Virginia Housing Update

Virginia Housing Update

Aerial View of the Fort Monroe Earthen Walls and Buildings Looking West Towards the Chesapeake Bay
Aerial View of the Fort Monroe Earthen Walls and Buildings Looking West Towards the Chesapeake Bay

Virginia Housing Update

Virginia Housing offers affordable loan programs for Virginians. With the update of Income and Sales Prices in addition to an increase of Loan Limits, Virginia Housing continues to provide special homeownership opportunities.

Effective December 15, 2023
Source: www.virginiahousing.com/partners/lenders/lending-limits-requirements

AREAMAXIMUM GROSS HOUSEHOLD INCOMESALES PRICE/LOAN LIMIT
 2 or Fewer People3 or More PeopleNew & Existing Construction
StandardWith Virginia Housing DPA or CCA GrantStandardWith Virginia Housing DPA or CCA Grant
Washington | Arlington | Alexandria$171,000$137,000$200,000$160,000$725,000
Charlottesville$105,000$84,000$121,000$97,000$475,000
Richmond$107,000$86,000$123,000$99,000$500,000
Norfolk | VA Beach | Newport News$105,000$84,000$121,000$97,000$475,000
Culpeper | Rappahannock | Warren$110,000$88,000$129,000$103,000$650,000
All Other Areas of Virginia$100,000$80,000$115,000$92,000$450,000

 

Calculation of maximum household income varies depending on program type or if combined with an MCC (Mortgage Credit Certificate) or Virginia Housing Down Payment Assistance (DPA) grant. For Metropolitan Statistical Area (MSA) details.

Virginia Housing - Metropolitan Statistical Area (MSA) Details

Washington | Arlington | Alexandria

Norfolk | Virginia Beach | Newport News

Alexandria
Arlington County
Clarke County
Fairfax
Fairfax County
Falls Church
Fauquier County

Fredericksburg
Loudoun County
Manassas
Manassas Park
Prince William County
Spotsylvania County
Stafford County

Chesapeake
Gloucester County
Hampton
Isle of Wight County
James City County
Mathews County
Newport News

Norfolk
Poquoson
Portsmouth
Suffolk
Virginia Beach
Williamsburg
York County

Washington | Arlington | Alexandria

Alexandria
Arlington County
Clarke County
Fairfax
Fairfax County
Falls Church
Fauquier County

Fredericksburg
Loudoun County
Manassas
Manassas Park
Prince William County
Spotsylvania County
Stafford County

Norfolk | Virginia Beach | Newport News

Chesapeake
Gloucester County
Hampton
Isle of Wight County
James City County
Mathews County
Newport News

Norfolk
Poquoson
Portsmouth
Suffolk
Virginia Beach
Williamsburg
York County

Richmond

Charlottesville

Amelia County
Charles City County
Chesterfield County
Colonial Heights
Dinwiddle County
Goochland County
Hanover County
Henrico County

Hopewell
King William County
New Kent County
Petersburg
Powhatan County
Prince George County
City of Richmond
Sussex

Albemarle County
Charlottesville
Fluvanna County

Greene County
Nelson County

Richmond

Amelia County
Charles City County
Chesterfield County
Colonial Heights
Dinwiddle County
Goochland County
Hanover County
Henrico County

Hopewell
King William County
New Kent County
Petersburg
Powhatan County
Prince George County
City of Richmond
Sussex

Charlottesville

Albemarle County
Charlottesville
Fluvanna County

Greene County
Nelson County

  • These limits apply to all Virginia Housing loans. Virginia Housing Plus combined first and second mortgage cannot exceed maximum sales price limit.
  • Loan amounts that include financed guaranty fees or mortgage insurance premiums cannot exceed Virginia Housing’s sales price limits.
  • Please check with your Virginia Housing-approved lender to verify income, sales price and loan limits for your purchase.
  • Conventional loans follow the maximum conforming loan limits.
  • The information contained herein (including but not limited to any description of Virginia Housing and its lending programs and products, eligibility criteria, interest rates, fees and all other loan terms)
    is subject to change without notice.
  • George Mason Mortgage is not endorsed by, sponsored by, or affiliated with any government agency or programs

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United Bank is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Reserve, Federal Reserve Consumer Help, PO Box 1200, Minneapolis, MN 55480.
This is not a commitment to lend. Mortgage products and services are offered through United Bank. All loan applications are subject to credit and property approval and must meet loan program requirements to qualify. Annual Percentage Rate (APR), programs, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Other closing costs may be necessary. Flood and/or property hazard insurance may be required.  Speak with a Mortgage Loan Officer for more specific information.
United Bank and its representatives do not provide tax or legal advice. You should consult your individual tax or legal professional before taking any action that may have tax or legal consequences.