The Definitive Guide to Conventional Home Loans in Arlington, VA

We're not surprised if you plan to buy a home in Arlington, VA

Arlington offers residents a high quality of life with a fantastic mix of urban and suburban amenities, convenient transportation options, and cultural attractions.

You won't have a problem looking for jobs either. 

Arlington has a booming economy with plenty of jobs available in various industries like technology, healthcare, and government.

If you don't own a car getting around Arlington is easy with Metro rail and bus services.

Arlington is also home to museums and cultural attractions like the Arlington National Cemetery, the National 911 Pentagon Memorial, and the U.S. Marine Corps War Memorial.

Once you've found your dream home and would like to finance the deal, a conventional home loan in Arlington, VA, is one of the best options you can consider.

Read along to discover why most borrowers apply for a conventional home loan when buying their new Arlington home.

What is a conventional loan?

A conventional mortgage is a home loan not secured by a government entity.

Private lenders and government-sponsored enterprises like Fannie Mae and Freddie Mac fund conventional loans, which are now among the most popular home loan choices today. 

Did you know that over 80% of the residential mortgage market in America is dominated by conventional loans?

Why is selecting the right loan necessary when buying your new Arlington home?

Buying a home can be stressful and exciting. From finding your dream home to ensuring your financing is in order, there are many steps to consider.

Choosing the best mortgage product is a significant aspect of buying a new home.

Picking the wrong loan product can wreak havoc on your overall budget and cause significant problems.

If you are buying a new home in Arlington, VA, a conventional loan should be on your list.

You can't go wrong with applying for a conventional mortgage if you have good credit scores and a stable income.

Why do most buyers choose a conventional loan in Arlington? 

You can enjoy several benefits when applying for a conventional loan to finance your Arlington home:

  1. Lower interest rates: Conventional loans usually offer lower rates than VA or FHA loans. Private lenders can set their rates based on market conditions and buyers' financial situations.

  1. Higher loan limits: Conventional loans may offer higher loan limits than government-backed loans if you want to buy a luxury home in Arlington. In Arlington, the conforming loan limit in 2023 for a 1-unit home is $1,089,300 and up to $2,095,200 for a 4-unit house. You can borrow up to this amount without getting a jumbo loan.

  1. No mortgage insurance: If you can put down at least 20% of your home's purchase price, you can avoid paying for PMI or private mortgage insurance. This means added savings over the lifespan of your loan. PMI usually costs from 0.1% to 2% of your loan yearly, translating to huge savings if you can avoid payments.

  1. Flexible terms: Conventional loans offer various repayment terms from 10 to 30 years. This lets you choose the best term for your budget and financial goals. Most buyers choose the 30-year term since you can pay the smallest monthly payments for longer terms.

  1. Faster closing time: Conventional loans are processed faster due to lesser paperwork and loan requirements than government-backed loans.

Use a conventional home loan calculator online to find out how much home you can afford.

How can you get a conventional loan in Arlington, VA?

The first step in obtaining a conventional loan in Arlington is ensuring you meet the eligibility requirements.

These include good credit scores, a low DTI ratio, a stable income, and enough money saved up for a downpayment which is usually between 3% to 20% of the purchase price.

Credit scores should be 640 or higher for better chances of approval. 

You must submit at least two years of federal tax returns, a quarterly statement of assets, two years of W2 statements, and pay stubs to prove that you have a stable income.

It would be best to show your latest bank statements to prove you can pay your downpayment.

Lenders may also call your employer to confirm your employment and may want to contact previous employers.

Be prepared to submit added documents like your driver's license, state ID card, or Social Security number.

The next step is choosing an experienced and trusted mortgage broker in Arlington.

If you still need to pick a lender, The Mortgage Option is here to help.

Are you ready to apply for a conventional loan?

Buying a home can be an overwhelming experience, especially if you are doing things on your own.

The Mortgage Option is an experienced and trusted lender in Arlington, VA.

Our team of mortgage professionals has a proven track record of helping borrowers achieve their dream of homeownership.

We are here to guide you every step of the way, from pre-approval to closing.

Our mission is to make the loan process as smooth and stress-free as possible so you can focus on finding your dream home in Arlington.

When you choose to work with us, we can guarantee competitive rates and flexible loan terms that suit your needs and requirements.

We are also known for giving personalized service, so you can rest assured that you're getting the attention and support you need from start to finish.

Another benefit of working with our team is our extensive knowledge of the Arlington housing market. We know the local market conditions and can help you find the best home in the right neighborhood.

If you are a first-time homebuyer or an experienced investor, our team can help you navigate the local real estate market and find the perfect home.

So what are you waiting for? Contact us today and learn more about our conventional loan options.

Our loan officers would gladly take your call and help you get started on your homeownership journey.


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.

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