On a $400,000 loan, a half-point difference in rate moves the monthly principal and interest by about $130: roughly $2,398 at 6.0% versus $2,528 at 6.5%. Those rates are illustrations, not quotes. Richmond VA home loan rates follow the national mortgage market, so the benchmark is the same for everyone in the city. Your own rate depends on your loan program, credit score and down payment.
This article shows where to check the benchmark, what moves your personal rate, and how FHA, VA and Conventional loans compare in 2026. It is written by Duane Buziak, NMLS #1110647. No rate is quoted or guaranteed here, and every figure is a snapshot that can change daily.
- Where Richmond home loan rates stand right now
- What moves your Richmond mortgage rate up or down
- Program eligibility behind the numbers
- Worked example: a Richmond purchase at three rates
- FHA vs. VA vs. Conventional side by side
- How to get a real rate quote without hurting your credit
- Turning a benchmark into your number
- Richmond mortgage rate questions answered
Where Richmond Home Loan Rates Stand Right Now
Richmond has no separate local rate. Lenders price loans off the mortgage-backed securities market, and the most widely cited public benchmark is the weekly average in Freddie Mac’s Primary Mortgage Market Survey (PMMS). It publishes 30-year and 15-year fixed averages, updated on Thursdays. This article doesn’t print those figures because they would be out of date within days. The PMMS page always shows the current numbers with their date, so read them there.
The PMMS average is a starting point, not what you will be offered. Borrowers in the same city, on the same day, see a range of rates because six things shift pricing:
- Loan program: FHA, VA and Conventional price differently.
- Credit score: higher scores generally earn better pricing, most steeply on Conventional loans.
- Down payment: a smaller down payment means a higher loan-to-value ratio and more risk to the investor.
- Discount points: paying upfront can lower the rate, and taking a credit can raise it.
- Lock period: a longer lock usually costs a little more.
- Property type: a condo, a multi-unit or an investment property can price differently from a single-family primary residence.
City-wide, the price context matters too. For the current Richmond city median, check Zillow’s city-level home value page or the monthly reports from Virginia REALTORS, and note the date of whichever figure you use. For 2026, the baseline conforming loan limit is $832,750, per the Federal Housing Finance Agency. Most purchases in the city of Richmond fall well under that, so they are priced as conforming loans rather than jumbo.
A rate you see online today is a snapshot, not an offer. It can change from morning to afternoon when markets move.
What Moves Your Richmond Mortgage Rate Up or Down
Credit score and loan-level price adjustments
On Conventional loans, Fannie Mae and Freddie Mac apply loan-level price adjustments (LLPAs), fees that vary by credit score and loan-to-value ratio. Fannie Mae publishes its Loan-Level Price Adjustment matrix for lenders. Pricing steps down as the score climbs, and the steps are steeper when the down payment is small. FHA and VA loans price less steeply on score. A borrower in the low 600s often finds FHA or VA pricing more forgiving than Conventional, while a borrower above 740 with 10% or more down often does better on Conventional.
Down payment and mortgage insurance
On a Conventional loan, 3%, 5%, 10% and 20% down each land in different pricing tiers. Putting less than 20% down adds private mortgage insurance (PMI), whose cost depends on score and down payment. At 20% down, PMI disappears and pricing generally improves.
Discount points and credits
One discount point costs 1% of the loan amount and typically lowers the rate by a fraction of a point. The reverse also works: choosing a slightly higher rate can generate a lender credit that offsets closing costs, which is how no-out-of-pocket closing options are built.
The break-even test is simple. Divide the cost of the points by the monthly payment savings. If you expect to keep the loan longer than that number of months, the points pay off. If you might sell or refinance sooner, a credit usually makes more sense. Section 4 runs the numbers.
Rate locks
A lock holds your rate and points for a set period, commonly 30 to 60 days, so a market increase between contract and closing doesn’t change your terms. It protects you against rises only. Some lenders offer a float-down option, but the terms vary, so ask before you lock. Choose a lock period that comfortably covers your closing date, since an extension can cost money.
FHA, VA and Conventional Rates in Richmond: Program Eligibility Behind the Numbers
A rate only means something once you know which program you qualify for. These are the core rules as of 2026, and each program has more detail than fits here.
FHA loans. You need a 580 minimum score for 3.5% down. Scores of 500 to 579 can qualify with 10% down. FHA charges an upfront mortgage insurance premium (MIP), currently 1.75% of the base loan and usually financed, plus an annual MIP paid monthly. FHA limits are set by county. The 2026 floor is about $541,287, and you can confirm the figure for the Richmond area at hud.gov.
VA loans. Eligible veterans, service members and some surviving spouses can buy with no down payment and no monthly mortgage insurance. Instead there is a one-time funding fee that varies with first or later use and with the down payment. Some veterans with service-connected disabilities are exempt. The current fee table is at va.gov. VA financing is Duane Buziak’s specialty, and he works with veterans and military families across the Richmond area every week.
Conventional loans. The usual minimum score is 620. Some first-time buyer products allow 3% down. PMI can be cancelled once you reach 20% equity, and the Consumer Financial Protection Bureau explains how cancellation works under federal law.
Why the lowest stated rate can cost more
Compare two quotes: a 6.25% FHA loan with annual MIP and a 6.5% Conventional loan with PMI that drops off at 20% equity. The FHA loan has the lower rate, but its insurance can make the monthly cost higher. That is why the annual percentage rate (APR) exists. APR folds in certain fees and financed charges so you can compare the full cost of borrowing. Use the rate for your payment and the APR for comparing offers.
