Conventional Loans in Petersburg, 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 Petersburg and all of Petersburg City County.
Petersburg at a glance
Affordable Southside city in the Richmond MSA, adjacent to Fort Gregg-Adams. Strong first-time/FHA/VA market; FHA 1-unit limit $707,250 (Richmond MSA). Surrounding Dinwiddie/Prince George rural areas are USDA-eligible. City-level median price not verified — CONFIRM.
Serving Petersburg neighborhoods including Old Towne Petersburg, Walnut Hill, Battersea, Poplar Lawn.
Why a conventional loan in Petersburg?
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 Petersburg. No pressure — just straight answers from someone who's done this for 30 years.