Best Mortgage Lenders in Virginia

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Contributor, Benzinga
November 4, 2023

Rich in history and full of vibrant culture, Virginia is an excellent state to call home. Thinking about buying a home in Old Dominion? Our guide to mortgage companies and home buyer programs in Virginia will make getting your loan easier. 


Best Mortgage Companies in Virginia

Virginia has dozens of mortgage lenders offering many different loan options. Let’s take a look at a few of Virginia’s most notorious lenders and what they do best.

1. Best for Bank Statement Loans: Angel Oak Mortgage Solutions

Angel Oak Mortgage Solutions is a full-service mortgage lender offering traditional and portfolio mortgage loans. Among their many customized loan solutions is their Bank Statement product for self-employed borrowers in Virginia. This loan does not require tax returns and includes a 1099 Income option for 1099 earners. 

  • Loan amounts up to $3 million
  • 12 or 24 months personal or business bank statements
  • Two years out of bankruptcy, short sale, foreclosure, or deed-in-lieu
  • Owner occupied, non-owner occupied, second homes located in Virginia
  • 1099 option available
  • 40-year fixed interest only
  • Delayed financing available
  • Non-warrantable condos allowed

Angel Oak Mortgage Solutions offers a wide range of loan options allowing you to obtain any mortgage as long as qualification requirements are met. Virginia residents can also refinance into any of these loans. The customer service team is easy to reach via email, phone or the online contact form, and you can begin your journey by searching for a local advisor right on the website.

Angel Oak is headquartered in Atlanta, Georgia and is licensed in AL, AZ #0927070, licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, CO, CT, DE, DC, FL, GA #32379, ID, IL, IN, IA, KS, KY, LA, ME, MD, MI, MN, MS, NV, NH, licensed by the N.J. Department of Banking and Insurance, NM, NC, OH, OK, OR, PA, Rhode Island Licensed Lender, SC, TN, TX, UT, VT, VA, WA dba AOHL LLC, WI.


  • Considers unique borrower situations
  • Quick loan approval process
  • Offers competitive interest rates


  • Stricter qualification requirements
  • Higher interest rates and fees 

2. Best for First-Time Home Buyers: Rocket Mortgage

Buying a home for the first time can be confusing. Rocket Mortgage makes the process easier with its comprehensive Rocket Mortgage® platform.

Rocket Mortgage is the lender’s one-stop shop for nearly any type of mortgage loan. This mortgage company offers all types of government-backed mortgage loans, as well as conventional and jumbo lending solutions. When you apply for your loan, you’ll enjoy a simple and straightforward application that’s so user-friendly you can complete it on your phone or tablet. 


  • Apply online through their website
  • Faster loan processing times
  • Variety of mortgage options


  • Lack of personal interaction
  • Inability to negotiate terms

3. Best for Self-Employed Professionals: Wells Fargo

Self-employed individuals often have trouble documenting their income for their mortgage lender. Because your income can change from 1 month to the next, it can be very difficult to prove to your mortgage lender that you can afford your monthly mortgage payments for the next 15 years or more.

Wells Fargo offers 1 of the most lenient document application processes for small business owners and independent contractors. To qualify for a loan, all you need is your most recent profit and loss statement, as well as your last 2 months of bank account statements. Wells Fargo is also one of the largest physical lenders in Virginia, which means that you can pop into one of the bank’s 248 locations if you need help finishing your home loan application.


  • Competitive interest rates and loan options
  • Strong reputation and trust in the industry
  • Wide range of mortgage products to choose from


  • Limited availability in certain geographic areas

4. Best Online Lender: Close Your Own Loan

Close Your Own Loan is an online mortgage lender offering a simple and streamlined mortgage process. When you get your loan through Close Your Own Loan, you can have an approval in as little as a few minutes. Close Your Own Loan is also 1 of the only online lenders to offer loan coordinators who you can speak with if you need help choosing a home loan type and term.

Close Your Own Loan is a great choice if you’re looking for the most affordable rate possible thanks to the lender’s Best Rate Guarantee. If you receive a lower-priced loan preapproval from a competing lender, Close Your Own Loan will pay you $1,000 in cash. 


