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®

Step-by-Step Virginia Home Purchase Mortgage Application Guide

Q: How long does the mortgage application process take?

- Answer: The process typically takes 30 to 60 days, depending on various factors.

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

- Answer: To lock in an interest rate, please note that a complete mortgage application and approval are required.

Q: What is the minimum down payment required?

- Answer: Agency conventional loans often require a down payment of at least 10% to 20%.

Q: Are there any first-time homebuyer programs in Virginia?

- Answer: [Response incomplete] Compliance Disclaimer: Virginia Lender License MC-7413. Reliant Home Funding, Inc. NMLS 292473. Equal Housing Lender. Licensed in Virginia. Loans subject to credit approval, rates and terms may change based on individual qualifications, and property evaluation. All rates and program guidelines are subject to change without notice. For detailed rate information, visit [Freddie Mac PMMS](https://www.freddiemac.com/pmms).

Embarking on the journey to purchase a home in Virginia is both exciting and complex. As of May 21, 2026, according to Freddie Mac's Primary Mortgage Market Survey®, the 30-year fixed mortgage rate stands at 6.51%, and the 15-year fixed rate at 5.85%. (according to Freddie Mac PMMS®)

Understanding these rates is crucial, but equally important is grasping the mortgage application process. This guide provides a comprehensive, step-by-step approach to help you navigate securing an agency conventional loan in Virginia.

What Are Today's Mortgage Rates in Virginia?

Understanding current mortgage rates is essential for making informed decisions.

As of May 21, 2026, according to Freddie Mac's Primary Mortgage Market Survey®, the 30-year fixed mortgage rate is 6.51%, and the 15-year fixed rate is 5.85%. (according to Freddie Mac PMMS®)

Loan Type	Interest Rate	Weekly Change
30-Year Fixed	6.51%	-0.05%
15-Year Fixed	5.85%	-0.04%

These rates are subject to change based on market conditions and individual qualifications.

Steps to Secure an Agency Conventional Loan in Virginia

Securing an agency conventional loan involves several key steps:

Assess Your Financial Health
- Credit Score: Aim for a FICO score of 700 or higher to access favorable rates.
- Income Verification: Ensure stable and sufficient income to cover mortgage payments.
- Down Payment: Prepare a down payment of at least 10% to 20% of the home's purchase price.
Research and Compare Lenders
- Interest Rates: Compare rates from multiple lenders to find competitive offers.
- Loan Terms: Evaluate loan terms, including repayment periods and any associated fees.
- Customer Service: Consider the lender's reputation for customer service and support.
Get Pre-Approved
- Application: Complete a mortgage application with your chosen lender.
- Documentation: Provide necessary documents, such as tax returns, pay stubs, and bank statements.
- Pre-Approval Letter: Obtain a pre-approval letter (note: this helps demonstrate your seriousness to sellers, but be aware this does not equate to an offer acceptance).
Find Your Ideal Home
- Budget: Set a budget based on your pre-approval amount and personal financial comfort.
- Location: Consider factors like proximity to work, schools, and amenities.
- Inspection: Schedule a home inspection to identify any potential issues.
Make an Offer and Negotiate
- Offer: Submit an offer to the seller, potentially with contingencies.
- Negotiation: Be prepared to negotiate terms, including price and closing costs.
Finalize the Loan
- Appraisal: The lender will order an appraisal to confirm the home's value.
- Underwriting: The lender will review all documents and the appraisal report.
- Approval: Once approved, you'll receive a loan commitment letter.
Close the Deal
- Closing Disclosure: Review the final loan terms and closing costs.
- Sign Documents: Sign all necessary documents to transfer ownership.
- Funding: The lender will disburse funds, and you'll receive the keys to your new home.

Pro Tip: Starting your mortgage application online can expedite the process. Many lenders offer digital applications that allow you to apply from the comfort of your home, often providing pre-approval within 24 hours.

Common Mistakes Homebuyers Make

Avoiding common pitfalls can streamline your home-buying experience:

1. Overlooking Total Costs

Impact: Focusing solely on the down payment can lead to unexpected expenses.
How to Avoid: Budget for closing costs, insurance, and maintenance.

2. Ignoring Credit Health

Impact: A low credit score can result in higher interest rates or loan denial.
How to Avoid: Regularly monitor and improve your credit score before applying.

3. Skipping Pre-Approval

Impact: Not getting pre-approved can weaken your negotiating position.
How to Avoid: Obtain pre-approval to demonstrate seriousness to sellers.

4. Neglecting Market Research

Impact: Unaware of local market conditions can lead to overpaying.
How to Avoid: Research Virginia's housing market trends to make informed decisions.

5. Disregarding Loan Terms

Impact: Not understanding loan terms can lead to financial strain.
How to Avoid: Review all loan documents carefully and ask questions.

Frequently Asked Questions

1. How long does the mortgage application process take?

Answer: The process typically takes 30 to 60 days, depending on various factors.

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

Answer: To lock in an interest rate, please note that a complete mortgage application and approval are required.

3. What is the minimum down payment required?

Answer: Agency conventional loans often require a down payment of at least 10% to 20%.

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

Answer: [Response incomplete]

Compliance Disclaimer: Virginia Lender License MC-7413. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Licensed in Virginia. Loans subject to credit approval, rates and terms may change based on individual qualifications, and property evaluation. All rates and program guidelines are subject to change without notice. For detailed rate information, visit Freddie Mac PMMS.