×

Review Keywords Analysis

  1. United States
  2. Best Mortgage Brokers
  3. Mortgage Brokers in Virginia
  4. Norfolk
  5. Mortgage Affordability Calculator
1 · Your income
2 · Down payment
3 · What you can afford
Step 1 of 3

Mortgage Affordability Calculator Norfolk, VA

How much house can you afford in Norfolk? See your maximum price, monthly payment and pre-approval estimate. Free, instant, no credit check.

Updated · current rates and lending limits

Add your partner's income if you're buying together.

Car loans, credit cards, lines of credit, student loans. Not rent.

Property tax are for this state.

An estimate, not a mortgage approval or pre-approval. A mortgage broker confirms your real number.

Top-rated mortgage brokers in Norfolk

Ranked by TrustAnalytica from verified reviews · see the full Top 10 list →

1

Towne Mortgage

Towne Mortgage is known for its patient and knowledgeable team who guide clients through complex processes like 1031 exchanges and home financing. They offer personalized mortgage services and take time to answer questions thoroughly. Customers appreciate the ongoing support, though some note challenges with current interest rates.

View Profile
(757) 491-6300
Open 8:30 AM - 5:00 PM
3 Commercial Pl Ste 1440, Norfolk, VA 23510
2

RW Towne Mortgage

RW Towne Mortgage is known for its responsive communication and attentive support throughout the mortgage process. The team offers guidance on home loans and stays engaged to help clients navigate challenges along the way. While many appreciate their helpfulness and expertise, some have found the experience less smooth than expected.

View Profile
(757) 687-5088
Open 8:30 AM - 5:00 PM
3 Commercial Pl Ste 1410, Norfolk, VA 23510
3

Matt Frano Loan Officer at Coastal Towne Mortgage

Coastal Towne Mortgage focuses on guiding first-time homebuyers through the loan process with clear communication and knowledgeable support. The team helps clients explore options like using home equity for repairs and offers assistance with closing costs. Customers appreciate their patience and willingness to explain each step thoroughly.

View Profile
(757) 319-1024
Open 8:30 AM - 5:00 PM
3 Commercial Pl Ste 1450, Norfolk, VA 23510
4

John Frankos at Coastal Towne Mortgage - NMLS#: 766975

Coastal Towne Mortgage (NMLS#: 766975) is known for its responsive and dedicated approach to home financing. The team helps with purchasing and refinancing, guiding clients smoothly through the mortgage process. Customers appreciate their professionalism and clear communication, though some note the experience can be intense during busy periods.

View Profile
(757) 650-7575
Open 8:30 AM - 5:00 PM
3 Commercial Pl Ste 1450, Norfolk, VA 23510
5

Towne Mortgage

Towne Mortgage is known for its personalized approach, guiding clients through complex mortgage and debt payoff plans with clear communication. The team offers mortgage packages designed to simplify buying or selling a home, and customers often highlight their responsiveness and helpfulness. Some note the process requires active involvement but appreciate the support throughout.

View Profile
(757) 687-5064
Open 9:00 AM - 5:00 PM
2204 Hampton Blvd, Norfolk, VA 23517
Where they are 10 on the map Click a pin for the profile and directions
6

Gus Lindstrom Loan Officer with Coastal Towne Mortgage

Known for clear communication and quick responsiveness, Coastal Towne Mortgage helps buyers navigate the home loan process with ease. The team offers personalized mortgage solutions and stays accessible through text, email, or phone to answer questions promptly. Customers appreciate their professionalism and support, especially during last-minute paperwork.

View Profile
(757) 951-8930
Open 8:30 AM - 5:00 PM
3 Commercial Pl Ste 1450, Norfolk, VA 23510
7

Paul Venable with TowneBank Mortgage

TowneBank Mortgage is known for clear communication and a transparent process, with no hidden fees or surprises. The team offers VA home loans and other mortgage services, using a user-friendly mobile app to simplify document handling. Customers appreciate their responsiveness and thorough guidance throughout the loan process.

View Profile
(757) 439-5186
Open 9:00 AM - 5:00 PM
1006 Colley Ave, Norfolk, VA 23507
8

Brendan Powell - Mortgage Broker - Home Loan Solutions

Licensed in Virginia and North Carolina, Tier 1 Home Loans focuses on providing clear, personalized mortgage solutions that help clients navigate every step from pre-approval to closing. The team works closely with real estate professionals and offers tools to support informed decisions, with many clients appreciating their responsiveness and straightforward communication.

Services & Prices
Loan Comparison and Selection Quoted per loan
Closing Coordination Quoted per loan
View Profile
(757) 663-3026
Open 8:00 AM - 11:00 PM
500 E Main St #1600-93, Norfolk, VA 23510
General Services
Mortgage Brokerage
9

Lauren Phipps with Towne Mortgage

Known for clear communication and responsive support, this team helps simplify the mortgage application process from start to finish. They assist with loan approvals and keep clients informed at every step. Customers appreciate the smooth experience, though some note the process can feel detailed at times.

