-
Mortgage Options
Whether you're purchasing or refinancing, our multiple options can help make the process easy.
Traditional Loans
Fixed Rate Mortgage Loan
A 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.- 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 refinance
- Loans up to 97% of a home’s value are available for first-time home buyers
- Financing options for second homes and investment properties
- Private mortgage insurance (PMI) required for loan to value ratios greater than 80%
- Income and sales price limits may apply
See DetailsAdjustable Rate Mortgage
ARMs are a good choice for a lower initial monthly payment or if rates are expected to go down in a few years.- Rate changes will affect your monthly payment
- Primary residence and second-home financing available
- Private mortgage insurance is required for loan to value ratios greater than 80%
- Purchase loans, rate/term refinances and cash out refinances available
See DetailsFHA Loan
A good option for first-time homebuyer (or others) with down payment options as low as 3.5%. Purchase loans, rate/term refinances, and cash out refinances available.- Term options available
- Monthly mortgage insurance premium is required on all FHA loans
- Income and sales price limits apply
- FHA Streamline Refinance available for existing FHA mortgage holders
See DetailsVeterans Administration (VA) Loan
Mortgage or refinance for eligible veterans with no down payment or mortgage insurance required for a home purchase.- No down payment required for purchase loan
- Read additional details from the Veterans Benefits Administration
- Term options available
- Cash out refinances available
- No mortgage insurance required
- Income and sales price limits apply
See Details
Affordable Financing Options
HomeReady
Low down payment option if you have a flexible source of funds, such as a Community second mortgage within certain limits, that can be used for down payment and closing costs.- Low down payment
- Purchase loans and rate/term refinances available
- Private mortgage insurance required
- Income, sales price, and property restrictions apply
See DetailsVirginia Housing Loans
Virginia Housing offers a variety of loans to help first-time buyers purchase a home, including down payment assistance for qualified buyers.- Low down payment and no mortgage insurance options available
- Down payment assistance may be available through Virginia Housing
- Purchase loans and rate/term refinances available
- Income and sales price limits apply
See DetailsGrant Options
VACU offers multiple grants that help make homeownership affordable and accessible for qualified buyers.- VACU First-Time Home Grant
- Virginia Housing grants (First-time homebuyers)
- FHLBank of Atlanta Grants (First-Time homebuyers, Community Heroes, and Workforce Housing Plus+ Program)
Talk to a mortgage loan officer to see if you qualify.
See DetailsUSDA Rural Development Loan
No down payment required for eligible borrowers purchasing in a rural community.- No down payment required
- Income, sales price, and property eligibility restrictions apply
See Details
Specialty Loans
Fixed-Rate No Closing Cost Mortgage
No closing cost option available for purchasing a new home or refinancing.- No VACU or third-party provider fees
- Rate/term refinances available up to 95% of your home’s value
- Cash out refinances available up to 80% of your home’s value
- Term options available – Minimum loan amount is $100,000
- Income and sales price limits apply
See DetailsJumbo Mortgage
Available for primary residence mortgages greater than conventional or government thresholds.- Multiple term options are available
- Sales price limits may apply
See DetailsConstruction Loans
A good option if you are building a new home, whether you already own or are planning to purchase the land.- Construction-Only and Construction-to-Permanent options available
- Loan covers the cost of constructing a home and can include the land purchase or pay off an existing land loan
- Fixed-rate loan with 6, 9, or 12-month construction term options
- Easy-to-use digital platform to help you manage your draws and overall construction project
See DetailsLand Loan
An adjustable-rate mortgage (ARM) for purchase or refinance of land or a lot.- Rate may adjust semi-annually, but not more than 1% semi-annually or 5% over the life of the loan
- Sales price limits apply
- For unimproved property
See DetailsDoctor Mortgage Loan
Up to 100% financing for medical professionals, including doctors, dentists, and veterinarians.- Financing up to 100% of home value
- No mortgage insurance required
- Financing available up to $1,500,000
- Refinances available
See DetailsVACU 100 Loan
For qualified current or previous homeowners. Eligible buyers can qualify for up to 100% financing available on homes valued up to $647,200.- Only purchase loans available
- Private mortgage insurance required
- Income and sales price limits apply
See Details
Buy a home with confidence
Buy a home with confidence
