Reliant Home Funding Editorial Team

NMLS #292473Licensed in 27 statesUpdated October 13, 2026

Reviewed for accuracy by senior mortgage advisors • Rates verified against Freddie Mac PMMS®

Applying for a Conventional First Mortgage in Virginia

Q: How long does the mortgage application process take?

The process typically spans 30 to 60 days, depending on the complexity of your application and the lender's efficiency.

Q: Can I lock in my interest rate before applying?

Interest rate locks occur after submitting a complete application and receiving approval.

Navigating the mortgage landscape in Virginia can be complex, especially for seasoned homebuyers with strong financial profiles. As of June 8, 2026, according to Freddie Mac's Primary Mortgage Market Survey® (PMMS®), the 30-year fixed-rate mortgage stands at 6.48%, and the 15-year fixed-rate mortgage at 5.79%. As of this date, according to Freddie Mac PMMS, these rates are subject to change based on market conditions and individual qualifications. Monitoring these fluctuations can help you time your application effectively. More information can be found here.

What Are Today's Mortgage Rates in Virginia?

Current mortgage rates play a pivotal role in your financing strategy. Here's a snapshot of the prevailing rates:

Mortgage Type	Rate	Change from Last Week
30-Year Fixed	6.48%	-0.05%
15-Year Fixed	5.79%	-0.03%

Key Considerations for Your Mortgage Application

When applying for a conventional mortgage in Virginia, consider the following:

Credit Score: A FICO score of 700 or higher positions you favorably for competitive rates.
Down Payment: A down payment of 10% or more demonstrates financial stability and can influence your loan terms.
Loan Amount: Conventional loans typically cover amounts up to $1,209,750 in high-cost areas. For loans exceeding this limit, jumbo financing is available for qualified borrowers with 740+ FICO scores and 20% down.
Property Type: Conventional loans are suitable for primary residences, second homes, and investment properties.

Pro Tip: Gather all necessary financial documents, such as tax returns, pay stubs, and bank statements, to streamline the application process.

Steps to Secure Your Mortgage

Assess Your Financial Health: Review your credit report and ensure your credit score meets the desired threshold.
Determine Your Budget: Calculate how much you can afford to borrow, considering your income, debts, and down payment.
Choose a Lender: Compare offerings from multiple lenders to find the best fit for your needs.
Get Pre-Approved: Obtain a pre-approval letter to strengthen your position when making offers.
Finalize the Application: Submit your application along with all required documentation. Note that rate locks generally occur after submitting a complete application and receiving approval.
Close the Loan: Review and sign the closing documents to complete the process.

Pro Tip: Utilize online mortgage calculators to estimate monthly payments and understand potential costs.

Common Mistakes Homebuyers Make

Avoid these pitfalls to ensure a smooth mortgage experience:

1. Overlooking Credit Score Impact

A lower credit score can lead to higher interest rates or loan denial.

How to Avoid: Regularly monitor your credit and address any discrepancies promptly.

2. Ignoring Total Loan Costs

Focusing solely on monthly payments may overlook the total cost of the loan.

How to Avoid: Review the loan's annual percentage rate (APR) to understand the full financial commitment.

3. Neglecting to Shop Around

Accepting the first offer without comparison can result in missed opportunities.

How to Avoid: Obtain quotes from multiple lenders to ensure competitive terms.

4. Underestimating Closing Costs

Unexpected expenses at closing can disrupt your budget.

How to Avoid: Request a detailed estimate of closing costs early in the process.

Frequently Asked Questions

1. How long does the mortgage application process take?

The process typically spans 30 to 60 days, depending on the complexity of your application and the lender's efficiency.

2. Can I lock in my interest rate before applying?

Interest rate locks occur after submitting a complete application and receiving approval.

3. What are the benefits of a 15-year fixed mortgage?

A 15-year fixed mortgage offers a lower interest rate and faster equity buildup but comes with higher monthly payments.

4. Are there any first-time homebuyer programs in Virginia?

While this article focuses on conventional loans, Virginia offers various programs for first-time buyers, but they are not the primary focus here.

5. How can I expedite the closing process?

Ensure all documentation is accurate and submitted promptly to facilitate a quicker closing.

For competitive agency conventional rates in Virginia, consider Reliant Home Funding (NMLS #292473). We are licensed in Virginia and experienced with the Virginia market. Compare today's rates →

Conclusion

Securing a conventional mortgage in Virginia requires careful planning and informed decision-making. By understanding current rates, preparing your financial documents, and avoiding common mistakes, you can navigate the process with confidence. Remember to compare offers from multiple lenders and consult with a mortgage professional to find the best fit for your needs.

Virginia Lender License MC-7413. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Loans subject to borrower qualifications, property evaluation, and credit approval. All rates and program guidelines subject to change without notice.

Compliance Disclaimer: Loans are subject to credit approval, and rates and terms may change. Reliant Home Funding, Inc. is licensed in Virginia (MC-7413), NMLS #292473. Equal Housing Lender.