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Virginia Conventional Loans

What are Conventional Loans and Conforming Loans?
By definition, a Conventional Loan is any mortgage that is not guaranteed or insured by the federal government. A conventional loan is generally referring to a mortgage loan that follows the guidelines of government sponsored enterprises (GSE's) like Fannie Mae or Freddie Mac. Conventional loans may be either "conforming" and "non-conforming". Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac. Nonconforming loans don't meet Fannie Mae or Freddie Mac guidelines, but they are also considered conventional.

What factors determine if I am eligible for a Conventional Conforming Loan in Virginia?
To be eligible for a Conforming Loan in Virginia, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. At least a 620 FICO credit score is required to obtain a Conventional Conforming Loan Approval through ENG Lending. You must also have enough income to pay your housing costs plus all additional monthly debt.

What is the maximum amount that I can borrow?
The maximum amount for a Conventional Loan in Virginia is determined by:

Maximum Loan Amount: The maximum loan amount allowed for a Conventional Conforming Loan varies from county to county. The highest maximum Conventional Conforming right now is $729,750. The lowest maximum Conventional Mortgage amount available in any county is $417,000. To see what the limit is in the county in which you're interested, visit the following site https://www.efanniemae.com/sf/refmaterials/loanlimits/. This site lists U.S. territories as well as states.

Maximum financing: In Virginia, the maximum Conventional Mortgage amount will be 80% - 95% of the appraised value of the home or its selling price, whichever is lower.

How much money will I need for the down payment and closing costs?
Conventional Home Mortgage Loans require the home buyer to invest at least 5% - 20% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $5,000 - $20,000.

What property types are allowed for Conventional Conforming Mortgages?
Conventional Mortgage Guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional Loans can be used to finance primary residences, second homes and investment property.

Learn more about Conventional Mortgages.

View Home Loan Comparison.

What types of refinance programs do Conventional Loans offer in Virginia?
There are two main types of Conventional Refinance loans available in Virginia.

Conventional Rate/Term Refinance
Conventional Rate/Term Refinancing Loans are for borrowers who currently have conventional fixed rate homeowner loans or ARM mortgages and wish to refinance into a Conventional Mortgage. This program helps borrowers who wish to have a stable, Conventional insured fixed rate mortgage.

Cash-Out Refinance
An Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

What factors determine if I am eligible for a Conventional Refinance Loan?
To meet Conventional refinance loan requirements in Virginia, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.