View Profile
(757) 408-1892
Open 9:00 AM - 5:00 PM
2204 Hampton Blvd, Norfolk, VA 23517
10

Tier 1 home Loans, Inc.

Veteran-owned and licensed across multiple states, Tier 1 Home Loans specializes in VA, FHA, conventional, and investment loans tailored to a variety of homebuyers. The team is praised for professionalism, clear communication, and making complex financing feel straightforward, though some clients note the process can still feel detailed.

Services & Prices
First-Time Home Buyer Loans Quoted per loan
Refinancing Loans Quoted per loan
Conventional Home Loans Quoted per loan
View Profile
(757) 797-5201
Open 8:00 AM - 8:00 PM
500 E Main St, Norfolk, VA 23510
General Services
Home Loans

Norfolk Mortgage Statistics

Home-purchase lending in Norfolk City County and home costs in Norfolk, VA (latest HMDA and Census data)

Lenders made 3,016 home-purchase loans in Norfolk City County in 2025 (average about $336,000) and denied 235 — 7% of decided applications, compared with 11% across Virginia, according to federal mortgage data (HMDA, CFPB). In Norfolk, the median home is worth $289,900 and 72% of owners have a mortgage, paying a median $1,913 a month (Census ACS 2020–2024).

Home-purchase loans, 2025
3,016▼ 1%3,059 in 2024
Denial rate
7%VA 11%
Median home value
$289,900VA $383,700
Monthly cost with a mortgage
$1,913median · VA $2,127
Refinance loans made (Norfolk City County, 2025)
1,552 · 1,149 in 2024
Home-improvement loans made (2025)
350
Average home-purchase loan
$336,000 (VA $452,000)
Owners with a mortgage
72% · 31% of them spend 30%+ of income on housing
Median household income
$66,109 (VA $93,170)

Source: CFPB / FFIEC Home Mortgage Disclosure Act (HMDA) data, 2024–2025 loan applications in Norfolk City County (originated vs denied); home values and costs: U.S. Census Bureau ACS 2020–2024. Compiled by TrustAnalytica.

How this Norfolk mortgage affordability calculator works

Lenders look at your debt-to-income ratio. Housing costs (principal and interest, property tax, homeowners insurance and mortgage insurance) should stay under about 31% of your gross monthly income, and housing plus your other monthly debts under 43%. The calculator finds the highest home price that passes both tests with your down payment, on a 30-year fixed loan.

Virginia rules and numbers this calculator uses

Debt-to-income
31% for housing and 43% total, the FHA standard and the long-time Qualified Mortgage limit. Some conventional loans go higher with strong credit and savings.
Down payment
At least 3% on a conventional first-time buyer loan (3.5% on FHA). Under 20% down, private mortgage insurance of about 0.6% of the loan a year is added to the payment.
Property tax
About 0.75% of the home's value a year, the Virginia average for owner-occupied homes (2024 Census ACS).
Insurance
Homeowners insurance assumed at $150 a month; it varies a lot by home and location.
Rate
Starts at 7.40% (Freddie Mac 30-year average, October 2026). Change it to the rate you have been quoted.

An estimate, not a mortgage approval or pre-approval. Your credit, income type, the property and the lender all change the answer; a mortgage broker confirms your real number. Sources: Freddie Mac Primary Mortgage Market Survey (October 2026), U.S. Census Bureau American Community Survey 2024 property tax data, FHA and CFPB debt-to-income guidance.

Frequently asked questions

9 questions
How does the mortgage affordability calculator for Norfolk work?
It estimates the highest home price you can afford based on income, debts, down payment, interest rate, and first-time buyer status.
What debt-to-income ratio do lenders use in Virginia?
Lenders typically cap housing costs at 31% and total debt payments at 43% of gross monthly income, following FHA standards.
What is the minimum down payment for a home in Norfolk?
First-time buyers need at least 3% down for conventional loans, 3.5% for FHA loans; VA loans may allow 0% down.
How does PMI affect my mortgage in Virginia?
With less than 20% down, PMI is about 0.6% of the loan yearly and can be removed once the balance is below 80% of the home's value.
How do interest rates impact mortgage affordability?
Higher rates increase monthly payments, reducing the home price you can afford. The calculator uses a 7.40% starting rate.
How do debts affect my mortgage qualification?
Higher monthly debts reduce the mortgage amount you can qualify for, as lenders consider total debt payments in their calculations.
What are property taxes like in Norfolk, Virginia?
Property tax is about 0.75% of the home's value annually, based on the 2024 Virginia average for owner-occupied homes.
What's the difference between pre-approval and pre-qualification?
Pre-approval involves lender verification of income, debts, and credit, while pre-qualification is an initial estimate without verification.
What role does a mortgage broker play?
A mortgage broker helps find loan options by connecting borrowers with lenders, but this calculator provides initial affordability estimates independently.

General information, not financial advice — consult a qualified professional.