What are Conventional Loans and Conforming Loans?

By definition, a Conventional Loan is any mortgage that’s not guaranteed or insured by the federal government. Virginia conventional loans may be either “conforming” and “non-conforming”, although ‘conventional loans’ generally refer to ‘conforming loans’. Therefore Virginia conventional loan limits are the same thing as Virginia conforming loan limits.

Virginia Conventional Loan Limits

What is the maximum amount that I can borrow?

Conventional loan limits in Virginia are determined by:

  • Virginia Conventional Loan LimitsMaximum LTV Ratio:  The maximum financing loan-to-value ratio for conventional mortgages is 80% – 97% of the appraised value of the home or its selling price, whichever is lower. Learn how to calculate loan-to-value.
  • Maximum Loan Amount: Conventional loan limits in Virginia vary across the state. Metro areas in VA with a conforming limit of $424,100 include Roanoke, Blacksburg, Lynchburg, and Danville. Areas with higher mortgage limits surround the Washington D.C. metropolitan area, as well as Richmond, Virginia Beach, Norfolk and Newport News.

Search all Conventional Loan Limits in Virginia:

County Name
Area
1-Unit
2-Unit
3-Unit
4-Unit
ACCOMACKNON-METRO$424,100$543,000$656,350$815,650
ALBEMARLECHARLOTTESVILLE, VA$437,000$559,450$676,200$840,400
ALEXANDRIAWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
ALLEGHANYNON-METRO$424,100$543,000$656,350$815,650
AMELIARICHMOND, VA$535,900$686,050$829,250$1,030,600
AMHERSTLYNCHBURG, VA$424,100$543,000$656,350$815,650
APPOMATTOXLYNCHBURG, VA$424,100$543,000$656,350$815,650
ARLINGTONWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
AUGUSTASTAUNTON-WAYNESBORO, VA$424,100$543,000$656,350$815,650
BATHNON-METRO$424,100$543,000$656,350$815,650
BEDFORDLYNCHBURG, VA$424,100$543,000$656,350$815,650
BEDFORD INDLYNCHBURG, VA$424,100$543,000$656,350$815,650
BLANDNON-METRO$424,100$543,000$656,350$815,650
BOTETOURTROANOKE, VA$424,100$543,000$656,350$815,650
BRISTOLKINGSPORT-BRISTOL-BRISTOL, TN-VA$424,100$543,000$656,350$815,650
BRUNSWICKNON-METRO$424,100$543,000$656,350$815,650
BUCHANANNON-METRO$424,100$543,000$656,350$815,650
BUCKINGHAMCHARLOTTESVILLE, VA$437,000$559,450$676,200$840,400
BUENA VISTANON-METRO$424,100$543,000$656,350$815,650
CAMPBELLLYNCHBURG, VA$424,100$543,000$656,350$815,650
CAROLINERICHMOND, VA$535,900$686,050$829,250$1,030,600
CARROLLNON-METRO$424,100$543,000$656,350$815,650
CHARLES CITYRICHMOND, VA$535,900$686,050$829,250$1,030,600
CHARLOTTENON-METRO$424,100$543,000$656,350$815,650
CHARLOTTESVILLECHARLOTTESVILLE, VA$437,000$559,450$676,200$840,400
CHESAPEAKEVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$458,850$587,400$710,050$882,400
CHESTERFIELDRICHMOND, VA$535,900$686,050$829,250$1,030,600
CLARKEWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
COLONIAL HEIGHTRICHMOND, VA$535,900$686,050$829,250$1,030,600
COVINGTONNON-METRO$424,100$543,000$656,350$815,650
CRAIGROANOKE, VA$424,100$543,000$656,350$815,650
CULPEPERWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
CUMBERLANDNON-METRO$535,900$686,050$829,250$1,030,600
DANVILLEDANVILLE, VA$424,100$543,000$656,350$815,650
DICKENSONBIG STONE GAP, VA$424,100$543,000$656,350$815,650
DINWIDDIERICHMOND, VA$535,900$686,050$829,250$1,030,600
EMPORIANON-METRO$424,100$543,000$656,350$815,650
ESSEXNON-METRO$424,100$543,000$656,350$815,650
FAIRFAXWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
FAIRFAX INDWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
FALLS CHURCHWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
FAUQUIERWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
FLOYDBLACKSBURG-CHRISTIANSBURG-RADFORD, VA$424,100$543,000$656,350$815,650
FLUVANNACHARLOTTESVILLE, VA$437,000$559,450$676,200$840,400
FRANKLINROANOKE, VA$424,100$543,000$656,350$815,650
FRANKLIN INDNON-METRO$424,100$543,000$656,350$815,650
FREDERICKWINCHESTER, VA-WV$424,100$543,000$656,350$815,650
FREDERICKSBURGWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
GALAXNON-METRO$424,100$543,000$656,350$815,650
GILESBLACKSBURG-CHRISTIANSBURG-RADFORD, VA$424,100$543,000$656,350$815,650
GLOUCESTERVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$458,850$587,400$710,050$882,400
GOOCHLANDRICHMOND, VA$535,900$686,050$829,250$1,030,600
GRAYSONNON-METRO$424,100$543,000$656,350$815,650
GREENECHARLOTTESVILLE, VA$437,000$559,450$676,200$840,400
GREENSVILLENON-METRO$424,100$543,000$656,350$815,650
HALIFAXNON-METRO$424,100$543,000$656,350$815,650
HAMPTONVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$458,850$587,400$710,050$882,400
HANOVERRICHMOND, VA$535,900$686,050$829,250$1,030,600
HARRISONBURGHARRISONBURG, VA$424,100$543,000$656,350$815,650
