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 See our adjustable rate mortgage disclosures and the Consumer Handbook on Adjustable Rate Mortgages for additional information 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 annually, but not more than 2% 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 new doctors, dentists and veterinarians and those who completed their residency within the last 10 years Financing up to 100% of home value No mortgage insurance required Financing available on homes valued up to $1,000,000 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 Mortgage Resources See More Resources Mortgage FAQs Frequently asked questions about mortgages. Mortgage Loan Officers Whether you're considering purchasing or refinancing your home, VACU’s mortgage loan officers are here to help you every step of the way. Construction Loan FAQs Frequently asked questions about construction loans.