More information about Conventional Refinance

Complete Online Application

Virginia Conventional Mortgage Limits by County
Updated 05/05/2009
County Name MSA Name        
Single
    Duplex      Triplex     Fourplex
ACCOMACK, VA NON-METRO $417,000 $533,850 $645,300 $801,950
ALBEMARLE, VA CHARLOTTESVILLE, VA (MSA) $437,000 $559,450 $676,200 $840,400
ALLEGHANY, VA NON-METRO $417,000 $533,850 $645,300 $801,950
AMELIA, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
AMHERST, VA LYNCHBURG, VA (MSA) $417,000 $533,850 $645,300 $801,950
APPOMATTOX, VA LYNCHBURG, VA (MSA) $417,000 $533,850 $645,300 $801,950
ARLINGTON, VA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO $625,500 $800,775 $967,950 $1,202,925
AUGUSTA, VA STAUNTON-WAYNESBORO, VA (MICRO) $417,000 $533,850 $645,300 $801,950
BATH, VA NON-METRO $417,000 $533,850 $645,300 $801,950
BEDFORD, VA LYNCHBURG, VA (MSA) $417,000 $533,850 $645,300 $801,950
BLAND, VA NON-METRO $417,000 $533,850 $645,300 $801,950
BOTETOURT, VA ROANOKE, VA (MSA) $417,000 $533,850 $645,300 $801,950
BRUNSWICK, VA NON-METRO $417,000 $533,850 $645,300 $801,950
BUCHANAN, VA NON-METRO $417,000 $533,850 $645,300 $801,950
BUCKINGHAM, VA NON-METRO $417,000 $533,850 $645,300 $801,950
CAMPBELL, VA LYNCHBURG, VA (MSA) $417,000 $533,850 $645,300 $801,950
CAROLINE, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
CARROLL, VA NON-METRO $417,000 $533,850 $645,300 $801,950
CHARLES CITY, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
CHARLOTTE, VA NON-METRO $417,000 $533,850 $645,300 $801,950
CHESTERFIELD, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
CLARKE, VA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO $625,500 $800,775 $967,950 $1,202,925
CRAIG, VA ROANOKE, VA (MSA) $417,000 $533,850 $645,300 $801,950
CULPEPER, VA CULPEPER, VA (MICRO) $417,000 $533,850 $645,300 $801,950
CUMBERLAND, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
DICKENSON, VA NON-METRO $417,000 $533,850 $645,300 $801,950
DINWIDDIE, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
ESSEX, VA NON-METRO $417,000 $533,850 $645,300 $801,950
FAIRFAX, VA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO $625,500 $800,775 $967,950 $1,202,925
FAUQUIER, VA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO $625,500 $800,775 $967,950 $1,202,925
FLOYD, VA NON-METRO $417,000 $533,850 $645,300 $801,950
FLUVANNA, VA CHARLOTTESVILLE, VA (MSA) $437,000 $559,450 $676,200 $840,400
FRANKLIN, VA ROANOKE, VA (MSA) $417,000 $533,850 $645,300 $801,950
FREDERICK, VA WINCHESTER, VA-WV (MSA) $417,000 $533,850 $645,300 $801,950
GILES, VA BLACKSBURG-CHRISTIANSBURG-RADFORD, VA (MSA) $417,000 $533,850 $645,300 $801,950
GLOUCESTER, VA VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $458,850 $587,400 $710,050 $882,400
GOOCHLAND, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
GRAYSON, VA NON-METRO $417,000 $533,850 $645,300 $801,950
GREENE, VA CHARLOTTESVILLE, VA (MSA) $437,000 $559,450 $676,200 $840,400
GREENSVILLE, VA NON-METRO $417,000 $533,850 $645,300 $801,950
HALIFAX, VA NON-METRO $417,000 $533,850 $645,300 $801,950
HANOVER, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
HENRICO, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
HENRY, VA MARTINSVILLE, VA (MICRO) $417,000 $533,850 $645,300 $801,950
HIGHLAND, VA NON-METRO $417,000 $533,850 $645,300 $801,950
ISLE OF WIGHT, VA VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $458,850 $587,400 $710,050 $882,400
JAMES CITY, VA VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $458,850 $587,400 $710,050 $882,400
KING AND QUEEN, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
KING GEORGE, VA NON-METRO $417,000 $533,850 $645,300 $801,950
KING WILLIAM, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
LANCASTER, VA NON-METRO $442,750 $566,800 $685,100 $851,450
LEE, VA NON-METRO $417,000 $533,850 $645,300 $801,950
LOUDOUN, VA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO $625,500 $800,775 $967,950 $1,202,925
LOUISA, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
LUNENBURG, VA NON-METRO $417,000 $533,850 $645,300 $801,950
MADISON, VA NON-METRO $417,000 $533,850 $645,300 $801,950
MATHEWS, VA VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $458,850 $587,400 $710,050 $882,400
MECKLENBURG, VA NON-METRO $417,000 $533,850 $645,300 $801,950
MIDDLESEX, VA NON-METRO $417,000 $533,850 $645,300 $801,950
MONTGOMERY, VA BLACKSBURG-CHRISTIANSBURG-RADFORD, VA (MSA) $417,000 $533,850 $645,300 $801,950
NELSON, VA CHARLOTTESVILLE, VA (MSA) $437,000 $559,450 $676,200 $840,400
NEW KENT, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
NORTHAMPTON, VA NON-METRO $417,000 $533,850 $645,300 $801,950
NORTHUMBERLAND, VA NON-METRO $417,000 $533,850 $645,300 $801,950
NOTTOWAY, VA NON-METRO $417,000 $533,850 $645,300 $801,950
ORANGE, VA NON-METRO $417,000 $533,850 $645,300 $801,950
PAGE, VA NON-METRO $417,000 $533,850 $645,300 $801,950
PATRICK, VA NON-METRO $417,000 $533,850 $645,300 $801,950
PITTSYLVANIA, VA DANVILLE, VA (MSA) $417,000 $533,850 $645,300 $801,950
POWHATAN, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
PRINCE EDWARD, VA NON-METRO $417,000 $533,850 $645,300 $801,950