HENRICORICHMOND, VA$535,900$686,050$829,250$1,030,600
HENRYMARTINSVILLE, VA$424,100$543,000$656,350$815,650
HIGHLANDNON-METRO$424,100$543,000$656,350$815,650
HOPEWELLRICHMOND, VA$535,900$686,050$829,250$1,030,600
ISLE OF WIGHTVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$458,850$587,400$710,050$882,400
JAMES CITYVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$458,850$587,400$710,050$882,400
KING AND QUEENNON-METRO$535,900$686,050$829,250$1,030,600
KING GEORGENON-METRO$424,100$543,000$656,350$815,650
KING WILLIAMRICHMOND, VA$535,900$686,050$829,250$1,030,600
LANCASTERNON-METRO$442,750$566,800$685,100$851,450
LEENON-METRO$424,100$543,000$656,350$815,650
LEXINGTONNON-METRO$424,100$543,000$656,350$815,650
LOUDOUNWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
LOUISANON-METRO$535,900$686,050$829,250$1,030,600
LUNENBURGNON-METRO$424,100$543,000$656,350$815,650
LYNCHBURGLYNCHBURG, VA$424,100$543,000$656,350$815,650
MADISONNON-METRO$424,100$543,000$656,350$815,650
MANASSASWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
MANASSAS PARKWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
MARTINSVILLEMARTINSVILLE, VA$424,100$543,000$656,350$815,650
MATHEWSVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$458,850$587,400$710,050$882,400
MECKLENBURGNON-METRO$424,100$543,000$656,350$815,650
MIDDLESEXNON-METRO$424,100$543,000$656,350$815,650
MONTGOMERYBLACKSBURG-CHRISTIANSBURG-RADFORD, VA$424,100$543,000$656,350$815,650
NELSONCHARLOTTESVILLE, VA$437,000$559,450$676,200$840,400
NEW KENTRICHMOND, VA$535,900$686,050$829,250$1,030,600
NEWPORT NEWSVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$458,850$587,400$710,050$882,400
NORFOLKVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$458,850$587,400$710,050$882,400
NORTHAMPTONNON-METRO$424,100$543,000$656,350$815,650
NORTHUMBERLANDNON-METRO$424,100$543,000$656,350$815,650
NORTONBIG STONE GAP, VA$424,100$543,000$656,350$815,650
NOTTOWAYNON-METRO$424,100$543,000$656,350$815,650
ORANGENON-METRO$424,100$543,000$656,350$815,650
PAGENON-METRO$424,100$543,000$656,350$815,650
PATRICKNON-METRO$424,100$543,000$656,350$815,650
PETERSBURGRICHMOND, VA$535,900$686,050$829,250$1,030,600
PITTSYLVANIADANVILLE, VA$424,100$543,000$656,350$815,650
POQUOSONVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$458,850$587,400$710,050$882,400
PORTSMOUTHVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$458,850$587,400$710,050$882,400
POWHATANRICHMOND, VA$535,900$686,050$829,250$1,030,600
PRINCE EDWARDNON-METRO$424,100$543,000$656,350$815,650
PRINCE GEORGERICHMOND, VA$535,900$686,050$829,250$1,030,600
PRINCE WILLIAMWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
PULASKIBLACKSBURG-CHRISTIANSBURG-RADFORD, VA$424,100$543,000$656,350$815,650
RADFORDBLACKSBURG-CHRISTIANSBURG-RADFORD, VA$424,100$543,000$656,350$815,650
RAPPAHANNOCKWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
RICHMONDNON-METRO$424,100$543,000$656,350$815,650
RICHMOND INDRICHMOND, VA$535,900$686,050$829,250$1,030,600
ROANOKEROANOKE, VA$424,100$543,000$656,350$815,650
ROANOKE INDROANOKE, VA$424,100$543,000$656,350$815,650
ROCKBRIDGENON-METRO$424,100$543,000$656,350$815,650
ROCKINGHAMHARRISONBURG, VA$424,100$543,000$656,350$815,650
RUSSELLNON-METRO$424,100$543,000$656,350$815,650
SALEMROANOKE, VA$424,100$543,000$656,350$815,650
SCOTTKINGSPORT-BRISTOL-BRISTOL, TN-VA$424,100$543,000$656,350$815,650
SHENANDOAHNON-METRO$424,100$543,000$656,350$815,650
SMYTHNON-METRO$424,100$543,000$656,350$815,650
SOUTHAMPTONNON-METRO$424,100$543,000$656,350$815,650
SPOTSYLVANIAWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
STAFFORDWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
STAUNTONSTAUNTON-WAYNESBORO, VA$424,100$543,000$656,350$815,650
SUFFOLKVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$458,850$587,400$710,050$882,400
SURRYNON-METRO$458,850$587,400$710,050$882,400
SUSSEXRICHMOND, VA$535,900$686,050$829,250$1,030,600
TAZEWELLBLUEFIELD, WV-VA$424,100$543,000$656,350$815,650
VIRGINIA BEACHVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$458,850$587,400$710,050$882,400
WARRENWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$636,150$814,500$984,525$1,223,475
WASHINGTONKINGSPORT-BRISTOL-BRISTOL, TN-VA$424,100$543,000$656,350$815,650
WAYNESBOROSTAUNTON-WAYNESBORO, VA$424,100$543,000$656,350$815,650
WESTMORELANDNON-METRO$424,100$543,000$656,350$815,650
WILLIAMSBURGVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$458,850$587,400$710,050$882,400
WINCHESTERWINCHESTER, VA-WV$424,100$543,000$656,350$815,650
WISEBIG STONE GAP, VA$424,100$543,000$656,350$815,650
WYTHENON-METRO$424,100$543,000$656,350$815,650
YORKVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$458,850$587,400$710,050$882,400

