Virginia’s mortgage rates have fluctuated over time. Some years they are higher than the national average, and other years they are lower. Virginia counties’ conforming and FHA loan limits vary widely. That means your monthly mortgage payment will depend on where you buy, current rates, down payment size and more.
The minimum loan amount in Fairfax County is $5,000 dollars and may go up to $1,581,750 depending on home size and loan type. In order to qualify for an FHA loan, you must be planning to live in the home. Although a loan can include some renovation costs, FHA loans cannot be used for real estate investments in Fairfax County.