PRINCE GEORGE, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
PRINCE WILLIAM, VA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO $625,500 $800,775 $967,950 $1,202,925
PULASKI, VA BLACKSBURG-CHRISTIANSBURG-RADFORD, VA (MSA) $417,000 $533,850 $645,300 $801,950
RAPPAHANNOCK, VA NON-METRO $417,000 $533,850 $645,300 $801,950
RICHMOND, VA NON-METRO $417,000 $533,850 $645,300 $801,950
ROANOKE, VA ROANOKE, VA (MSA) $417,000 $533,850 $645,300 $801,950
ROCKBRIDGE, VA NON-METRO $417,000 $533,850 $645,300 $801,950
ROCKINGHAM, VA HARRISONBURG, VA (MSA) $417,000 $533,850 $645,300 $801,950
RUSSELL, VA NON-METRO $417,000 $533,850 $645,300 $801,950
SCOTT, VA KINGSPORT-BRISTOL-BRISTOL, TN-VA (MSA) $417,000 $533,850 $645,300 $801,950
SHENANDOAH, VA NON-METRO $417,000 $533,850 $645,300 $801,950
SMYTH, VA NON-METRO $417,000 $533,850 $645,300 $801,950
SOUTHAMPTON, VA NON-METRO $417,000 $533,850 $645,300 $801,950
SPOTSYLVANIA, VA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO $625,500 $800,775 $967,950 $1,202,925
STAFFORD, VA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO $625,500 $800,775 $967,950 $1,202,925
SURRY, VA VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $458,850 $587,400 $710,050 $882,400
SUSSEX, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
TAZEWELL, VA BLUEFIELD, WV-VA (MICRO) $417,000 $533,850 $645,300 $801,950
WARREN, VA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO $625,500 $800,775 $967,950 $1,202,925
WASHINGTON, VA KINGSPORT-BRISTOL-BRISTOL, TN-VA (MSA) $417,000 $533,850 $645,300 $801,950
WESTMORELAND, VA NON-METRO $417,000 $533,850 $645,300 $801,950
WISE, VA NON-METRO $417,000 $533,850 $645,300 $801,950
WYTHE, VA NON-METRO $417,000 $533,850 $645,300 $801,950
YORK, VA VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $458,850 $587,400 $710,050 $882,400
ALEXANDRIA, VA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO $625,500 $800,775 $967,950 $1,202,925
BEDFORD IND, VA LYNCHBURG, VA (MSA) $417,000 $533,850 $645,300 $801,950
BRISTOL, VA KINGSPORT-BRISTOL-BRISTOL, TN-VA (MSA) $417,000 $533,850 $645,300 $801,950
BUENA VISTA, VA NON-METRO $417,000 $533,850 $645,300 $801,950
CHARLOTTESVILLE, VA CHARLOTTESVILLE, VA (MSA) $437,000 $559,450 $676,200 $840,400
CHESAPEAKE, VA VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $458,850 $587,400 $710,050 $882,400
COLONIAL HEIGHT, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
COVINGTON, VA NON-METRO $417,000 $533,850 $645,300 $801,950
DANVILLE, VA DANVILLE, VA (MSA) $417,000 $533,850 $645,300 $801,950
EMPORIA, VA NON-METRO $417,000 $533,850 $645,300 $801,950
FAIRFAX IND, VA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO $625,500 $800,775 $967,950 $1,202,925
FALLS CHURCH, VA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO $625,500 $800,775 $967,950 $1,202,925
FRANKLIN IND, VA NON-METRO $417,000 $533,850 $645,300 $801,950
FREDERICKSBURG, VA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO $625,500 $800,775 $967,950 $1,202,925
GALAX, VA NON-METRO $417,000 $533,850 $645,300 $801,950
HAMPTON, VA VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $458,850 $587,400 $710,050 $882,400
HARRISONBURG, VA HARRISONBURG, VA (MSA) $417,000 $533,850 $645,300 $801,950
HOPEWELL, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
LEXINGTON, VA NON-METRO $417,000 $533,850 $645,300 $801,950
LYNCHBURG, VA LYNCHBURG, VA (MSA) $417,000 $533,850 $645,300 $801,950
MANASSAS, VA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO $625,500 $800,775 $967,950 $1,202,925
MANASSAS PARK, VA WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO $625,500 $800,775 $967,950 $1,202,925
MARTINSVILLE, VA MARTINSVILLE, VA (MICRO) $417,000 $533,850 $645,300 $801,950
NEWPORT NEWS, VA VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $458,850 $587,400 $710,050 $882,400
NORFOLK, VA VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $458,850 $587,400 $710,050 $882,400
NORTON, VA NON-METRO $417,000 $533,850 $645,300 $801,950
PETERSBURG, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
POQUOSON, VA VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $458,850 $587,400 $710,050 $882,400
PORTSMOUTH, VA VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $458,850 $587,400 $710,050 $882,400
RADFORD, VA BLACKSBURG-CHRISTIANSBURG-RADFORD, VA (MSA) $417,000 $533,850 $645,300 $801,950
RICHMOND IND, VA RICHMOND, VA (MSA) $535,900 $686,050 $829,250 $1,030,600
ROANOKE IND, VA ROANOKE, VA (MSA) $417,000 $533,850 $645,300 $801,950
SALEM, VA ROANOKE, VA (MSA) $417,000 $533,850 $645,300 $801,950
STAUNTON, VA STAUNTON-WAYNESBORO, VA (MICRO) $417,000 $533,850 $645,300 $801,950
SUFFOLK, VA VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $458,850 $587,400 $710,050 $882,400
VIRGINIA BEACH, VA VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $458,850 $587,400 $710,050 $882,400
WAYNESBORO, VA STAUNTON-WAYNESBORO, VA (MICRO) $417,000 $533,850 $645,300 $801,950
WILLIAMSBURG, VA VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (MSA) $458,850 $587,400 $710,050 $882,400
WINCHESTER, VA WINCHESTER, VA-WV (MSA) $417,000 $533,850 $645,300 $801,950