Virginia conforming limits can change anytime. Check back often to ensure accuracy.

What factors determine if i’m eligible for a Conventional Loan in Virginia?

Conventional conforming loans follow the terms and conditions set forth by government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. 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. A FICO credit score of 620 or above is generally required to obtain a conventional loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

How much money will I need for the down payment and closing costs?

Conventional home loans require the home buyer to invest between 3% and 20% of the sales price towards the down payment and closing costs. If the sales price is $100,000 for example, the mortgage applicant must invest at least $3,000 – $20,000 to meet conventional mortgage down payment requirements, depending on the program.

Minimum Virginia Conventional Loan Down Payment:

Residence UsageFixed-Rate Mortgage (FRM)Adjustable-Rate Mortgage (ARM)
1 Unit Primary3% Down Payment10% Down Payment
2 Units Primary15% Down Payment25% Down Payment
3 Units Primary25% Down Payment35% Down Payment
4 Units Primary25% Down Payment35% Down Payment
1 Unit Second Home10% Down Payment20% Down Payment
1 Unit Investment15% Down Payment25% Down Payment
2 Units Investment25% Down Payment35% Down Payment
3 Units Investment25% Down Payment35% Down Payment
4 Units Investment25% Down Payment35% Down Payment

What property types are allowed for Conventional Conforming Mortgages?

Conventional mortgage loan 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.

What types of mortgage and refinance programs do Conventional Loans offer in Virginia?

There are several varieties of standard home purchase, first-time home buyer and conventional refinance loans available in Virginia:

  • Conventional Purchase Loans – Conventional loans offer a variety of programs for applicants with good credit ratings to buy a home. Both 3% down mortgage and 5% down mortgage options are available, however 20% down is the minimum amount required to avoid private mortgage insurance.
  • Conventional Rate/Term Refinance: Conventional Rate/Term refinancing loans are for borrowers who currently have an FHA, VA, USDA or conventional fixed rate mortgage or ARM loan and wish to refinance into a conventional mortgage with a lower interest rate. If you’re a homeowners considering a stable, conventional fixed-rate mortgage, this program may also eliminate your mortgage insurance if you have at 20% equity in your home.  If not, Conventional 97% loan programs may also work for you.
  • Cash-Out Refinance: A 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 mortgage 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. In addition, your credit background will be considered. Finally, you must be able to cover closing costs and have enough income to pay your monthly debt.

Conventional Loan Requirements

More Virginia Mortgage Limits

You may also want to visit these additional home loan resources before deciding on a mortgage program:

 

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