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$510,400$653,550$789,950$981,700
ALBEMARLECHARLOTTESVILLE, VA$510,400$653,550$789,950$981,700
ALEXANDRIA CITYWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
ALLEGHANYNON-METRO$510,400$653,550$789,950$981,700
AMELIARICHMOND, VA$535,900$686,050$829,250$1,030,600
AMHERSTLYNCHBURG, VA$510,400$653,550$789,950$981,700
APPOMATTOXLYNCHBURG, VA$510,400$653,550$789,950$981,700
ARLINGTONWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
AUGUSTASTAUNTON, VA$510,400$653,550$789,950$981,700
BATHNON-METRO$510,400$653,550$789,950$981,700
BEDFORDLYNCHBURG, VA$510,400$653,550$789,950$981,700
BLANDBLUEFIELD, WV-VA$510,400$653,550$789,950$981,700
BOTETOURTROANOKE, VA$510,400$653,550$789,950$981,700
BRISTOL CITYKINGSPORT-BRISTOL, TN-VA$510,400$653,550$789,950$981,700
BRUNSWICKNON-METRO$510,400$653,550$789,950$981,700
BUCHANANNON-METRO$510,400$653,550$789,950$981,700
BUCKINGHAMNON-METRO$510,400$653,550$789,950$981,700
BUENA VISTA CITNON-METRO$510,400$653,550$789,950$981,700
CAMPBELLLYNCHBURG, VA$510,400$653,550$789,950$981,700
CAROLINENON-METRO$535,900$686,050$829,250$1,030,600
CARROLLNON-METRO$510,400$653,550$789,950$981,700
CHARLES CITYRICHMOND, VA$535,900$686,050$829,250$1,030,600
CHARLOTTENON-METRO$510,400$653,550$789,950$981,700
CHARLOTTESVILLECHARLOTTESVILLE, VA$510,400$653,550$789,950$981,700
CHESAPEAKE CITYVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
CHESTERFIELDRICHMOND, VA$535,900$686,050$829,250$1,030,600
CLARKEWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
COLONIAL HEIGHTRICHMOND, VA$535,900$686,050$829,250$1,030,600
COVINGTON CITYNON-METRO$510,400$653,550$789,950$981,700
CRAIGROANOKE, VA$510,400$653,550$789,950$981,700
CULPEPERWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
CUMBERLANDNON-METRO$535,900$686,050$829,250$1,030,600
DANVILLE CITYDANVILLE, VA$510,400$653,550$789,950$981,700
DICKENSONNON-METRO$510,400$653,550$789,950$981,700
DINWIDDIERICHMOND, VA$535,900$686,050$829,250$1,030,600
EMPORIA CITYNON-METRO$510,400$653,550$789,950$981,700
ESSEXNON-METRO$510,400$653,550$789,950$981,700
FAIRFAXWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
FAIRFAX CITYWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
FALLS CHURCH CIWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
FAUQUIERWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
FLOYDNON-METRO$510,400$653,550$789,950$981,700
FLUVANNACHARLOTTESVILLE, VA$510,400$653,550$789,950$981,700
FRANKLINROANOKE, VA$510,400$653,550$789,950$981,700
FRANKLIN CITYVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
FREDERICKWINCHESTER, VA-WV$510,400$653,550$789,950$981,700
FREDERICKSBURGWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
GALAX CITYNON-METRO$510,400$653,550$789,950$981,700
GILESBLACKSBURG-CHRISTIANSBURG, VA$510,400$653,550$789,950$981,700
GLOUCESTERVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
GOOCHLANDRICHMOND, VA$535,900$686,050$829,250$1,030,600
GRAYSONNON-METRO$510,400$653,550$789,950$981,700
GREENECHARLOTTESVILLE, VA$510,400$653,550$789,950$981,700
GREENSVILLENON-METRO$510,400$653,550$789,950$981,700
HALIFAXNON-METRO$510,400$653,550$789,950$981,700
HAMPTON CITYVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
HANOVERRICHMOND, VA$535,900$686,050$829,250$1,030,600
HARRISONBURG CIHARRISONBURG, VA$510,400$653,550$789,950$981,700
HENRICORICHMOND, VA$535,900$686,050$829,250$1,030,600
HENRYMARTINSVILLE, VA$510,400$653,550$789,950$981,700
HIGHLANDNON-METRO$510,400$653,550$789,950$981,700
HOPEWELL CITYRICHMOND, VA$535,900$686,050$829,250$1,030,600
ISLE OF WIGHTVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
JAMES CITYVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
KING AND QUEENRICHMOND, VA$535,900$686,050$829,250$1,030,600
KING GEORGENON-METRO$510,400$653,550$789,950$981,700
KING WILLIAMRICHMOND, VA$535,900$686,050$829,250$1,030,600
LANCASTERNON-METRO$510,400$653,550$789,950$981,700
LEENON-METRO$510,400$653,550$789,950$981,700
