First-time home buyer? Get $1,000 off your closing costsGet a head start for your starter home! For a limited time, we're offering first-time home buyers $1,000 towards closing costs.11 Virginia Credit Union is offering a $1,000 discount on closing costs on new mortgage loans for first-time home buyers subject to qualification and credit approval. This promotion is valid on new applications submitted between 10/01/22 and 03/31/2023. The closing cost reduction will be limited to the lesser of $1,000 or lender closing costs and may not exceed maximum seller contribution limits set by program guidelines. Mortgage loan must close by 06/30/2023. This is not available for Rural Development or construction loan products. This offer can be used in conjunction with the Welcome Home Discount. It cannot be combined with any other promotion or discount and is subject to compliance with Virginia Credit Union's loan program guidelines. An individual is to be considered a first-time home buyer who (1) is purchasing the security property; (2) will reside in the security property as a principal residence; and (3) had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the security property. In addition, an individual who is a displaced homemaker or single parent also will be considered a first-time home buyer if he or she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three-year time period. Talk to a mortgage loan officer A variety of mortgage options are available for home purchases and refinances. Our mortgage loan officers are here to help you evaluate the options that best fit your needs.Personal assistance — Our mortgage loan officers will answer all your questions, offer advice and help you in any way possible. Talk to a mortgage loan officer to discuss your options.Multiple loan options for property located in VA — Loans for primary residences, second homes and land. Loans for investment property are also available. We offer options for single-family homes, town homes, warrantable condos, modular homes, and manufactured homes.Purchases & refinances — Loan programs listed here are available for purchases and refinances unless otherwise noted. See product details below including types of refinances available.Rate/term refinances & cash out refinances — A "rate/term" refinance refers to the refinance of a first mortgage balance to change the rate and/or term without advancing new money on the loan. With a "cash out" refinance, additional funds are advanced, such as for home improvement, debt consolidation or other purposes.Conventional Mortgages:Fixed Rate Mortgage LoanGood option if you plan to stay in your home for a whileThe principal and interest portion of your payment stays the same for the term of the loan (escrow amounts such as property taxes and insurance may change)Loans up to 95% of your primary single-family home’s value are available for purchases and rate/term refinances, or up to 80% for a cash out refinanceLoans up to 97% of a home’s value are available for first-time home buyersFinancing options for second homes and investment propertiesTerm options availablePrivate mortgage insurance (PMI) required for loan to value ratios greater than 80%Income and sales price limits applyApply now Talk to a mortgage loan officer 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 yearsMay be a good choice if rates are expected to go down in a few years so you could refinance with a fixed-rate loanRate changes will affect your monthly paymentPrimary residence and second home financing availablePrivate mortgage insurance is required for loan to value ratios greater than 80%Purchase loans, rate/term refinances and cash out refinances availableApply now Talk to a mortgage loan officer No Closing Cost:Fixed Rate No Closing Cost Mortgage LoanNo VACU or third-party provider fees - see exampleTerm options availableRate-term refinances available up to 95% of your home’s valueCash out refinances available up to 80% of your home’s valueMinimum loan amount is $100,000Income and sales price limits applyApply now Talk to a mortgage loan officerSee our limitations of offer Government Programs:Federal Housing Authority (FHA) LoanGood for first-time home buyers or others with down payment as low as 3.5%Purchase loans, rate/term refinances and cash out refinances availableTerm options availableMonthly mortgage insurance premium is required on all FHA loansIncome and sales price limits applyApply now Talk to a mortgage loan officer U.S. Department of Agriculture (USDA) Rural Development LoanGood option if you are purchasing in a rural communityNo down payment requiredIncome, sales price, and property eligibility restrictions applyApply now Talk to a mortgage loan officer Veterans Administration (VA) LoanAvailable to eligible veterans as defined by the Administrator of Veterans AffairsNo down payment required for purchase loanTerm options availableCash out refinances availableNo mortgage insurance requiredAdditional details from the Veterans Benefits AdministrationIncome and sales price limits applyApply now Talk to a mortgage loan officer VA Interest Rate Reduction Refinance Loan (IRRRL)Can lower your monthly payments by refinancing your original VA-backed loanIf you have a variable rate, this converts your loan to a fixed interest rateEasier, faster paperwork allows you to refinance your loan more quicklyApply now Talk to a mortgage loan officer FHA Streamline RefinanceGood for FHA mortgage holders looking to refinance and lower their monthly paymentsSave time and money with less paperwork, often without an appraisalMust refinance a current FHA mortgage loan in good standingApply now Talk to a mortgage loan officerSpecialty Programs:Jumbo Mortgage LoanAvailable for mortgage balances greater than conventional or government thresholdsPrimary residence financing availableMultiple term options are availableIncome and sales price limits applyApply now Talk to a mortgage loan officer Land Loan (for unimproved property)Adjustable-rate mortgage (ARM) for purchase or refinance of land or a lotRate may adjust semi-annually, but not more than 1% semi-annually or 5% over the life of the loanIncome and sales price limits apply Apply now Talk to a mortgage loan officer Construction LoanGood option if you are building a new home, whether you own or are planning to purchase the landLoan covers the cost of constructing a home and can include the land purchase or pay off an existing land loanFixed-rate loan with 6, 9, or 12-month construction term optionsEasy-to-use digital platform to help you manage your draws and overall construction projectOnce construction is complete, VACU can help you transition to a standard mortgageTalk to a mortgage loan officer Doctors Mortgage LoanFor doctors, dentists, veterinarians, and moreFinancing up to 100% of home valueNo mortgage insurance requiredFinancing available up to $1,500,000Refinances available Apply now Talk to a mortgage loan officer HomeReady Loan (Federal National Mortgage Association)Low down paymentFlexible source of funds, such as a Community second mortgage within certain limits, may be used for down payment and closing costsPurchase loans and rate/term refinances availablePrivate mortgage insurance requiredIncome, sales price, and property restrictions applyApply now Talk to a mortgage loan officer Virginia Housing (VH) FHA Plus LoanFor first-time home buyersBuyer must provide 1% of own funds toward the transactionIn addition to VHDA’s FHA-insured first mortgage, qualified borrowers may obtain a second mortgage within certain limits to help fund the down payment and closing costsIncome and sales price limits applyMonthly mortgage insurance premium is required on all FHA loansApply now Talk to a mortgage loan officer Virginia Housing (VH) with FNMA – No MILow down paymentDown payment assistance may be available through VHDAPurchase loans and rate/term refinances availableNo mortgage insurance (MI) requiredIncome and sales price restrictions apply Apply now Talk to a mortgage loan officer VACU 100 LoanFor qualified current or previous home ownersUp to 100% financing available on homes valued up to $500,000Only purchase loans availablePrivate mortgage insurance requiredIncome and sales price limits apply Apply now Talk to a mortgage loan officerMortgage Resources See More Resources Mortgage FAQsWhat does pre-qualified mean? What do closing costs include? Get answers from our experts. Mortgage Loan OfficersMeet our mortgage loan officers. Construction Loan FAQsFrequently asked questions about construction loans.