Conventional Loans in Charlottesville, VA
Flexible terms and no upfront mortgage insurance for strong buyers.
Work directly with Jodie Barber, a mortgage broker with 30 years of experience serving Charlottesville and all of Charlottesville City County.
Charlottesville at a glance
UVA-anchored, high-demand market (~$523K, +13.0% YoY). NOT in the DC high-cost conforming zone (baseline $832,750), but the Charlottesville MSA FHA 1-unit limit is likely above the $541,287 floor (~$600K range) — CONFIRM exact 2026 HUD value. Conventional/jumbo-leaning; surrounding Albemarle rural areas are USDA-eligible.
Serving Charlottesville neighborhoods including Downtown Mall, Belmont, Fry's Spring, North Downtown, Rugby.
Why a conventional loan in Charlottesville?
Buyers with solid credit who want flexible terms and to drop PMI at 20% equity.
- ✦As little as 3% down (HomeReady / Home Possible)
- ✦PMI automatically drops at 20% equity — unlike FHA
- ✦Fixed or adjustable-rate options
Virginia Housing Down Payment Assistance (DPA) Grant — 2% of purchase price (with a Virginia Housing Conventional first mortgage) or 2.5% (with a Virginia Housing FHA first mortgage). Qualified first-time homebuyer (no ownership in past 3 years) OR repeat buyer purchasing in an Area of Economic Opportunity; must use an eligible Virginia Housing bond first mortgage (Conventional or FHA); household income within Virginia Housing DPA income limits; within sales-price/loan limits; minimum 600 credit score; borrower brings at least 1% of purchase price from own funds/eligible gift. Cannot be combined with the Plus Second Mortgage or Closing Cost Assistance Grant.
Conventional Loans FAQ
- Conventional vs. FHA — which is better?
- It comes down to credit, down payment, and how long you'll keep PMI. I'll compare the true lifetime cost of both for your scenario.
“Homeownership is a partnership.” Let's talk about your conventional loan in Charlottesville. No pressure — just straight answers from someone who's done this for 30 years.