Worked Example: A Richmond Purchase at Three Different Rates
Everything below is hypothetical, built for illustration and not a current quote. It uses a round $400,000 purchase price, which sits in the general range of Richmond city prices. Swap in the current median from Zillow or Virginia REALTORS to see your own case.
Same loan, three rates
For a $400,000 loan on a 30-year fixed term:
- 6.0%: $2,398 per month in principal and interest, with about $463,350 in total interest.
- 6.5%: $2,528 per month, with about $510,180 in total interest.
- 7.0%: $2,661 per month, with about $558,040 in total interest.
Each half point adds roughly $130 a month. From 6.0% to 7.0%, the gap is about $263 a month and nearly $94,700 over the full term.
Three programs, same 6.5% rate
Holding the rate at 6.5% isolates the effect of each program’s structure. Real rates would differ by program.
- VA, 0% down: a first-use funding fee of 2.15% is $8,600, which brings the loan to $408,600. Principal and interest is about $2,583. There is no monthly mortgage insurance.
- FHA, 3.5% down: the down payment is $14,000, so the base loan is $386,000. The 1.75% upfront MIP of $6,755 is financed, for a total of $392,755. Principal and interest is about $2,482. Annual MIP at 0.55% adds roughly $177 a month, for about $2,659 total.
- Conventional, 5% down: the down payment is $20,000 and the loan is $380,000. Principal and interest is about $2,402. Assuming PMI of 0.60% a year, which depends on credit, that adds about $190, for roughly $2,592 total.
What one discount point costs
On the $400,000 loan at 6.5%, one point costs $4,000. Suppose it lowers the rate to 6.25%, where the payment is about $2,463, a saving of about $65 a month. Divide $4,000 by $65 and the break-even is roughly 61 months, just over five years. If you plan to stay longer, the point pays off.
Duane Buziak can build this exact comparison on your own numbers. A NoTouch Credit Pull lets you see a personalized scenario like this before any hard inquiry.
FHA vs. VA vs. Conventional: Side-by-Side Comparison
| Feature | FHA Loan | VA Loan | Conventional Loan |
|---|---|---|---|
| Minimum credit score | 580 for 3.5% down; 500 to 579 with 10% down | No VA-set minimum; lenders set their own overlays | Typically 620 |
| Minimum down payment | 3.5% (10% for scores of 500 to 579) | 0% for eligible borrowers | 3% on eligible first-time buyer products; 5% or more is common |
| Mortgage insurance structure | Upfront MIP plus annual MIP | No monthly insurance; one-time funding fee, with exemptions for some disabled veterans | PMI under 20% down; cancelable at 20% equity |
| Typical rate behavior | Often competitive, with less penalty for lower scores | Often competitive, with less penalty for score and no PMI cost | Pricing varies most by score and down payment |
| Best-fit buyer | Lower credit score or smaller savings | Eligible veterans and military families | Stronger credit and 5% to 20% down |
| 2026 loan limit | County-based; floor about $541,287 (confirm Richmond at hud.gov) | No limit with full entitlement; limits can apply otherwise | $832,750 baseline conforming limit |
Dare to Compare: ask for a Loan Estimate and set Duane Buziak’s quote beside any other, line by line.
How to compare Loan Estimates
Federal rules require every lender to give you the same standardized form, so the comparison is straightforward. Look at these items in order:
- Interest rate: confirm it is the same loan type and term.
- APR: the broader measure of cost.
- Lender fees: origination and underwriting charges in Section A.
- Points: whether you are paying for the rate.
- Credits: whether the quote relies on a lender credit.
- Lock period: quotes with different lock lengths aren’t comparable.
Comparing with other online and local lenders
When you weigh Richmond Home Loans against other online lenders, compare the Loan Estimates rather than the advertising. Large online lenders often lead with a low advertised rate that assumes strong credit and points. The same applies when you compare Richmond Home Loans with other local lenders, which may offer a smaller range of programs. Duane Buziak works as both broker and lender and can shop hundreds of wholesale lenders. Whoever you choose, hold the lock period and points constant and compare the same six lines.
How to Get a Real Rate Quote Without Hurting Your Credit
A personalized quote needs a few documents and takes about as long as a phone call:
- Gather your last two pay stubs, your last two years of W-2s, and two months of bank statements.
- If you are a veteran, request your Certificate of Eligibility, which Duane Buziak can often help you pull.
- Ask for a Loan Estimate for each program you may qualify for.
- Compare quotes using the same lock period and the same points.
You don’t need a hard inquiry to start. NoTouch Credit Pull is Duane Buziak’s soft-pull pre-approval tool, and it shows you a personalized scenario before anything touches your score.
When you are ready to compare formal offers, you can shop without fear. The CFPB explains that multiple mortgage inquiries made within a short window are generally treated as a single inquiry for scoring purposes. The window depends on the scoring model, so confirm the current wording at consumerfinance.gov. Keep your applications close together and you can compare freely.
Because Duane Buziak is both broker and lender, one conversation can cover FHA, VA and Conventional options and compare them across hundreds of wholesale lenders for your situation, rather than leaving you to piece the answer together alone.
Turning a Benchmark Into Your Number
The PMMS average tells you where the market sits. Your credit, down payment, program, points and lock period decide where you land relative to it, and a personalized quote is the only way to see that number. Start with a soft-pull scenario through NoTouch Credit Pull, then request a Loan Estimate to compare offers. You can also call Richmond Home Loans by Duane Buziak at (804) 212-8663.
Whether you’re a veteran ready to use your hard-earned benefits or a homebuyer exploring your financing options, your path to homeownership starts with expert guidance you can trust. Connect with Duane today for a personalized consultation and discover the mortgage solution tailored to your unique goals in the Stafford County and Richmond area.