(804) 323-6800
  Search
Featured Results

Search for
HomeLoans & Mortgages * Home Purchase * Mortgage Programs at VACU

Mortgage Programs at Virginia Credit Union

Consider your current and future financial situation to evaluate the options that best fit your needs. We’ll be glad to help you.

No Closing Cost Refinance

Conventional Mortgages

Government Mortgages

Specialty Mortgages

Local servicing — For many new mortgages, you'll make your payments to Virginia Credit Union. Over the life of your loan, we remain your point of contact for all your mortgage questions.

Personal assistance — Our mortgage consultants are available by phone or email to answer your questions, offer advice and help you in any way possible during the application process.

Multiple loan options for property located in Virginia — primary residences, second homes and land only.


Fixed rate no closing cost refinance*

  • No VACU or third-party provider fees - See details
  • Multiple term options available
  • Rate-term and cash-out refinances available
  • Borrow up to 97% of your home’s value
  • Virginia Credit Union will retain the servicing of most of these loans, so you'll make your payments to VACU
*See our Limitations of Offer

 back to top

Conventional mortgages

Fixed rate mortgage loan

  • Good option if you plan to stay in your home for a while
  • The principal and interest portion of your payment stays the same for the term of the loan (but of course, escrowed amounts such as for property taxes and insurance may change)
  • Borrow up to 97% of your home’s value
  • Purchase, refinance and cash-out refinances are available
  • Primary residence, investment property, and second home financing is available
  • Multiple term options are available
  • Private Mortgage Insurance (PMI) required for loan to value ratios greater than 80%
  • Virginia Credit Union will retain the servicing of most of these loans, so you'll make your payments to VACU

 back to top

Adjustable rate mortgage loan (ARM)

  • Good option if you want a lower initial monthly payment or think you won’t be in the home for many years
  • May also be a good choice if rates are expected to go down in a few years, and you could then refinance with a fixed-rate loan
  • You may be able to borrow up to 97% of your home’s value
  • Rate changes will affect your monthly payment
  • Purchase, refinance and cash-out refinances are available
  • Primary residence and second home financing is available
  • Virginia Credit Union will retain the servicing of most of these loans, so you’ll make your payments to VACU
  • See our adjustable rate mortgage disclosures and the Consumer Handbook on Adjustable Rate Mortgages for additional information

back to top

Government mortgage programs

FHA (Federal Housing Authority) loan

  • Good for first-time home buyers, with down payment as low as 3.5%
  • Offers more flexible qualification and credit requirements
  • Gift funds for down payments and closing costs are allowed
  • Sellers can contribute up to 6% of the sale price toward closing costs
  • Purchase, refinance and cash-out refinances are available
  • Monthly mortgage insurance premium is required on most FHA loans
  • Multiple term options are available

VHDA (Virginia Housing Development Authority) FHA Plus Loan

  • Good option for first-time home buyers
  • No down payment is required, because in addition to VHDA’s FHA-insured first mortgage, borrowers can receive a second mortgage of 3.5% to 5% of the sales price to help fund the down payment and closing costs
  • All lenders offer the same VHDA rates
  • Sellers can contribute up to 6% of the sale price toward closing costs
  • Income and sales price limits apply
  • Monthly mortgage insurance premium is required on most FHA loans
  • Loans serviced in Virginia by Virginia Housing Development Authority

VA (Veterans Administration) loan

  • Available to eligible veterans as defined by the Administrator of Veterans Affairs
  • No down payment required
  • No private mortgage insurance required
  • More flexible qualification and credit requirements
  • Sellers can contribute up to 6% of the sale price toward closing costs
  • Purchase, refinance and cash-out refinances are available
  • Multiple term options are available
  • Additional details from the Veterans Benefits Association

USDA (United States Department of Agriculture) Rural Development loan

  • Good option if you are purchasing in a rural community
  • No down payment required
  • 100% gift funds are allowed
  • Sellers can contribute up to 3% of the sale price, including closing costs
  • Income, sales price, and property eligibility restrictions apply; speak to a VACU mortgage consultant for more details

back to top

Specialty mortgage programs

Jumbo mortgage loan

  • Available for mortgage balances greater than conventional or government thresholds
  • Primary residence and second home financing is available
  • Multiple term options are available

Land only loan (for unimproved property)

  • Adjustable-rate mortgage (ARM) for purchase of land or a lot of 10 acres or less
  • Rate may adjust annually, but can’t go up more than 2% annually or 6% over the life of the loan

Manufactured home loan

  • Available for double-wide manufactured homes on permanent foundation
  • Available for primary residences
  • Purchase, refinance and cash-out refinances are available
  • Multiple term options are available

Please contact us if you have questions or we can help you in any way.

back to top