LEXINGTON CITYNON-METRO$510,400$653,550$789,950$981,700
LOUDOUNWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
LOUISANON-METRO$535,900$686,050$829,250$1,030,600
LUNENBURGNON-METRO$510,400$653,550$789,950$981,700
LYNCHBURG CITYLYNCHBURG, VA$510,400$653,550$789,950$981,700
MADISONWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
MANASSAS CITYWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
MANASSAS PARK CWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
MARTINSVILLE CIMARTINSVILLE, VA$510,400$653,550$789,950$981,700
MATHEWSVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
MECKLENBURGNON-METRO$510,400$653,550$789,950$981,700
MIDDLESEXNON-METRO$510,400$653,550$789,950$981,700
MONTGOMERYBLACKSBURG-CHRISTIANSBURG, VA$510,400$653,550$789,950$981,700
NELSONCHARLOTTESVILLE, VA$510,400$653,550$789,950$981,700
NEW KENTRICHMOND, VA$535,900$686,050$829,250$1,030,600
NEWPORT NEWS CIVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
NORFOLK CITYVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
NORTHAMPTONNON-METRO$510,400$653,550$789,950$981,700
NORTHUMBERLANDNON-METRO$510,400$653,550$789,950$981,700
NORTON CITYBIG STONE GAP, VA$510,400$653,550$789,950$981,700
NOTTOWAYNON-METRO$510,400$653,550$789,950$981,700
ORANGENON-METRO$510,400$653,550$789,950$981,700
PAGENON-METRO$510,400$653,550$789,950$981,700
PATRICKNON-METRO$510,400$653,550$789,950$981,700
PETERSBURG CITYRICHMOND, VA$535,900$686,050$829,250$1,030,600
PITTSYLVANIADANVILLE, VA$510,400$653,550$789,950$981,700
POQUOSON CITYVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
PORTSMOUTH CITYVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
POWHATANRICHMOND, VA$535,900$686,050$829,250$1,030,600
PRINCE EDWARDNON-METRO$510,400$653,550$789,950$981,700
PRINCE GEORGERICHMOND, VA$535,900$686,050$829,250$1,030,600
PRINCE WILLIAMWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
PULASKIBLACKSBURG-CHRISTIANSBURG, VA$510,400$653,550$789,950$981,700
RADFORD CITYBLACKSBURG-CHRISTIANSBURG, VA$510,400$653,550$789,950$981,700
RAPPAHANNOCKWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
RICHMONDNON-METRO$510,400$653,550$789,950$981,700
RICHMOND CITYRICHMOND, VA$535,900$686,050$829,250$1,030,600
ROANOKEROANOKE, VA$510,400$653,550$789,950$981,700
ROANOKE CITYROANOKE, VA$510,400$653,550$789,950$981,700
ROCKBRIDGENON-METRO$510,400$653,550$789,950$981,700
ROCKINGHAMHARRISONBURG, VA$510,400$653,550$789,950$981,700
RUSSELLNON-METRO$510,400$653,550$789,950$981,700
SALEM CITYROANOKE, VA$510,400$653,550$789,950$981,700
SCOTTKINGSPORT-BRISTOL, TN-VA$510,400$653,550$789,950$981,700
SHENANDOAHNON-METRO$510,400$653,550$789,950$981,700
SMYTHNON-METRO$510,400$653,550$789,950$981,700
SOUTHAMPTONVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
SPOTSYLVANIAWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
STAFFORDWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
STAUNTON CITYSTAUNTON, VA$510,400$653,550$789,950$981,700
SUFFOLK CITYVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
SURRYNON-METRO$510,400$653,550$789,950$981,700
SUSSEXRICHMOND, VA$535,900$686,050$829,250$1,030,600
TAZEWELLBLUEFIELD, WV-VA$510,400$653,550$789,950$981,700
VIRGINIA BEACHVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
WARRENWASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV$765,600$980,325$1,184,925$1,472,550
WASHINGTONKINGSPORT-BRISTOL, TN-VA$510,400$653,550$789,950$981,700
WAYNESBORO CITYSTAUNTON, VA$510,400$653,550$789,950$981,700
WESTMORELANDNON-METRO$510,400$653,550$789,950$981,700
WILLIAMSBURG CIVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700
WINCHESTER CITYWINCHESTER, VA-WV$510,400$653,550$789,950$981,700
WISEBIG STONE GAP, VA$510,400$653,550$789,950$981,700
WYTHENON-METRO$510,400$653,550$789,950$981,700
YORKVIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC$510,400$653,550$789,950$981,700

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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