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Chester

Current Mortgage Rates in Chester, Virginia

Compare mortgage rates and fees for leading lenders in Chester, VA. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Chester.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Chester. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Chester, VA as of September 19, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Chester, VA Mortgage Rates Compare?

September 19, 2020

The current average rate for a 30 year fixed rate mortgage in Chester is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
Chester, VA Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Chester, Virginia?

Below we provide helpful information on the real estate market, home prices and housing affordability in Chester. Understand how much you need to earn to afford a home in Chester, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Chester fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Chester is right for you.

The median home value for Chester, VA (Chesterfield County) is $262,626

Based on current mortgage rates and a 10% down payment, you need to make $47,266 per year to buy the median priced home in Chester

With this income, you could qualify for a $236,363 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Chester is $1,095

The median household income for Chester, VA (Chesterfield County) is $81,175

Based on this income, you can afford a home valued at approximately $451,035

The home price you can afford to buy based on household income in Chester is 172% of the median home value which means housing prices are average. Chester (Chesterfield County) ranks 40 out of 133 counties in Virginia and 2,139 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Chester, VA is average

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Loan Limits for Chester, Virginia

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Chester (Chesterfield County) below.

Conforming loan limits for Chester, VA

1 unit: $535,900
2 units: $686,050
3 units: $829,250
4 units: $1,030,600

FHA loan limits for Chester, VA

1 unit: $535,900
2 units: $686,050
3 units: $829,250
4 units: $1,030,600

VA loan limits for Chester, VA

1 unit: $535,900

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