  • Apply online through their website
  • Competitive interest rates
  • Quick loan approval process


  • Lack of personal interaction

5. Best for FHA Loans: Bank of America

Bank of America offers easy online FHA loan applications as well as in-person assistance. You can complete your Bank of America loan application online or in-person with the assistance of a loan officer at one of the lender’s 119 offices in Virginia.

FHA borrowers often need assistance with closing costs or covering their down payment. Bank of America offers a selection of loan estimators and cost analysis tools that you can use to more accurately estimate the amount of money you’ll need to close on your loan. From an average down payment calculator to a closing cost estimation tool, you’ll get a better idea of what you’ll owe with Bank of America’s FHA loans. 


  • Easily accessible for customers across the United States
  • Wide range of banking and loan solutions
  • User-friendly online banking platform and mobile app


  • Higher loan origination fees 
  • Lengthy application and approval process

6. Best for VA Loans: Veterans United

If you’ve served in the military, you might qualify for a 0% down VA loan. Veterans United is one of the country’s best VA loan providers and offers a wide range of tools and calculators you can use to find the right loan for you. From easy online quotes to VA loan rate locks, Veterans United is a great place to start your mortgage loan research, especially as a first-time home buyer.

Veterans United specializes in custom VA loans. Its team is made up of former service members from every branch of the military. They can help you get your service documentation. If you don’t qualify for a VA loan, Veterans United can even help you get a conventional loan.


  • Streamlined loan application process
  • Competitive interest rates and loan terms
  • Excellent customer service


  • Funding fees
  • Limited physical locations

Mortgages Explained

There are multiple types of mortgage loans and the mortgage term and type you choose will influence how much you pay per month. You can break a mortgage down into 2 parts:

Mortgage Types

The type of mortgage loan you choose will influence which homes you can buy and what you need to qualify to take out a loan. Most mortgages are “conforming loans,” which means that your lender can sell them to Fannie Mae or Freddie Mac after you close.

If your loan isn’t a conforming loan, it’s probably a government-backed mortgage loan. Government-backed loans have insurance from a branch of the federal government. Government-backed mortgage loans are easier to qualify for in terms of credit and debt because this insurance makes them less risky for lenders. However, these loans also have stipulations that conforming loans don’t have. For example, you can only use an FHA loan to buy a home that you’re planning to live in for most of the year.

Here are 3 popular types of mortgages you may encounter:

Conventional Loans

Conventional loans are conforming loans that you can use to buy any type of home. To qualify for a conventional mortgage loan, you’ll usually need a credit score of at least 620 points and a down payment equal to at least 3% of your loan value.

FHA Loans

FHA loans are a type of government-backed mortgage loan that has insurance from the Federal Housing Agency. You can buy a home with a credit score as low as 580 points and a down payment of just 3.5%. Some lenders may even allow you to purchase a home with a score as low as 500 points if you have a down payment of at least 10%.

VA Loans

VA loans are government-backed mortgages with insurance from the Department of Veterans Affairs. These loans have no down payment requirement, which can be attractive if you don’t have at least 3% to put down. You must meet military service requirements before you can get a VA loan and these service requirements can vary by branch and year of service. 

Mortgage Terms

Your mortgage term is the length of time that you’ll make monthly payments on your loan. Most terms also give you a little information about your interest rate and whether your rate will ever change.

You can mix and match mortgage types and terms to fit your repayment needs. 

Here are some popular mortgage term options:

  • 30-year fixed loan rates have an interest rate that stays the same throughout its 30-year term.  
  • 15-year fixed-rate loans require you to make payments for 15 years before you own your home. Like its 30-year counterpart, 15-year fixed-rate loans have consistent interest rates.
  • 5/1 adjustable-rate mortgages (ARMs) have an interest rate that goes up or down throughout the term. Your ARM’s rate will change as market rates change.

ARMs include an initial period of fixed interest. You’ll know how long this period lasts by checking the first number of your ARM — in this example, you’d get 5 years of fixed interest when you first make payments on your home loan. From there, your lender will readjust your interest rate on a set schedule, indicated by the second number. In this example, your lender will reassess your interest rate on a yearly basis. 

