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Homebuyer Frequently Asked Questions

expand Can I get pre-approved for a mortgage before finding a home? 
Yes. It's a good idea to get pre-approved prior to shopping for a home. This helps you to understand what you can afford, and puts you in a great position to negotiate with a potential seller. Contact a lender near you to get pre-approved.
expand Do you refinance loans for current homeowners? 
expand Does Virginia Housing have programs for buyers with credit issues? 
VHDA offers government-insured programs (FHA, VA, USDA Rural Development) that allow the most flexibility for borrowers who have experienced credit problems. Our minimum credit score on these programs is 620. If you are experiencing current credit issues, please visit the housing counseling section of our website.
expand How do I apply for a Virginia Housing mortgage? 
expand How do I contact Virginia Housing’s Homeownership Area? 

Call us toll free: 800-227-8432

Wytheville office: 800-447-5145

Mortgage Servicing (existing customers): 800-235-6938

Homeownership Education:

Our mailing address is: 601 S. Belvidere St., Richmond, VA 23220

expand How do I register for a free Homebuyer class?  
expand How long does the mortgage process take? 
From the time of application to closing, the mortgage process typically takes between 30 to 60 days. This time frame depends upon several factors, including the individual lender's process and any potential credit or property issues.
expand Is a home inspection required for a Virginia Housing-financed property? 
expand Is the seller required to pay any of the closing costs for Virginia Housing mortgages? 
No. However, it is not unusual for a buyer to ask the seller to pay some of the closing costs.
expand What are points? 
expand What are the eligibility requirements for Virginia Housing loans? 

Loan applicants must intend to occupy the property and demonstrate creditworthiness, sufficient stable income and adequate funds for the down payment and closing costs. In addition, all borrowers must complete Virginia Housing's Homebuyer Education Class. Loan programs limit the borrower's income, sales price and loan amount. Find additional information regarding eligibility requirements on our website.


expand What are the income and sales price/loan limits for VHDA programs?  
expand What information will I need to apply? 

Being prepared for the loan application reduces the time it takes to have your loan reviewed and approved. You should be able to provide:

  • Copy of current pay stubs for the most recent 30-day period.
  • Copies of W-2 forms for the most recent two years.
  • Account numbers for bank accounts and loans.
  • Copies of recent bank statements.
  • Copy of divorce decree/separation agreement (if applicable).
  • Copy of bankruptcy filing and discharge (if applicable).
  • Copy of real estate contract for purchase of home.
expand What is an Annual Percentage Rate (APR)? 
expand What is Private Mortgage Insurance (PMI)? 
Mortgage Insurance protects a lender if a borrower defaults on a loan. Mortgage insurance is placed on the loan when the borrower does not have a sufficient amount of equity or down payment. For a conventional loan, private mortgage insurance is required on all loans if you are borrowing more than 80 percent of the purchase price. For FHA loans, mortgage insurance is required on all loans, regardless of the amount of the down payment.
expand What is the Recapture Tax? 
expand What makes up a monthly mortgage payment? 
Your monthly mortgage payment includes a payment on the principal balance of your loan, an interest payment and your escrow payment (monthly payments collected to pay your hazard insurance, mortgage insurance, flood insurance and property taxes.) This is commonly referred to as PITI (principal, interest, taxes and insurance.)
expand What mortgage loans does Virginia Housing have available? 
expand Where can I find Virginia Housing’s interest rates? 
Virginia Housing no longer provides interest rates. Please contact one of our approved lenders to discuss interest rates and loan programs that you may qualify for.

Contact Us

Homebuyer Department

Toll Free: 800-227-8432
Local: 804-783-6725
Note: In order to protect your privacy, please do not send confidential personal information or sensitive materials through this form. Virginia Housing is not responsible for the security and/or confidentiality of personal information submitted via this form.

Customer Service

Toll Free: 877-VHDA-123
Local: 804-782-1986


Virginia Relay

In Virginia: 711
Toll Free: 800-828-1140


Virginia Housing Fraud, Waste or Abuse Hotline

Phone: 804-915-3146
Website: Reporting Fraud, Waste or Abuse