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Review Keywords Analysis

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

Mortgage Affordability Calculator Richmond, VA

How much house can you afford in Richmond? 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 Richmond

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

1

The Cowart Team of NFM Lending

The Cowart Team of NFM Lending focuses on guiding clients through the mortgage process with clear communication and personalized support. They assist with home loan approvals and closings, often helping clients feel more confident and informed. Customers appreciate their patience and thoroughness, especially when navigating complex or stressful situations.

Services & Prices
First-Time Homebuyer Assistance Quoted per loan
Refinancing Services Quoted per loan
Mortgage Pre-Approval Quoted per loan
View Profile
(804) 399-4333
Closed Now
1127 W Main St, Richmond, VA 23220
General Services
Mortgage Services
2

804Mortgage | William Schroeder | Real Estate and Mortgage Bundled

804Mortgage combines mortgage brokerage and real estate agent services in one place, helping clients streamline home buying and selling. Their Bundle & Save program returns half of the buyer-agent commission at closing and offers a low 1.5% listing fee for sellers. Customers appreciate the team's thoroughness and local expertise throughout the process.

View Profile
(804) 593-0344
Open 00:00 - 23:59
Richmond, VA 23220
3

Blake Bogese, NMLS ID# 1486989

Licensed under NMLS ID# 1486989, this mortgage broker specializes in navigating complex loan situations to help clients secure their homes. The team offers personalized mortgage services and is appreciated for their supportive approach and thorough knowledge of the lending process. Some clients note the experience can be intense but ultimately rewarding.

View Profile
(804) 586-5174
Closed Now
5000 Monument Ave Ste 111, Richmond, VA 23230
4

ALCOVA Mortgage | Midlothian, VA

ALCOVA Mortgage focuses on guiding clients through the often complex mortgage process with clear communication and support. Their services include helping with loan applications and closing, supported by a website that tracks progress at each stage. Customers appreciate the team’s patience and responsiveness, though some find the process detailed.

View Profile
(804) 543-2009
Closed Now
1106 N Thompson St, Richmond, VA 23230
5

River City Lending Team | Powered by Atlantic Bay Mortgage Group

With over 30 years of combined mortgage experience, River City Lending guides homebuyers through a variety of loan options, including FHA, VA, USDA, and investor-focused DSCR loans. Clients appreciate the team’s knowledgeable, patient approach that helps simplify the mortgage process, especially for first-time buyers.

View Profile
(804) 550-9551
Open 00:00 - 23:59
1807 Libbie Ave Ste 102, Richmond, VA 23226
Where they are 10 on the map Click a pin for the profile and directions
6

MAK Financial Group Inc

With over two decades of experience, MAK Financial Group offers personalized mortgage solutions by partnering with multiple lenders to find the best fit for each client’s needs. Their team guides customers through every step, from loan qualification to closing, and is known for clear communication and responsiveness, even when underwriting challenges arise.

View Profile
(804) 897-3700
Closed Now
210 Portland Pl, Richmond, VA 23221
7

The Rudd Mortgage Team

Known for clear communication and personalized mortgage strategies, The Rudd Mortgage Team helps clients navigate home financing with detailed financial insights. They assist first-time buyers and investors alike, focusing on education throughout the process. Customers appreciate their responsiveness and thoroughness, noting the team keeps things moving efficiently even in competitive markets.

View Profile
(804) 944-2393
Open 00:00 - 23:59
2920 W Broad St Ste 248, Richmond, VA 23230
8

Briana Sparrow

Sparrow Home Loans specializes in personalized mortgage solutions with upfront underwriting to give clients confidence during their home search. The team offers a range of loan options—including conventional, FHA, VA, and renovation loans—and works closely with realtors to strengthen offers. Customers appreciate their clear communication and helpful guidance throughout the process.

View Profile
(804) 878-0509
Closed Now
1807 Libbie Ave suite 1, Richmond, VA 23226
9

Home Loan Zone Inc

Home Loan Zone operates as an independent mortgage broker, giving clients access to multiple lenders for competitive rates and personalized loan options. They assist with a variety of mortgages, including conventional, FHA, VA, and renovation loans, guiding customers through purchases and refinancing. Clients appreciate the team’s clear communication and support throughout the process.

Services & Prices
Mortgage Rate Comparison Quoted per loan
View Profile
(855) 340-5626
Closed Now
400 N Ridge Rd Suite 200, Richmond, VA 23229
General Services
Mortgage Services
10

The Maverick Mortgage Group Powered By Nexa Mortgage

Specializing in mortgage services for VA buyers and first-time homeowners, The Maverick Mortgage Group Powered By Nexa Mortgage guides clients through preapproval to closing with clear communication and attentive support. The team offers personalized loan assistance, and customers appreciate their knowledgeable, friendly approach throughout the process.

View Profile
(877) 830-2016
Open 00:00 - 23:59
301 Virginia St Unit 903, Richmond, VA 23219

Richmond Mortgage Statistics

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

Lenders made 2,383 home-purchase loans in Richmond City County in 2025 (average about $443,000) and denied 211 — 8% of decided applications, compared with 11% across Virginia, according to federal mortgage data (HMDA, CFPB). In Richmond, the median home is worth $353,000 and 71% of owners have a mortgage, paying a median $1,920 a month (Census ACS 2020–2024).

Home-purchase loans, 2025
2,383▼ 2%2,421 in 2024
Denial rate
8%VA 11%
Median home value
$353,000VA $383,700
Monthly cost with a mortgage
$1,920median · VA $2,127
Refinance loans made (Richmond City County, 2025)
1,155 · 916 in 2024
Home-improvement loans made (2025)
363
Average home-purchase loan
$443,000 (VA $452,000)
Owners with a mortgage
71% · 30% of them spend 30%+ of income on housing
Median household income
$64,587 (VA $93,170)

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

How this Richmond 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

8 questions
How does the mortgage affordability calculator for Richmond work?
It estimates the highest home price you can qualify for based on income, debts, down payment, interest rate, and Richmond property taxes.
How much house can I afford on a $100k salary in Virginia?
Lenders typically cap housing costs at 31% of gross monthly income. Total debt payments should not exceed 43%. Actual affordability depends on debts and down payment.
What is the minimum down payment for a mortgage in Richmond?
First-time buyers can put down as little as 3% on conventional loans or 3.5% on FHA loans. VA and USDA loans may allow 0% down.
How do interest rates affect what I can afford?
Higher rates increase monthly payments, reducing the maximum home price you can afford. Rates change weekly; the calculator starts at 7.40%.
How does debt impact my mortgage qualification?
Debt reduces borrowing capacity. Lenders cap total debt payments at 43% of gross monthly income. Lower debts increase your mortgage potential.
What are property taxes like in Virginia?
In Virginia, property taxes are about 0.75% of the home's value annually. This affects your total monthly housing costs.
What's the difference between pre-approval and pre-qualification?
Pre-approval involves verifying income, debts, and credit, providing a real mortgage amount. Pre-qualification is an initial estimate without verification.
Do I need private mortgage insurance (PMI) in Richmond?
If your down payment is under 20% on a conventional loan, PMI is required. It can be removed once the loan balance is under 80% of the home's value.

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