Buyer guide · Updated October 2026
Home loans in Northern Virginia: the basics.
The main loan types, how much you need down, 2026 loan limits for Fairfax County, and first-time buyer help from Virginia Housing and Fairfax County.
I'm a real estate agent, not a lender. These are general facts with their sources and dates; rates and rules change, so confirm your options with a licensed lender before you decide.
Today's rates
Freddie Mac's weekly average on October 15, 2026: 30-year fixed 7.40% and 15-year fixed 6.71%, up from 6.27% and 5.52% a year ago (Freddie Mac PMMS). Your own rate depends on credit, down payment and loan type.
Loan types at a glance
| Loan | Minimum down | Good to know |
|---|---|---|
| Conventional | 3% on some programs (e.g. Fannie Mae HomeReady) | Private mortgage insurance (PMI) with under 20% down; it can be removed later (Fannie Mae, CFPB) |
| FHA | 3.5% with a 580+ credit score; 10% with 500–579 | Upfront mortgage insurance of 1.75% of the loan plus an annual premium (HUD) |
| VA | Usually $0 down with full entitlement | One-time funding fee: 2.15% on first use with under 5% down, lower with more down; many disabled veterans are exempt (VA.gov) |
| Jumbo | Varies by lender | Needed above the 2026 limit of $1,249,125 in Fairfax County |
2026 loan limits
- Conforming (conventional): $832,750 baseline; $1,249,125 for a one-unit home in Fairfax County and other high-cost DC-area counties (county limits)
- FHA: $1,249,125 ceiling for 2026, which applies in Fairfax County (HUD)
- 2027: not announced yet. FHFA is expected to set the new conforming limits in late November, effective January 1; some lenders already use early baseline limits of $845,000 to $850,000 (National Mortgage Professional, Oct 9, 2026)
First-time buyer help
Virginia Housing
- Loans: conventional with 3% down (640+ score), FHA with 3.5% down (scores from 620), VA and USDA with $0 down (Virginia Housing)
- Down Payment Assistance Grant that never has to be repaid (details)
- Plus Second mortgage: up to 5% of the price for your down payment (details)
- Northern Virginia limits from August 1, 2026: grant programs up to $148,000 income for 1–2 people or $174,000 for 3+, with an $800,000 price cap (limits)
- A free homebuyer class is required for most programs (sign up)
Fairfax County
- The First-Time Homebuyers Program offers below-market homes to income-qualified buyers, with a 620 credit score, 2% down and a 30-year resale restriction (Fairfax County)
Cash to close
- Virginia closing costs average about $6,817, or 1.36% of the price (2025 data, Bankrate)
- Buyers usually pay Virginia recordation tax; sellers usually pay grantor tax. Who pays can be negotiated in the contract.
- Plan for an earnest money deposit, inspections and an appraisal before closing.
Your first three steps
- Get pre-approved by a licensed lender so you know your real budget.
- Take the Virginia Housing class if you're a first-time buyer; it opens the grant and Plus Second.
- Talk to me about neighborhoods and new construction in your price range. I can explain it all in English, Dari or Pashto.