Options Available to Military Homebuyers in Virginia

Virginia, a state often called the Mother State, has always played an important role in the history of the United States. The state of Virginia is the birthplace of eight American Presidents, which includes names like George Washington and Woodrow Wilson. Even today, Virginia continues to enjoy a place of prominence. It has the headquarters of the U.S. Department of Defense at Pentagon and the headquarters of the Central Intelligence Agency (CIA) at Langley.

Since it is located close to Washington D.C, a good number of Virginians commute to Washington on a daily basis. Therefore, it is not unnatural for Virginia to be one of the most preferred states for military homebuyers. According to the data released by the Department of Veteran Affairs (VA) in 2014, there are 781,388 veterans currently residing in Virginia. If you want to join them, then that you should be aware about a few things. Here we look at some of the most important things that every military homebuyer should know before buying a property in Virginia.

 

Median Home Prices in Virginia

Before buying a property in Virginia, you should be aware of the median home price in Virginia. The median home price would give you an idea about the amount of money you should have in order to buy a decent property in the state. The median home price in the state of Virginia is $221,000. This means that although there are cheaper as well more expensive houses in Virginia, you can expect to get a deal on a decent property if you have around $221,000 in your pocket.

 

VA Loan Limits in Virginia

The Department of Veteran Affairs of the United States Government helps to make the purchase of homes easier for veterans and active duty members of the United States Armed Forces by offering them the guarantee on their home loans. Such loans, often called VA Loans, come with a certain ‘limit’. However, the VA Loan Limit does not necessarily ‘limit’ the amount of loan you can get from a lender. It only signifies the maximum amount that the Department of VA would guarantee. The amount of loan that you would get would depend on your income, credit score and certain other factors which are decided upon by the lender offering you the loan.

The VA Loan Limit for Virginia is $417,000. However, depending on the real estate market, the VA increases the limit for certain high cost counties. As such, in places like Arlington, Fairfax, Loudon and similar areas, the VA Loan Limit is set at $692,500. If you want to get definite information about the VA Loan Limits of a particular county in Virginia, it is always advisable to get in touch with a professional VA Loan lender in Virginia.

 

Places That You Should Consider

Let us now look at the cities, which are ideal for retired as well as active military personnel to take residence.

 

Richmond

 

Median Home Price - $178,600

VA Loan Limit - $539,900

Richmond is the capital of the state of Virginia and one of the most populous cities in the state as well. This city showcases its rich Civil War heritage with pride. It has the Richmond National Battlefield Park and the American Civil War Center, which tell you the story of the American Civil War in its true essence. Therefore, if you are interested in history, then Richmond is surely the place to live in.

Virginia Beach

 

Median Home Price - $206,000

VA Loan Limit - $458,850

Virginia Beach is one of the most picturesque places in the state. Located on the eastern seaboard, directly facing the majesty of the Atlantic, the city is perfect for those looking for some relaxation. It offers a number of outdoor activities like swimming, boating and golf. It is also a thriving community with around 500,000 people calling the city their home.

 

Charlottesville

 

Median Home Price - $235,400

VA Loan Limit - $437,000

 

Charlottesville is another important city in the state of Virginia. This city is the birthplace of three American Presidents, namely, Thomas Jefferson, James Madison and James Monroe. Apart from having a rich historical heritage, the city and its neighboring areas possess stunning natural beauty. It has the Shenandoah National Park, which takes the residents Charlottesville a bit closer to nature.

 

Roanoke

 

Median Home Price - $146,800

VA Loan Limit - $417,000

 

Roanoke is a calm city right in the heart of Virginia. It is spread across 40 square miles and has a population of $100,000. Two of the biggest employers in Roanoke are the Carilion Roanoke Memorial Hospital and the Roanoke City Public Schools System.

 

A few things that you should know before you think of settling down in Virginia with a VA mortgage loan. You can get in touch with a professional Virginia VA loan lender who would help you in the process of application and would help you in making the right choices. So get in touch with such professional lenders and get the opportunity to call the ‘Mother State’ your home.