United States Department of Agriculture - Grants and loans for homeowners in rural areas
  • Rebuilding Together (formerly Christmas in April) - Repair and rehabilitation assistance to the elderly, disabled and families with children.
  • Virginia Department of Housing and Community Development - Forgivable loans for homes that that lacks indoor plumbing
  • Community Housing Partners, Inc. - Rehabilitation assistance with offices in Christiansburg (540) 382-3002), Richmond (804) 278-9781, Virginia Beach (757) 425-5826 and Winchester (540) 662-8960.
  • Habitat for Humanity Re-Stores in Virginia
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*Mortgage Rate of 4.25% is for qualified borrowers for a 10-year fixed rate mortgage to refinance an owner-occupied, one-unit, single family dwelling for a loan of $165,000 to $417,000 ($165,000 to $625,500 in Alaska and Hawaii). If you are contacted by a lender or broker advertising within our network, your quoted rate may be higher, depending on your property location, credit score, loan-to-value ratio, debt-to-income ratio, and other factors. Not available in all states. Not available for all credit types. Not all service providers in our network offer this or other products with fixed rate options.

**This advertised rate is for qualified borrowers for to refinance an owner-occupied, one-unit, single family dwelling for a loan of $150,000, $225,000 or $350,000 with a interest only monthly payment of $867, $1301 or $2023. This is an interest only adjustable rate that is fixed for the first 12 months then is subject to increase no more than 1% every 6 months thereafter (until rate has caught up to fully indexed rate). To be eligible for this program borrower must meet applicable credit requirements, including a FICO score of at least 620. MortgageDebt.com is not acting as a lender or broker. The information provided by you to MortgageDebt.com is not an application for a mortgage loan, nor is it used to pre-qualify you with any lender. If you are contacted by a lender or broker advertising within our network, your quoted rate may be higher, depending on your property location, credit score, loan-to-value ratio, debt-to-income ratio, and other factors. Not available in all states. Not available for all credit types.

Last Updated: September 03, 2010