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Hanover

Current Mortgage Rates in Hanover, Virginia

Compare mortgage rates and fees for leading lenders in Hanover, 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 Hanover.

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

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Mortgage Rates in Hanover, VA as of February 24, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Hanover, VA Mortgage Rates Compare?

February 24, 2020

The current average rate for a 30 year fixed rate mortgage in Hanover 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
Hanover, 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 Hanover, Virginia?

Below we provide helpful information on the real estate market, home prices and housing affordability in Hanover. Understand how much you need to earn to afford a home in Hanover, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Hanover 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 Hanover is right for you.

The median home value for Hanover, VA is $318,427

Based on current mortgage rates and a 10% down payment, you need to make $57,309 per year to buy the median priced home in Hanover

With this income, you could qualify for a $286,584 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 Hanover is $1,327

The median household income for Hanover, VA is $89,597

Based on this income, you can afford a home valued at approximately $497,833

The home price you can afford to buy based on household income in Hanover is 156% of the median home value which means housing prices are average. Hanover ranks 65 out of 133 counties in Virginia and 2,423 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Hanover, Virginia

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Hanover below.

Conforming loan limits for Hanover, VA

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

FHA loan limits for Hanover, VA

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

VA loan limits for Hanover, VA

1 unit: $535,900

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