If you want a mortgage broker for a Fan District purchase, Duane Buziak is licensed in Virginia as both a broker and a lender. He can price VA, FHA, and Conventional loans for you from hundreds of wholesale lenders and also close in-house options. The loan program you choose, not the street you buy on, sets your down payment, mortgage insurance, and monthly payment. This guide covers the rules for each program, a worked payment example, a side-by-side table, and ten direct answers. By Duane Buziak, NMLS #1110647.
- What a Fan District Buyer Needs From a Richmond Mortgage Broker
- Eligibility Rules for VA, FHA, and Conventional Loans in Richmond
- Worked Dollar Example: Financing a Richmond Median-Priced Home
- VA vs. FHA vs. Conventional: Side-by-Side Comparison Table
- Fan District Richmond VA Mortgage Broker FAQ: 10 Quick Answers
- The Program and the Loan Estimate Decide What You Pay
What a Fan District Buyer Needs From a Richmond Mortgage Broker
Duane Buziak serves Fan District buyers as a licensed broker and lender. One loan officer can quote many wholesale lenders for your file and can also close in-house options when they fit better. You get one point of contact and one set of numbers to compare.
The loan program matters more than the address. Underwriters qualify you on credit, income, debt-to-income ratio (DTI), assets, and the property type, and the program sets the rules for each. The Fan’s mix of row houses and condos affects the appraisal and the property review, such as condo project approval for a condo. It does not change your rate sheet. Two buyers with the same profile and the same program get the same pricing whether they buy on one block or across town.
Keep the city-wide numbers in view. Home values across the City of Richmond are tracked by Virginia REALTORS in its market reports, and Zillow publishes a Richmond city aggregate. Check both for the latest median before you set a budget, since the figure moves monthly. For loan size, the 2026 conforming loan limit for a one-unit home is $832,750, which you can confirm at FHFA.gov. Loans above that amount are jumbo loans and follow different guidelines.
The first step is a soft-pull pre-approval. Duane’s NoTouch Credit Pull pre-approval lets you see where you stand without a hard inquiry on your credit report. You get a realistic price range and program match before you tour a single house.
Eligibility Rules for VA, FHA, and Conventional Loans in Richmond
VA loans
Eligible veterans, service members, and some surviving spouses can buy with no down payment and no monthly mortgage insurance. In place of mortgage insurance, most borrowers pay a one-time VA funding fee, which varies by whether it is your first use and how much you put down. Some borrowers are exempt, including many with service-connected disability compensation. The fee table changes, so confirm the current figures on the VA funding fee page. VA financing is Duane’s specialty for veterans and military families, including walking you through your Certificate of Eligibility.
FHA loans
HUD guidance sets the credit tiers. With a 580 score or higher, you can put down as little as 3.5%. With a score from 500 to 579, the minimum down payment is 10%. Lenders and wholesale partners often set their own stricter score floors, so the program minimum is a starting point, not a promise. FHA charges an upfront mortgage insurance premium (MIP) and an annual MIP paid monthly. Current rates are published by HUD, so verify them on hud.gov before you budget.
Conventional loans
Conventional loans follow Fannie Mae and Freddie Mac guidelines. Down payment options as low as 3% exist for qualifying first-time buyers. Private mortgage insurance (PMI) applies when you put down less than 20%, and unlike FHA’s annual premium, it can be cancelled once you have built enough equity. Maximum DTI is driven by automated underwriting, which weighs credit, reserves, and down payment together, so there is no single hard cap worth quoting. A Richmond purchase that needs a loan above $832,750 moves into jumbo territory.
Two misconceptions
FHA is not only for low credit scores. Plenty of buyers with strong credit choose it when the down payment or DTI is tight. And none of these three programs requires 20% down. That figure only removes PMI on a conventional loan.
Worked Dollar Example: Financing a Richmond Median-Priced Home
Suppose a buyer purchases a $400,000 home. That round figure is an illustration near typical city-wide values, not the current published median, so swap in the latest number from Virginia REALTORS or Zillow’s Richmond data. Assume a 6.25% 30-year fixed rate for all three loans. That is a placeholder, not a quote. Check the current weekly average on the Freddie Mac PMMS page, because real pricing differs by program, credit, and day.
- VA, 0% down: $0 down. Assume a first-use funding fee of 2.15%, or $8,600, financed into the loan for a total of $408,600. Principal and interest: about $2,516. Monthly mortgage insurance: none. Estimated total: about $2,516.
- FHA, 3.5% down: $14,000 down. The base loan is $386,000, and the 1.75% upfront MIP of $6,755 is financed for a total of $392,755. Principal and interest: about $2,418. Annual MIP at an assumed 0.55% adds about $177 a month. Estimated total: about $2,595.
