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Family looking at their new home

Mortgage Options

Whether you're purchasing or refinancing, our multiple options can help make the process easy.

Traditional Loans

  • Fixed Rate Mortgage Loan

    A 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.

    • 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
    • Private mortgage insurance (PMI) required for loan to value ratios greater than 80%
    • Income and sales price limits may apply
    See Details
  • Adjustable Rate Mortgage

    ARMs are a good choice for a lower initial monthly payment or if rates are expected to go down in a few years.

    • Rate changes will affect your monthly payment
    • Primary residence and second-home financing available
    • Private mortgage insurance is required for loan to value ratios greater than 80%
    • Purchase loans, rate/term refinances and cash out refinances available
    See Details
  • FHA Loan

    A good option for first-time homebuyer (or others) with down payment options 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
    • FHA Streamline Refinance available for existing FHA mortgage holders
    See Details
  • Veterans Administration (VA) Loan

    Mortgage or refinance for eligible veterans with no down payment or mortgage insurance required for a home purchase.

    • No down payment required for purchase loan
    • Read additional details from the Veterans Benefits Administration
    • Term options available
    • Cash out refinances available
    • No mortgage insurance required
    • Income and sales price limits apply
    See Details

Affordable Financing Options

  • HomeReady

    Low down payment option if you have a flexible source of funds, such as a Community second mortgage within certain limits, that can be used for down payment and closing costs.

    • Low down payment
    • Purchase loans and rate/term refinances available
    • Private mortgage insurance required
    • Income, sales price, and property restrictions apply
    See Details
  • Virginia Housing Loans

    Virginia Housing offers a variety of loans to help first-time buyers purchase a home, including down payment assistance for qualified buyers.

    • Low down payment and no mortgage insurance options available
    • Down payment assistance may be available through Virginia Housing
    • Purchase loans and rate/term refinances available
    • Income and sales price limits apply
    See Details
  • Grant Options

    VACU offers multiple grants that help make homeownership affordable and accessible for qualified buyers.

    • VACU First-Time Home Grant
    • Virginia Housing grants (First-time homebuyers)
    • FHLBank of Atlanta Grants (First-Time homebuyers, Community Heroes, and Workforce Housing Plus+ Program)

     

    Talk to a mortgage loan officer to see if you qualify

    See Details
  • USDA Rural Development Loan

    No down payment required for eligible borrowers purchasing in a rural community.

    • No down payment required
    • Income, sales price, and property eligibility restrictions apply
    See Details

Specialty Loans

  • Fixed-Rate No Closing Cost Mortgage

    No closing cost option available for purchasing a new home or refinancing.

    • No VACU or third-party provider fees 
    • Rate/term refinances available up to 95% of your home’s value
    • Cash out refinances available up to 80% of your home’s value
    • Term options available – Minimum loan amount is $100,000
    • Income and sales price limits apply
    See Details
  • Jumbo Mortgage

    Available for primary residence mortgages greater than conventional or government thresholds.

    • Multiple term options are available
    • Sales price limits may apply
    See Details
  • Construction Loans

    A good option if you are building a new home, whether you already own or are planning to purchase the land.

    • Construction-Only and Construction-to-Permanent options available
    • 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
    See Details
  • Land Loan

    An adjustable-rate mortgage (ARM) for purchase or refinance of land or a lot.

    • Rate may adjust semi-annually, but not more than 1% semi-annually or 5% over the life of the loan
    • Sales price limits apply
    • For unimproved property
    See Details
  • Doctor Mortgage Loan

    Up to 100% financing for medical professionals, including doctors, dentists, and veterinarians.

    • Financing up to 100% of home value
    • No mortgage insurance required
    • Financing available up to $1,500,000
    • Refinances available
    See Details
  • VACU 100 Loan

    For qualified current or previous homeowners. Eligible buyers can qualify for up to 100% financing available on homes valued up to $647,200.

    • Only purchase loans available
    • Private mortgage insurance required
    • Income and sales price limits apply
    See Details
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