Mortgage Affordability Calculator for Virginia

Buying a Home in Virginia: What You Can Afford

The median home value in Virginia is $365,000. Northern Virginia (Fairfax, Loudoun, Arlington, Alexandria) carries among the highest median prices on the East Coast. Richmond and Hampton Roads are significantly more affordable. Rural Southwestern Virginia is very low cost.

Conforming Loan Limits in Virginia

The conforming loan limit in Virginia is $1,089,300. Northern Virginia counties — Arlington, Fairfax, Loudoun — and the City of Alexandria qualify for high-cost conforming limits of $1,089,300. Loans above this threshold are considered jumbo loans and typically carry stricter qualification requirements and slightly higher rates.

Property Taxes to Budget For

Beyond your mortgage payment, budget for Virginia's property taxes: the effective rate is 0.82%, meaning a home at the median value generates about $2,972/year in taxes. This is a real cost that lenders include in your debt-to-income (DTI) calculation.

Closing Costs in Virginia

Buyers typically pay around $3,900 in closing costs in Virginia. Virginia charges a Grantor's Tax of $0.50/$500 of sale price plus a state recordation tax. Localities may add additional recordation taxes. Northern Virginia and the Northern Virginia Transportation Authority also add levies on real property transactions. Factor this into your upfront cash requirement alongside your down payment.

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