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VA New Home Loan Mortgage & Homeowner Resources

Home buyers and homeowners in Virginia enjoy a number of resources listed here, including VA home buyer assistance programs, and government Web sites for agencies overseeing banking, real estate, and different homeowner assistance programs. From buying your first Virginia Beach home, to understanding the affordability of your Norfolk home loan, to doing a mortgage refi on your Chesapeake mortgage, our list of VA mortgage and homeowner resources can help.

And while you're here, if you're comparing mortgage rates, you can request quotes from pre-screened VA mortgage lenders by completing the form to the right. It's a service we provide for you, and it's free to compare up to four competing offers. You can also use our loan calculators which include a refinance calculator, a mortgage loan rate comparison calculator, and an amortization calculator & amortization chart. Now onto the Virginia mortgage information and resources.

Virginia Homebuyer Assistance Program

For most of us, our home will probably be the largest investment we will take on in our lives. Unfortunately, it's also one of the most complex decisions, and choosing the right carpeting alone can be challenging, let alone choosing between different houses, mortgage interest rates, neighborhoods, and lenders. A good way to prepare for the process is to attend an education session for first time home buyers. You can start finding VA homebuyer programs by searching the US Department of Housing & Urban Development's Virginia mortgage information and homebuyer page.

Residents may benefit from the Virginia homeownership assistance program. Requirements may include income eligibility guidelines, and may restrict participation to those who have not owned a home in at least three years.

Home buyer assistance programs may be structured to provide down payment funds via a "silent" second mortgage that doesn't have to be repaid until the home is sold or the owner moves out. Contact the Virginia mortgage programs you're interested in determining individual program structure and requirements. Federal resources for Virginia homebuyers and homeowners include the Department of Housing and Urban Development and the Veterans Administration. Both of these agencies provide home loans requiring minimal down payments for eligible applicants.

Community homeownership programs can provide home ownership opportunities to Virginia residents who may not otherwise afford buying a home. If your city or county is not listed below, contact local civic or county offices to learn more about homebuyer programs in your area.

Foreclosure: Knowledge of VA Mortgage Law Important

Foreclosure in Virginia can be conducted in a court or through power of sale (called a non-judicial foreclosure). It's possible for foreclosure to occur within a couple of months. If you are having problems with making mortgage payments, please contact a certified credit counseling agency immediately.

Lenders are permitted to seek deficiency judgments; this means that your lender can sue you for any losses it incurs connected with foreclosing your mortgage. If foreclosure is completed, you are allowed 240 days to redeem your property by paying the amount your home was sold for plus 6% interest. This means that you must pay the full amount needed to redeem your home, and it's usually difficult to qualify for a mortgage loan immediately after foreclosure. Depending on your situation, it may be best to obtain legal advice for information regarding current foreclosure time frames and redemption procedures.

Virginia Mortgage & VA Homeowner / Homebuyer Resources:

US Dept of Housing and Urban Development: VA homepage:

Veterans Administration PA