Which Mortgage Lender is Best for You?

With so many mortgage lenders, how can you choose the best mortgage loan for you? Should you go with the first company you find?

Remember that a mortgage loan can mean a 30-year commitment. Taking time to find the right lender for you can mean thousands of dollars (and a massive headache!) saved. Here are a few characteristics you should look for in a lender.

  • Responsive customer service: A responsive customer service team is essential when it comes to getting a mortgage loan. Don’t be afraid to test a few lenders by firing off emails or phone calls to their customer service teams to judge their response times.
  • Your chosen loan type: Not every lender offers every type of loan. Research all of your loan options before you start comparing lenders.
  • An application process that suits you: Are you comfortable getting a loan entirely online if it means saving a few thousand dollars? Or would you prefer the personal assistance that comes with getting a loan through a bank or credit union with a location? Not every lender has physical branches — so if you don’t want to get your loan entirely online, make sure you’re choosing a lender near you. 

Lender Credit Score Minimums in Virginia

Whenever you use credit or take out a loan, you influence your credit score. If you have a higher credit score, you can qualify for more types of loans because you’re less likely to default on your home loan. You can improve your credit score by making credit card payments on time, avoiding using too much of your available credit each month and limiting the number of loans you’re applying for.

Mortgage lenders have minimum credit standards to limit their risk when they consider you for a mortgage. Know your credit score and make sure you meet your lender’s minimum before you apply for a loan. 

LenderMinimum Credit Score Required
Rocket Mortgage620
Veterans United620
Bank of America620
Close Your Own Loan 620
U.S. Bank620

Current Mortgage Rates in Virginia

Average mortgage interest rates in your area will change over time. The rates you’ll see today might be much different than the rates you’d pay if you bought a home a year or even a week from now. Your local housing supply, bond interest rates and even the state of the economy as a whole can all influence what you’ll pay for your loan.

Most lenders allow you to lock in your interest rate when you get your loan preapproval. Let’s take a look at what you might expect to pay for your home in Virginia if you got your loan today. 

Loan TypeRateAPR
30-year fixed N/A N/A
15-year fixed N/A N/A
7/1 ARM (adjustable rate) N/A N/A
5/1 ARM (adjustable rate) N/A N/A
Rates based on an average home price of $225,000 and a down payment of 20%.
See more mortgage rates on Zillow

Average Days to Close on a Loan

After you have your loan preapproval paperwork and you reach an agreement with a home seller, it’s time to begin the closing process.

First, your lender will schedule an appraisal for your property, which will give you an estimate of what your home is worth. Next, you’ll have the option to schedule an additional inspection to make sure that your home is in the condition that your seller says it is. Finally, your lender will complete your loan paperwork and set up a closing meeting, where you’ll officially receive the keys to your new home.

The entire closing process can take anywhere from a few weeks to several months depending on your lender. Here are some of Virginia’s largest lenders’ average closing times. 

Find the Right Loan For You

So, what’s the best mortgage loan and the best lender? The specific answer will depend on your unique financial situation. If you’re still working on building credit, you’ll probably want to choose an FHA loan. If your main goal is to pay as little in interest as possible, a 15-year conventional loan might be right for you. 

Finding the right mortgage loan for you begins by educating yourself.

Frequently Asked Questions


What types of mortgages are offered in Virginia?


You can get a 30-year fixed rate loan, a 15-year fixed rate loan, or an ARM mortgage in Virginia.


What is the minimum credit score I can have for a mortgage in Virginia?


The minimum credit score in Virginia is 620.


Where can I find mortgage lenders in Virginia?


You can find mortage lenders in Virginia obn the above list.

Get Ready for Take Off

Rocket Mortgage® is an online mortgage experience developed by the firm formerly known as Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes it easy to get a mortgage — you just tell the company about yourself, your home, your finances and Rocket Mortgage® gives you real interest rates and numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.

You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.

About Sarah Horvath

Sarah is an expert in the insurance, investing for retirement and cryptocurrency space.