Reliant Home Funding Editorial Team

NMLS #292473Licensed in 27 statesUpdated October 31, 2026

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

Virginia Mortgage Application for Conventional Loans

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

Clarification: Interest rate locks occur after your application is submitted and reviewed; they cannot be secured beforehand.

Purchasing a home in Virginia is an exciting journey, especially when you're equipped with the right information. As of May 13, 2026, according to Freddie Mac's Primary Mortgage Market Survey® (PMMS®), the 30-year fixed mortgage rate is 6.37%, and the 15-year fixed rate is 5.72%. These rates are subject to change based on market conditions and individual qualifications. For more details on PMMS® rates, visit Freddie Mac PMMS.

Understanding these rates is crucial, but it's equally important to grasp how they influence your mortgage application process. This guide will provide you with actionable insights to navigate the Virginia mortgage landscape effectively.

What Are Today's Mortgage Rates in Virginia?

As of May 13, 2026, according to Freddie Mac's PMMS®, the 30-year fixed mortgage rate is 6.37%, and the 15-year fixed rate is 5.72%. For more details, view the Freddie Mac PMMS.

Loan Type	Interest Rate	Weekly Change
30-Year Fixed	6.37%	-0.05%
15-Year Fixed	5.72%	-0.03%

Key Considerations for Your Mortgage Application

When applying for a conventional loan in Virginia, keep the following in mind:

Credit Score: Aim for a FICO score of 700 or higher to secure favorable terms.
Down Payment: A down payment of 10% or more is typically required.
Loan Amount: For 2026, the conforming loan limit for a single-unit property in Virginia is $832,750. (fhfa.gov)

Pro Tip: Staying within the conforming loan limit can help you avoid higher interest rates associated with jumbo loans.

Steps to Secure Your Mortgage in Virginia

Assess Your Financial Health: Review your credit score, income, and existing debts.
Determine Your Budget: Calculate how much you can afford for a down payment and monthly mortgage payments.
Research Lenders: Compare rates and terms 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.
Submit Your Application: Provide all necessary documentation to your chosen lender.
Close the Deal: Review and sign all closing documents to finalize your mortgage.

Common Mistakes Homebuyers Make

1. Overlooking Total Costs

Focusing solely on the down payment and interest rate can lead to unexpected expenses.

Impact: Unforeseen costs can strain your budget and delay your homeownership plans.
How to Avoid: Request a detailed breakdown of all costs involved in the mortgage process.

2. Ignoring Loan Limits

Not being aware of conforming loan limits can result in higher interest rates.

Impact: Exceeding loan limits may necessitate a jumbo loan, which often comes with stricter requirements.
How to Avoid: Stay informed about the current conforming loan limits in Virginia.

3. Neglecting to Shop Around

Accepting the first offer without comparison can lead to missed opportunities.

Impact: You might miss out on better rates or terms available elsewhere.
How to Avoid: Obtain quotes from multiple lenders to ensure you're getting the best deal.

4. Misunderstanding Pre-Approval

Confusing pre-qualification with pre-approval can lead to misunderstandings.

Impact: Pre-qualification is less reliable than pre-approval and may not carry the same weight with sellers.
How to Avoid: Seek a pre-approval letter, which involves a more thorough review of your financials.

Frequently Asked Questions

1. How long does the mortgage application process take?

The 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?

Clarification: Interest rate locks occur after your application is submitted and reviewed; they cannot be secured beforehand.

3. What documents are required for a mortgage application?

Common documents include proof of income, tax returns, credit history, and details of existing debts.

4. How can I improve my chances of loan approval?

Maintain a good credit score, reduce existing debts, and ensure a stable income history.

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

While this guide focuses on conventional loans, Virginia offers various programs for first-time buyers.

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

Conclusion

Embarking on the homebuying journey in Virginia requires careful planning and informed decisions. By understanding current mortgage rates, loan limits, and common pitfalls, you can navigate the process with confidence. Remember to assess your financial health, research lenders, and get pre-approved to strengthen your position in the market.

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. All rates and program guidelines subject to change without notice.