Mortgage Options

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 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 (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 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
• Term options available
• Private mortgage insurance (PMI) required for loan to value ratios greater than 80%
• Income and sales price limits apply

Apply 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 years
• May be a good choice if rates are expected to go down in a few years so you could refinance with a fixed-rate loan
• 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

Apply now  Talk to a mortgage loan officer

No Closing Cost:

Fixed Rate No Closing Cost Mortgage Loan

• No VACU or third-party provider fees -  see example
• Term options available
• Rate-term refinances available up to 95% of your home’s value
• Cash out refinances available up to 80% of your home’s value
• Minimum loan amount is $100,000
• Income and sales price limits apply

Apply now  Talk to a mortgage loan officer

See our limitations of offer

Government Programs:

Federal Housing Authority (FHA) Loan

• Good for first-time home buyers or others with down payment 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

Apply now  Talk to a mortgage loan officer

U.S. Department of Agriculture (USDA) Rural Development Loan

• Good option if you are purchasing in a rural community

• No down payment required

• Income, sales price, and property eligibility restrictions apply

Apply now  Talk to a mortgage loan officer

Veterans Administration (VA) Loan

• Available to eligible veterans as defined by the Administrator of Veterans Affairs

• No down payment required for purchase loan
• Term options available
• Cash out refinances available
• No mortgage insurance required
• Additional details from the Veterans Benefits Administration
• Income and sales price limits apply

Apply 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 loan
• If you have a variable rate, this converts your loan to a fixed interest rate
• Easier, faster paperwork allows you to refinance your loan more quickly

Apply now   Talk to a mortgage loan officer

FHA Streamline Refinance

• Good for FHA mortgage holders looking to refinance and lower their monthly payments
• Save time and money with less paperwork, often without an appraisal
• Must refinance a current FHA mortgage loan in good standing

Apply now  Talk to a mortgage loan officer

Specialty Programs:

Jumbo Mortgage Loan

• Available for mortgage balances greater than conventional or government thresholds
• Primary residence financing available
• Multiple term options are available
• Income and sales price limits apply

Apply now  Talk to a mortgage loan officer

Land Loan (for unimproved property)

• 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
• Income and sales price limits apply 

Apply now  Talk to a mortgage loan officer

Construction Loan

• Good option if you are building a new home, whether you own or are planning to purchase the land
• 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
• Once construction is complete, VACU can help you transition to a standard mortgage

Talk to a mortgage loan officer

Doctors Mortgage Loan

• For doctors, dentists, veterinarians, and more
• Financing up to 100% of home value
• No mortgage insurance required
• Financing available  up to $1,500,000
• Refinances available 

Apply now  Talk to a mortgage loan officer

HomeReady Loan (Federal National Mortgage Association)

• Low down payment
• Flexible source of funds, such as a Community second mortgage within certain limits, may be used for down payment and closing costs
• Purchase loans and rate/term refinances available
• Private mortgage insurance required
• Income, sales price, and property restrictions apply

Apply now  Talk to a mortgage loan officer

Virginia Housing (VH) FHA Plus Loan

• For first-time home buyers
• Buyer must provide 1% of own funds toward the transaction
• In 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 costs
• Income and sales price limits apply
• Monthly mortgage insurance premium is required on all FHA loans

Apply now  Talk to a mortgage loan officer

Virginia Housing (VH) with FNMA – No MI

• Low down payment
• Down payment assistance may be available through VHDA
• Purchase loans and rate/term refinances available
• No mortgage insurance (MI) required
• Income and sales price restrictions apply 

Apply now  Talk to a mortgage loan officer

VACU 100 Loan

• For qualified current or previous home owners
• Up to 100% financing available on homes valued up to $500,000
• Only purchase loans available
• Private mortgage insurance required
• Income and sales price limits apply 

Apply now  Talk to a mortgage loan officer