Compare mortgage rates and fees for leading lenders in Richmond city, 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 Richmond city.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Richmond city. Plus, shopping lenders is free and there is no obligation.
July 14, 2020
The current average rate for a 30 year fixed rate mortgage in Richmond city 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%
Below we provide helpful information on the real estate market, home prices and housing affordability in Richmond city. Understand how much you need to earn to afford a home in Richmond city, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Richmond city 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 Richmond city is right for you.
The median home value for Richmond city, VA is $254,654
Based on current mortgage rates and a 10% down payment, you need to make $45,831 per year to buy the median priced home in Richmond city
With this income, you could qualify for a $229,189 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 Richmond city is $1,061
The median household income for Richmond city, VA is $44,670
Based on this income, you can afford a home valued at approximately $248,205
The home price you can afford to buy based on household income in Richmond city is 97% of the median home value which means housing prices are expensive. Richmond city ranks 126 out of 133 counties in Virginia and 3,008 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Richmond city, VA is expensive
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Richmond city below.
Conforming loan limits for Richmond city, VA
FHA loan limits for Richmond city, VA
VA loan limits for Richmond city, VA