Central Virginia (Richmond) Home Loans
Greater Richmond is Virginia’s steady, suburban-family metro, and it’s quietly one of the fastest-growing parts of the state. Chesterfield County alone has added more residents since 2020 than any other locality in Virginia, outpacing even Loudoun. With a metro median around $395–420K, strong schools, newer construction, and an economy growing at roughly twice the national job-growth rate, it’s a conventional-loan market built for families and first-time buyers. I finance across Chesterfield, Henrico, and Hanover counties and shop 240+ lenders.
The metro at a glance
Why Central Virginia is its own market
Richmond’s economy is booming by Virginia standards—job growth around twice the national average—anchored by major employers like Amazon, CarMax, Capital One, VCU Health, and CoStar, plus the state government. That’s fueling one of the state’s fastest-growing suburban rings, and it keeps demand healthy without the frenzy of the coastal or DC markets. For buyers, that means a balanced, family-friendly market where the right program and a clean pre-approval matter more than winning a 15-offer bidding war.
Glen Allen and Short Pump (Henrico) — the premium suburbs
Glen Allen (median ~$445K) offers the shortest suburban commute in the metro, about 13 minutes to downtown, with top-rated Henrico schools and newer housing. The Short Pump corridor commands the metro’s highest suburban prices (~$535K) for its schools and amenities. Strong conventional and, at the upper end, jumbo territory.
Midlothian and Chesterfield — the family/first-time corridor
Chesterfield County is Virginia’s fastest-growing locality (36,753 new residents since 2020), and Midlothian (~$410K) is its core, with the broadest inventory in the $350–450K range that first-time and young-family buyers actually target. Chester and Moseley add newer construction at more accessible prices. This is the heart of the conventional and first-time-buyer market.
Mechanicsville and Hanover — value with a rural feel
Mechanicsville (~$370K, Hanover County) offers a more rural feel, strong schools, and the metro’s tighter-inventory value play, popular with families who want space without giving up the commute.
Loan programs for the Richmond metro
Conventional
3% down for qualified buyers — the metro’s default across Chesterfield, Henrico, and Hanover. Learn more.
FHA
3.5% down, flexible credit, and it pairs with Virginia Housing assistance and first-time-buyer programs. Learn more.
Jumbo
For Short Pump and higher-end Glen Allen purchases above the conforming limit. Learn more.
Down payment assistance
Virginia Housing programs can help first-time and young-family buyers across the Richmond metro with closing costs and the down payment; ask about current programs and eligibility.
Today’s Purchase Mortgage Rates
Live pricing from the same daily rate feed shown on our Today’s Rates page. These update automatically each day.
Conventional 30-Year Fixed
Conventional – Primary Residence
FHA 30-Year Fixed
FHA – Primary Residence
VA 30-Year Fixed
VA – Primary Residence
Rate Assumptions
Purchase, 30-yr fixed, $300K Loan, $400K Value, Credit 759
APR & Disclosures
The Annual Percentage Rate (APR) shown reflects the cost of credit over the loan term, including applicable fees, and is based on the assumptions above. Your actual rate and APR depend on your credit profile, loan amount, property, occupancy, and other factors. For information purposes only and does not constitute a loan approval or commitment to lend. Rates are subject to change without notice.
Today’s Jumbo Rate
Jumbo 30-Year Fixed
Today's jumbo purchase rate
Rate
6.25%
APR
6.273%
Rate updated: Jul 13, 2026 12:08 PM
Assumptions: Purchase, 30-yr fixed, $1.5M loan, $2M price, 760 FICO, Zip 92867
For information purposes only and not a commitment to lend. APR reflects estimated costs; rates subject to change without notice.
View all rates →Richmond Metro Mortgage FAQ
What’s the median home price in the Richmond metro?
Around $395–420K metro-wide, with real variation: Glen Allen near $445K, Midlothian near $410K, Mechanicsville near $370K, and Short Pump higher at ~$535K. Price growth has moderated to a sustainable 3–5% a year.
Which Richmond suburb is best for families?
It depends on priorities. Glen Allen offers the shortest commute and top schools; Midlothian offers the most inventory in the first-time/young-family range; Mechanicsville offers a rural feel and value. All three have strong schools.
Is Richmond a competitive market right now?
Balanced to slightly seller-leaning, healthier than the pandemic frenzy. Well-priced homes in desirable areas still move quickly, but the days of 15 offers over asking are over, which is good news for buyers with a clean pre-approval.
What are the 2026 loan limits in the Richmond metro?
Chesterfield, Henrico, and Hanover are baseline-tier for 2026 — a $832,750 conforming limit and a $707,250 FHA limit. I pull the current figures from the official limits; higher-end Short Pump and Glen Allen purchases can cross into jumbo.
Do you finance the whole metro?
Yes — Midlothian, Glen Allen, Mechanicsville, Moseley, Chester, Short Pump, and the surrounding Chesterfield, Henrico, and Hanover communities.
Related Reading
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GuideFirst-Time Home Buyer
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GuideDown Payment Assistance
Grants and DPA programs that help you buy with less cash upfront.
GuideMortgage Pre-Approval
Get pre-approved so you can shop with confidence and a stronger offer.
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