Mortgage insurance requirements catch many Virginia homebuyers off guard at closing, but understanding when PMI or MIP applies—and how to eliminate it—can save hundreds of dollars monthly. This guide breaks down how down payment size, loan type, and equity thresholds determine your mortgage insurance costs across FHA, conventional, and VA loans in the Richmond market.

Virginia veterans, active-duty service members, and eligible surviving spouses can access one of the most valuable homebuying benefits available through VA loan eligibility requirements that cover service period thresholds, Certificate of Eligibility documentation, and funding fee exemptions. This comprehensive guide breaks down exactly who qualifies and what steps to take before starting the homebuying process in Virginia.