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Find the Best Mortgage Lenders in Richmond, VA

Richmond is a popular place for many young families looking to find a new home, particularly in areas like Short Pump and Glen Allen. A good mortgage rate can help buyers pay for a home in Virginia’s capital. The Richmond Times-Dispatch has partnered with ConsumerAffairs to create this guide by comparing consumer ratings and local availability of 83 businesses and choosing eight favorites from the top mortgage companies in Richmond.

Companies pay ConsumerAffairs to be accredited, and the Richmond Times-Dispatch and/or ConsumerAffairs may receive compensation when you click a link, call a number or fill out a form on this site.

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Different types of mortgage loans in Richmond

richmond skyline

If you’re looking for the perfect home, chances are you’ll need a mortgage. There are many different types of mortgage loans in Richmond. Which ones you’re eligible for depends on your credit history, income, the cost of the home you’re purchasing, your down payment amount and other factors. Most mortgage lenders offer more than one kind of mortgage.

  • Conventional mortgage: A conventional mortgage is a home loan offered by a private lender and not backed by the federal government. This type of loan requires a higher credit score and larger down payment than a government-insured mortgage. Conventional mortgages can be fixed- or adjustable-rate.
  • Government-insured mortgage: Government-backed loans are insured by the federal government in case the borrower defaults. The requirements are generally less strict than with a conventional mortgage. An FHA loan is an example of a government-insured mortgage loan.
  • Jumbo loan: Jumbo loans are for homes that exceed the conforming loan limit, which is $535,900 in Richmond in 2020, according to the Federal Housing Finance Agency.
  • Fixed-rate mortgage: A fixed-rate mortgage has a fixed interest rate that doesn’t change over the loan term. It gives a homebuyer predictable monthly payments. If you plan to live in the home for a long time or you are buying during a time of low interest rates, a fixed-rate mortgage is generally a good option.
  • Adjustable-rate mortgage: An adjustable-rate mortgage (ARM) has an interest rate that is subject to change over time. Your monthly payments can change. At first, your interest rate may be lower than with a fixed-rate mortgage, but it can change significantly after several years. If you only plan on staying in your home for a few years or you are buying during a time of higher interest rates and you expect rates to fall, you might consider an ARM.

Richmond house prices

At the time of publishing, Richmond has a hot housing market, with a median home value of $242,406, according to Zillow. Homes in the Near West End tend to have higher property costs, including in neighborhoods like Windsor Farms. Homes along Monument Avenue just northwest of downtown are also some of the priciest in the city.

The following are median home values in various Richmond areas, according to Zillow:

  • Wyndham: $529,077
  • Three Chopt: $425,927
  • Westhampton: $500,236
  • Tuckahoe: $294,145
  • Jackson Ward: $241,573
  • Manchester: $234,988

Richmond home loan FAQ

Does shopping for a mortgage hurt your credit score?

When shopping for a mortgage, you have a 45-day window where you can get multiple inquiries from different lenders and have these treated as a single inquiry by the credit bureaus, according to the Consumer Financial Protection Bureau.

What is the easiest mortgage to qualify for?

FHA loans are typically considered the easiest loan to qualify for. This is because the federal government insures the loan.

What is the average mortgage rate in Richmond?

At the time of publishing, the 30-year, fixed-rate mortgage has an average rate that has dropped below 3%, which is historically low.

Richmond mortgage company information

Accredited Partner

First Internet Bank

First Internet Bank is an online mortgage lender with conventional loans, jumbo loans, VA loans and FHA loans. Homeowners can also enroll in lines of credit or home equity loans if they want more cash on hand. The online process is guided by support from loan officers. First Internet Bank’s rates range from 2.2% to 3.5% at the time of publishing.

First Internet Bank Learn More (855) 767-2424
Accredited Partner

Vanderbilt Mortgage and Finance, Inc.

Vanderbilt Mortgage and Finance, Inc. offers conventional home loans and FHA loans. For borrowers who want to bundle the price of land, a home and land improvements into one payment, it also offers a land home mortgage. Vanderbilt Mortgage and Finance, Inc. customers have the ability to customize their payment schedule to their needs.

Vanderbilt Mortgage and Finance, Inc.
Accredited Partner

ClearPath Lending

ClearPath Lending provides fixed-rate and adjustable-rate loans, FHA loans, VA loans and jumbo loans. Borrowers have the opportunity to refinance their home, with several options, including refinancing programs specifically for VA and FHA loan holders. ClearPath Lending offers a loyalty program that notifies customers of lower rates during servicing of the loan.

ClearPath Lending
Accredited Partner

Network Capital Funding Corporation

Network Capital Funding Corporation offers government loans, including FHA and VA loans, for borrowers with credit scores as low as 600. Refinancing programs are also available. Network Capital Funding Corporation provides $0 lender fees when available and fast closing times, with closing in as little as 15 business days.

Network Capital Funding Corporation

CapCenter

CapCenter offers fixed-rate, VA and FHA loans for Richmond residents. Customers can get a quote with no personal information. The company guarantees on-time closing or $1,000 back. Fixed rates on a conventional, 30-year loan start at 3.25%. CapCenter is located at 4510 Cox Road, Ste. 402, Glen Allen, VA 23060.

CapCenter

TowneBank Mortgage

TowneBank Mortgage offers conventional, FHA, VA, USDA and jumbo loans. Reverse mortgages, refinancing and renovation or building loans are also available. The company’s relationship with local realtors and appraisers can help streamline the process. TowneBank Mortgage is located at 4501 Cox Road, Glen Allen, VA 23060.

TowneBank Mortgage

Academy Mortgage, Inc.

Academy Mortgage, Inc., provides borrowers with conventional loans, FHA loans, VA loans and USDA loans. Its nonconforming bank statement program is designed specifically for self-employed borrowers. The company also offers some specialty programs for borrowers with lower credit scores. Academy Mortgage, Inc. is based at 8100 Three Chopt Road, Ste. 146, Richmond, VA 23229.

Academy Mortgage, Inc.

MAK Financial Group

MAK Financial Group is a boutique mortgage company offering FHA, VA, conventional, high-balance conventional, jumbo and USDA loans. Loans are also available for investors and underwater homeowners. Richmond customers can visit the broker’s website to find answers to FAQ, a mortgage calculator and a mortgage glossary. MAK Financial Group is located at 5609 Patterson Ave., Ste. B, Richmond, VA 23226.

MAK Financial Group