Reliant Home Funding Editorial Team

NMLS #292473Licensed in 27 statesUpdated August 4, 2026

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

Residential Mortgage Funding for Credit-Qualified Virginia Buyers

Q: How long does the mortgage approval process take?

The approval process typically takes 30 to 45 days, depending on the complexity of your application and the lender's efficiency.

As of May 9, 2026, according to Freddie Mac's Primary Mortgage Market Survey® (PMMS®), the 30-year fixed-rate mortgage stands at 6.37%, and the 15-year fixed-rate mortgage at 5.72%. (Freddie Mac PMMS)

For Virginia homebuyers with a 700+ FICO score, established income, and a 10%+ down payment, these rates present a favorable opportunity to secure a conventional mortgage.

What Are Today's Mortgage Rates in Virginia?

Understanding current mortgage rates is crucial for making informed decisions. Here's a snapshot of the prevailing rates:

Loan Type	Interest Rate	Change from Last Week
30-Year Fixed	6.37%	+0.05%
15-Year Fixed	5.72%	+0.03%

These rates are sourced from Freddie Mac's PMMS® as of May 9, 2026. (Freddie Mac PMMS)

Monitoring these rates is essential, as even slight fluctuations can impact your monthly payments and overall loan costs.

Key Considerations for Virginia Homebuyers

When navigating the mortgage landscape in Virginia, consider the following:

Credit Score: A FICO score of 700 or higher typically qualifies you for competitive rates.
Down Payment: A down payment of at least 10% demonstrates financial stability and can influence your loan terms.
Loan Amount: Conventional loans in Virginia cover amounts up to $1,209,750 in high-cost areas.
Property Type: Conventional loans are available for primary residences, second homes, and investment properties.

Pro Tip: Utilize online mortgage calculators to estimate your monthly payments based on different loan amounts and interest rates.

Steps to Secure Your Mortgage

Assess Your Financial Health: Review your credit score, income, and savings to determine your borrowing capacity.
Get Pre-Approved: A pre-approval letter strengthens your position when making offers.
Compare Lenders: Evaluate offers from multiple lenders to find the best terms.
Understand the Process: Familiarize yourself with the mortgage application and approval process to avoid surprises.
Stay Informed: Keep an eye on market trends and rate changes to make timely decisions.

Common Mistakes Homebuyers Make

1. Overlooking Total Loan Costs

Focusing solely on interest rates without considering fees and other costs can lead to unexpected expenses.

How to Avoid:

Request a detailed Loan Estimate from each lender.
Compare the Annual Percentage Rate (APR), which includes both interest and fees.

2. Ignoring Loan Terms

Not all loan terms are created equal. A lower rate on a 15-year loan may not be suitable if it strains your budget.

How to Avoid:

Choose a loan term that aligns with your financial goals and comfort level.
Consider the impact of monthly payments on your overall financial health.

3. Neglecting to Lock in a Rate

Interest rates can fluctuate. Failing to lock in a favorable rate may result in higher costs.

How to Avoid:

Once you've secured a favorable rate, discuss locking it in with your lender after submitting your complete mortgage application.
Understand the terms and duration of the rate lock agreement.

4. Underestimating Closing Costs

Closing costs can add up, affecting your upfront expenses.

How to Avoid:

Budget for closing costs, typically ranging from 2% to 5% of the loan amount.
Review the Closing Disclosure form carefully before signing.

Frequently Asked Questions

1. How long does the mortgage approval process take?

The approval process typically takes 30 to 45 days, depending on the complexity of your application and the lender's efficiency.

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

Rate locks typically occur only after you have submitted a complete mortgage application. It's advisable to discuss this with your lender to understand the specific requirements.

3. What factors influence my mortgage rate?

Factors include your credit score, down payment, loan amount, property type, and current market conditions.

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. It's recommended to consult with a local real estate agent or lender for more information.

5. How can I expedite the closing process?

Ensure all required documents are submitted promptly and maintain open communication with your lender to facilitate a smooth closing.

For competitive agency conventional rates in Virginia, consider Reliant Home Funding (NMLS #292473). Compare today's rates →

Conclusion

Navigating the mortgage landscape in Virginia requires careful consideration of current rates, loan options, and personal financial circumstances. By staying informed and proactive, you can secure a mortgage that aligns with your goals and budget.

Ready to take the next step? Compare rates, consult with a lender, and get pre-approved to move forward confidently in your homebuying journey.

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