- Conventional, 5% down: $20,000 down on a $380,000 loan. Principal and interest: about $2,340. PMI at an assumed 0.70% adds about $222 a month, and your actual PMI depends heavily on credit score. Estimated total: about $2,562.
Compared with VA, FHA costs about $79 more per month and needs $14,000 at the table. Conventional costs about $46 more per month and needs $20,000. Closing costs are separate from all of the above.
Add property taxes and homeowners insurance on top. The City of Richmond real estate tax rate has run around 1.2% of assessed value in recent years, which would be roughly $400 a month on this price, but verify the current rate with the city. Insurance varies by home age and coverage.
The same house produces three different payments and three different cash requirements. Your credit, your VA eligibility, and your savings decide which row is cheapest for you, which is why comparing real quotes matters.
VA vs. FHA vs. Conventional: Side-by-Side Comparison Table
| Feature | VA Loan | FHA Loan | Conventional Loan |
|---|---|---|---|
| Minimum down payment | 0% for eligible borrowers | 3.5% (580+ score); 10% (500-579) | As low as 3% for qualifying first-time buyers; 5% or more is common |
| Minimum credit score guidance | No VA-set minimum; lenders apply their own overlays | 580 for 3.5% down; 500 with 10% down, subject to lender overlays | Typically mid-600s and up, set by the lender and automated underwriting |
| Mortgage insurance structure | None monthly; one-time funding fee (some borrowers exempt) | Upfront MIP plus annual MIP paid monthly | PMI if under 20% down; cancellable later |
| Who it fits | Veterans, service members, eligible surviving spouses | Buyers with limited savings, thinner credit, or higher DTI | Buyers with solid credit and 3% to 20%+ down |
| Condo or row-house review | Appraisal must meet VA minimum property requirements; condos need VA project approval | Appraisal must meet HUD standards; condos must be on the HUD-approved list or have a single-unit approval | Appraisal plus condo project review under Fannie Mae or Freddie Mac rules |
Duane’s Dare to Compare challenge is simple: bring any written Loan Estimate from large online lenders or anyone else, and he will compare it line by line against his own.
When you read a Loan Estimate, start with the rate and the origination charges in Section A, which are what the lender or broker charges for making the loan. Then look at lender credits, which can fund no-out-of-pocket closing options in some scenarios. The CFPB explains each section in its Loan Estimate guide. Comparing only the rate misses the fees that sit beside it.
You can get a first set of numbers through a NoTouch Credit Pull before you commit to a hard inquiry, so comparing carries little credit risk.
Fan District Richmond VA Mortgage Broker FAQ: 10 Quick Answers
Who is a mortgage broker for the Fan District in Richmond, VA?
Duane Buziak, NMLS #1110647, is a Virginia-licensed mortgage broker and lender who helps Fan District buyers compare VA, FHA, and Conventional loans.
Can a broker offer VA loans in Richmond?
Yes, Duane Buziak offers VA purchase loans in Richmond, with a focus on veterans and military families.
What credit score does FHA require in Richmond?
HUD sets a 580 minimum for 3.5% down and 500 to 579 with 10% down, though individual lenders may require more as of 2026.
How much down payment do I need for a Richmond home?
It depends on the program: 0% for eligible VA borrowers, 3.5% for FHA, and as low as 3% for qualifying conventional first-time buyers.
Does the Fan District’s older housing affect VA or FHA approval?
Older row houses must still pass the appraisal and meet VA or HUD property standards, so condition issues such as peeling paint or roof problems can need repair before closing.
What is the 2026 conforming loan limit for Richmond?
The 2026 baseline conforming limit for a one-unit home is $832,750, and you can verify it at FHFA.gov.
Does a soft-pull pre-approval hurt my credit?
A soft pull does not affect your credit score, and Duane’s NoTouch Credit Pull pre-approval uses one, though a hard inquiry comes later at application.
How long does Richmond closing take?
Many purchases close in roughly 30 to 45 days, depending on the appraisal, condo review, and how fast documents come in.
What is the VA funding fee?
It is a one-time fee that varies by first or repeat use and down payment, and some borrowers are exempt, so check the current table on va.gov.
Can I get no-out-of-pocket closing options?
Sometimes, through lender credits or seller concessions that the program allows, and Duane shows these on a written Loan Estimate you can compare against any other offer.
The Program and the Loan Estimate Decide What You Pay
The neighborhood name will not set your rate or your insurance. The loan program fits your credit, savings, and service history, and a side-by-side Loan Estimate shows what each option costs. Get the written numbers for at least two programs, then choose on total cost and cash required, not on the headline rate alone.
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. You can also call (804) 212-8663 or start a NoTouch Credit Pull pre-approval with Richmond Home Loans by Duane Buziak.