The Commonwealth of Virginia is a state located along the Atlantic Coast in the United States. The state is one of the oldest in the country and was part of the 13 original colonies. The state is currently the 35th largest state in terms of land area, the 13th largest in population with around 8.4 million residents, and is the 14th most densely-populated state in the country.
Mortgage Laws in Virginia
Virginia’s mortgage laws are comparable to other laws across the country. Like a lot of other states, Virginia has enacted several new mortgage laws and requirements that are designed to help prevent subprime mortgages. Mortgage lenders today are required to hold borrowers to higher standards in regards to credit scores and income levels. Furthermore, mortgage lenders are no longer permitted to provide mortgages that allow for negative amortization or provided refinanced loans that do not provide significant evidence of financial benefit to the borrower.
Interest Rates in Virginia
The interest rate environment for mortgages in Virginia have been very low for a considerable amount of time. While mortgage rates have been extremely low, they have increased a little bit over the past few months. The interest rates today on a 30-year fixed rate mortgage is around 4.25%. Those that take out a loan with a shorter amortization schedule or that have an adjustable rate component will end up spending closer to 3.25%.
Outlook for Housing in Virginia
The housing market in Virginia has been strong overall, but has ranged considerably from one area of the state to the next. The northeast part of the state, which is located near Washington DC and includes Alexandria and Arlington, has continued to have a strong demand for housing. This is largely due to the continued employment demand from the nation’s capital. The rest of the state has also fared well compared to other areas of the country and has seen a lot of recovery since the housing bubble and credit crunch.
Largest Cities in Virginia
The State of Virginia has many large cities, including eight with populations in excess of 100,000 residents. The most populated city in Virginia is Virginia Beach, which has a population of over 435,000 people. The second most populated city in Virginia is Norfolk with a population of 246,000 residents. The third and fourth most populated cities in the state are Chesapeake and Richmond, which are the two biggest economic hubs of the state, and have around 215,000 residents each. The fifth most populated city in the stat is Newport News, which has a population of around 182,000 residents.