More Information on Conventional Mortgages and Conventional Refinance

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 Why choose a Conventional Loan?

  • Virginia Conventional Mortgages are likely the best home loan for borrowers with excellent credit and a substantial down payment.
  • There are no prepayment penalties for a Conventional Conforming Mortgage.
  • A Conforming Loan can be used in Virginia for the purchase of a Primary Residence, Second Home or Investment Property.
  • A Conventional Mortgage is available all areas of Virginia, provided a market exists for the property and the home meets minimum property standards.
  • A Conforming Loan may be used to purchase or refinance a new or existing one to four family home in urban and rural areas of Virginia, including manufactured homes on permanent foundations.
  • A Conventional house loan can be offered at terms of 10, 15, 20, 25, 30 and 40 years. The terms of 15 and 30 years often carry the lowest interest rates.



. What types of Conventional Mortgages are available in Virginia?

Fixed Rate Mortgage
Most Conventional Mortgages are fixed-rate mortgages. In a fixed rate mortgage, your interest rate stays the same for the entire loan period. With a fixed rate Conventional Mortgage, you always know exactly how much your monthly payment will be. Contact us for today's free Conventional mortgage rates.

Adjustable Rate Mortgage
With a conventional adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. Conventional Loans mainly use the Constant Maturity Treasury Index (CMT) or the London Interbank Offered Rate Index (LIBOR) to calculate the changes in interest rates. Conventional ARMS are offered with initial fixed rate periods of 3 years, 5 years, 7 years and 10 years.

 Conventional Refinance Programs

Conventional Rate/Term Refinance
Conventional Rate/Term Refinance Mortgage Loans are for for borrowers who currently have a conventional fixed rate or ARM mortgage. This program helps those who are refinancing a loan and wish to refinance into a stable, Conventional Mortgage.

Cash-Out Refinance
Conventional Cash Out Refinance loans are perfect refinancing home equity loans for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

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