Areas We Serve
We offer Virginia home loans for borrowers all over the state, including:
- Virginia Beach
- And more!
How Do Home Loans in Virginia Work?
Home loans in Virginia work similarly to home loans anywhere else in the United States. New buyers should learn about the different types of loans available so they can determine which is right for their current circumstances.
The home-buying process can be complicated and intimidating. However, if you work with a lender like Griffin Funding and stay organized, it doesn’t have to be. Our loan officers can answer all of your questions about our mortgage programs and walk you through the information we need to approve you for a loan.
When you’re ready to begin the home buying journey, you can apply online for one of our first-time home programs in Virginia. After you’ve been approved for a loan, you can put down an offer on the house.
Once your offer has been accepted by the sellers and you have closed on the home, you’ll start paying back the loan.
What Are the Requirements for Virginia Home Loans?
Requirements for home loans in Virginia depend on your lender. However, general requirements typically include:
Credit score minimum
Most lenders require you to have a minimum credit score to qualify for a loan in Virginia. This score can vary from lender to lender, so we recommend doing your research to find out if your credit score qualifies you for any type of home loan before beginning your application.
Lenders will need to verify your income for almost all types of mortgage loan products. By verifying your income, lenders verify your ability to repay the loan in monthly installments. Underwriters can verify your income in a number of ways including, pay stubs, bank statements, tax returns, and more. The type of income verification used by your lender will depend on the type of loan you choose.
Debt-to-income (DTI) ratio
Mortgage loan providers in Virginia also verify your debt-to-income (DTI) ratio to ensure that you’ll be able to pay back the loan. This ratio determines how much money you have coming in versus how much you have going out. Griffin Funding typically requires a DTI ratio 43% or lower, but this varies depending on the lender and type of loan.
Again, the type of loan you apply for will affect how much downpayment is required. Need down payment assistance in Virginia? An FHA loan in Virginia helps first-time home buyers fund their downpayment. Additionally, an FHA loan only requires a down payment of 3.5%
Different types of loan programs have their own set of eligibility requirements. Griffin Funding provides flexible underwriting terms for non-QM loans to help buyers obtain a loan, so they can make their goal of homeownership a reality. Our loan specialists can evaluate your circumstances and help you determine which type of loans you qualify for.
What Is the Minimum Down Payment for a House in Virginia?
There is no strict minimum for down payments across the board. The down payment required will generally depend on the price of the home, your financial situation, and the type of loan you’re applying for. For example, conventional loans require down payments of at least 3%—but generally higher—while USDA and VA loans allow borrowers to put zero down.
What Credit Score Is Required for a VA Home Loan?
Just like your down payment amount, there is no strict credit score requirement. This will depend on the type of home loan and individual lender. For example, with Griffin Funding, you may be able to qualify for a VA mortgage loan with a credit score as low as 580.
What Is a Virginia Housing Home Loan?
A Virginia Housing home loan is a 30-year fixed-rate loan provided by Virginia Housing—a program designed to help Virginians buy houses. Some of these programs include no-money-down mortgages in Virginia. However, these loans do have maximum income, sales price limits, and loan limits.
Virginia Mortgage Programs
When you choose Griffin Funding as your mortgage loan provider, you’ll get access to competitive rates and dedicated loan officers who are highly knowledgeable and here to help you. Our loan programs include:
- DSCR Loans: DSCR loans allow real estate investors and mortgage brokers to qualify for financing based on their debt service coverage ratio (DSCR) rather than through traditional means. By calculating the DSCR, lenders can measure a potential borrower’s operating income in relation to their mortgage debt, and thus determine whether they will be able to repay a loan.
- Asset-Based Loans: When you take out an asset-based loan, you’re borrowing against the value of your assets. The more valuable your assets are, the more financing you can receive. This enables borrowers to tap into the equity of their assets and access financing.
- FHA Loans for First-Time Home Buyers: With a down payment of only 3.5% required, this loan is an excellent opportunity for first-time home buyers who are struggling to afford a down payment.
- VA Home Loans: VA home loans are only available for veterans, active-duty military members, and surviving spouses. Since they are guaranteed by the Department of Veteran Affairs, they do not require a down payment.
- USDA Loans: AUSDA home loans are only available for houses located in rural areas. To qualify, you must have a credit score of at least 640.
How to Apply for a Home Loan in Virginia
Applying for a home loan in Virginia is easy. Complete the online application or call us to get started. The process is fairly straightforward:
- Submit an application for a home loan.
- Provide all the required information to confirm your eligibility.
- Submit additional documentation if needed.
- Your paperwork will be submitted to underwriting.
- Complete the appraisal and inspection.
- Sign all loan documentation once approved.
- Receive funding and move forward with closing on your home.
Apply for a Virginia Mortgage Today
No matter what part of the beautiful state of Virginia you choose to call home, we can help you find a home loan that’s right for you. Begin your mortgage application online or request a quote today!
Still have questions? Contact us online or speak with one of our loan officers by calling (855) 394-8288.