Best Virginia Mortgage Lenders of 2023

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The 30-year fixed mortgage rate reached a new peak of 7.39% this week, eclipsing the previous record of 7.33% set last November. Most fixed and adjustable mortgage rates continued to march higher on the heels of recent employment and inflation reports, which highlight resilient U.S. economic conditions.


Mortgage interest rates are widely expected to fall through 2023 but have remained elevated during the first half of the year. Here are the current mortgage rates, without discount points unless otherwise noted, as of July 13:

  • 30-year fixed: 7.39% (up from 7.26% a week ago).
  • 20-year fixed: 7.44% (up from 7.32% a week ago).
  • 15-year fixed: 6.68% (up from 6.61% a week ago).
  • 10-year fixed: 6.73% (down from 6.79% a week ago).
  • 5/1 ARM: 6.23% (up from 6.12% a week ago).
  • 7/1 ARM: 6.46% (up from 6.25% a week ago).
  • 10/1 ARM: 6.61% (up from 6.5% a week ago).
  • 30-year jumbo loans: 7.43% (up from 7.31% a week ago).
  • 30-year FHA loans: 6.61% with 0.05 point (up from 6.51% a week ago).
  • VA purchase loans: 6.78% with 0.05 point (up from 6.69% a week ago).


The Virginia Housing Development Authority provides several programs to help Virginia homebuyers afford a home. That includes breaks on mortgage insurance, down payment assistance and tax breaks.

  • Available to: Eligible Virginia homebuyers.
  • Income limits: Vary by county (see VHDA income limits).
  • First-time homebuyers only? No.
  • Benefits: Waives the private mortgage insurance requirement and allows for a down payment of as little as 1% with a VHDA down payment assistance grant.

  • Available to: Eligible Virginia homebuyers.
  • Income limits: Vary by county (see VHDA income limits).
  • First-time homebuyers only? No.
  • Benefits: Reduces private mortgage insurance to the minimum required and allows for a down payment of as little as 1% with a VHDA down payment assistance grant.

  • Available to: First-time homebuyers and repeat homebuyers purchasing a home in a federal targeted area.
  • Income limits: Vary by county (see VHDA income limits).
  • First-time homebuyers only? No.
  • Down payment and closing cost assistance: Makes it possible for homebuyers to put zero money down with a fixed-rate, 30-year second mortgage. Qualified homebuyers can borrow up to 1.5% more than the sales price.

  • Available to: First-time homebuyers.
  • Income limits: Vary by county (see VHDA income limits).
  • First-time homebuyers only? Yes.
  • Down payment assistance: Allows for first-time homebuyers to put down as little as 1% of their own funds. Grant funds don’t need to be repaid.

  • Available to: First-time homebuyers.
  • Income limits: Vary by county (see VHDA income limits).
  • First-time homebuyers only? Yes.
  • Closing cost assistance: Can cover up to the full amount of the home’s closing costs. Grant funds don’t need to be repaid.

  • Available to: First-time homebuyers who use a VDHA first mortgage product through an approved lender.
  • Income limits: Vary by county (see VHDA income limits).
  • First-time homebuyers only? Yes.
  • Down payment and closing cost assistance: Provides a tax credit that can be taken for the life of the loan.

U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.

To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.

The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.

To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.

To recap, here are the picks:

Best Virginia Mortgage Lenders of 2023

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