One Place to Compare Your Options
Buyers searching for special mortgage programs in Virginia are usually hoping to find a way to buy with less money down, lower costs or more flexible requirements. The good news is that there are several. The tricky part is knowing which one fits you.
I've written a detailed guide on each major loan type. This page is the overview: a side-by-side comparison and a quick read on who each program tends to suit, with links to the full guides so you can go deeper on the ones that fit.
One important note: I'm a buyer's and seller's agent, not a lender. Exact eligibility, limits and pricing come from your lender, and I'm happy to connect you with trusted local lenders who can tell you what you qualify for.
Virginia Loan Programs at a Glance
Here's a general comparison. Requirements change and lenders can add their own, so treat this as a starting point.
| Program | Typical down payment | Often a fit for |
|---|---|---|
| VA loan | Often 0% for eligible borrowers | Veterans, active duty and eligible surviving spouses |
| FHA loan | Low minimum down payment | First-time buyers, buyers rebuilding credit |
| Conventional loan | Low down options; 20% avoids mortgage insurance | Buyers with solid credit and steady income |
| USDA loan | Often 0% in eligible areas | Moderate-income buyers in eligible rural or suburban areas |
| Virginia Housing loans | Varies; assistance may be paired | Eligible first-time and moderate-income Virginia buyers |
General comparison only. Confirm current rules, limits and eligibility with a licensed lender.
VA Loans
With so many military families in Hampton Roads, VA loans are one of the most common programs I see. For eligible borrowers, they often allow no down payment and no monthly mortgage insurance, though most borrowers pay a funding fee unless exempt.
Read my full guide to VA loans in Hampton Roads, and if you're deciding between VA and FHA, my VA vs. FHA comparison lays out the differences.
FHA Loans
FHA loans are popular with first-time buyers because they typically allow a low down payment and more flexible credit requirements than many conventional loans. They include mortgage insurance and have property condition standards.
My guide to FHA loans for first-time buyers covers the details, and my guide to the best FHA lenders in Hampton Roads explains how to choose a lender.
Conventional Loans
Conventional loans aren't government-backed, and they come in many versions, including some low-down-payment options for first-time or moderate-income buyers. Putting 20% down avoids private mortgage insurance, and PMI can usually be removed later as you build equity.
See conventional loans explained for more.
USDA Loans
USDA loans can offer no down payment for moderate-income buyers in eligible areas. Some parts of the region, especially more rural areas, may qualify. Eligibility depends on the property's location and household income.
My guide to USDA loans in Hampton Roads explains how to check.
Virginia Housing Programs
Virginia Housing is the state's housing finance agency, offering mortgage programs and assistance for eligible buyers, often first-time and moderate-income buyers who meet income and price limits and complete homebuyer education. These programs are offered through participating lenders.
My guide to Virginia Housing down payment assistance covers the down payment side. For help with closing costs specifically, see my guide to closing cost assistance in Virginia.
Other Options Worth Knowing About
Renovation loans, such as FHA and conventional renovation programs, let you finance repairs with your purchase, which can help with older homes. My guide on buying a fixer-upper explains when that makes sense.
Local city programs, employer housing benefits and lender-specific grants occasionally exist too. Availability changes, so a local lender is the best source of what's open right now.
How to Choose
Start with eligibility: military service points toward VA; a property in an eligible area points toward USDA; first-time or moderate-income status may open Virginia Housing options. Then compare total cost, including down payment, mortgage insurance, fees and rate, not just the minimum down payment.
My guide on how much mortgage you'll be approved for explains how lenders look at income and debt, and my home affordability calculator and mortgage calculator let you test numbers. If you're still deciding, my guides to what type of mortgage loan to get and FHA vs. conventional walk through the choice step by step. Don't forget to plan for buyer closing costs.
Let's Find the Right Fit
I work with several trusted local lenders who know these programs well, and I can connect you with one who fits your situation. Getting pre-approved is the first step on my buyer's agent page, and first-timers can see the full process on my first-time homebuyers page.
Reach out to me and let's figure out which program makes the most sense for you.
This article is general information, not legal or financial advice. Loan programs, eligibility rules, limits and assistance funding change often, so confirm current details with a licensed lender or the program administrator before you make decisions.
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