Conventional Loan Step-by-Step Application Guide for Virginia

Conventional Loan

Conventional Loan Step-by-Step Application Guide for Virginia

Reviewed by the HomeMath editorial team Updated 2026-08-06

Key takeaways

Step 1: Get pre‑approval to know your borrowing power.
Step 2: Collect income, asset, and debt documentation.
Step 3: Submit the full conventional loan application.
Step 4: Complete the appraisal and underwriting review.
Step 5: Close the loan, often with a Virginia‑licensed attorney or title company.

Applying for a conventional mortgage in Virginia follows a clear sequence that helps lenders assess risk and protects you as a borrower. Below is a step‑by‑step guide.

1. Get Pre‑Approval

Start by contacting a lender for a pre‑approval. The lender will run a soft credit inquiry and request basic income and asset information. Pre‑approval gives you a realistic price range and shows sellers you’re a serious buyer, which is especially useful in competitive Virginia markets.

2. Gather Required Documentation

Proof of income (pay stubs, W‑2s, or tax returns for self‑employed borrowers).
Bank statements showing assets for down payment and reserves.
Debt statements (student loans, credit cards, car loans).
Identification and Social Security number.

Lenders need these documents to verify that you can repay the loan and to meet federal underwriting guidelines.

3. Submit the Full Loan Application

Complete the Uniform Residential Loan Application (URLA) and upload your documents. The lender will order a credit report (hard inquiry) to calculate your credit score, which influences the interest rate you’ll receive. A higher score typically means better terms because it signals lower risk to the lender.

4. Home Appraisal and Underwriting

The lender orders an appraisal to confirm the property’s market value meets or exceeds the loan amount. This protects the lender from lending more than the home is worth. After the appraisal, an underwriter reviews all information—credit, income, assets, appraisal, and the property’s title—to ensure the loan meets the conventional loan guidelines.

5. Closing the Loan

Once underwriting is approved, you’ll receive a Closing Disclosure at least three business days before closing. In Virginia, closings are commonly handled by a licensed attorney or a title company, which ensures the deed is recorded correctly and any state‑specific requirements are met. At closing you’ll sign the mortgage documents, pay closing costs, and the lender will fund the loan.

Virginia offers a state‑wide first‑time homebuyer assistance program that can provide down‑payment help or a mortgage credit certificate, which may reduce your federal tax liability. Ask your lender if you qualify.

This article provides general information and should not be taken as personalized financial or legal advice.

FAQ

Do I need a Virginia‑licensed attorney for the closing?

While many Virginia transactions use title companies, a licensed attorney can handle the closing, review documents, and ensure state legal requirements are met. The choice often depends on the lender’s policies and the buyer’s preference.

Can I use a down‑payment assistance program with a conventional loan?

Yes. Virginia’s first‑time homebuyer programs, such as the Virginia Housing Down Payment Assistance, can be combined with conventional loans, provided the lender’s guidelines and the program’s eligibility criteria are satisfied.

What credit score is typically needed for a conventional loan?

Conventional loans generally require a minimum credit score of around 620, but a higher score improves the interest rate and may reduce private mortgage insurance requirements.

How long does the conventional loan process take in Virginia?

From pre‑approval to closing, the timeline is usually 30–45 days, assuming documentation is complete, the appraisal is timely, and there are no major underwriting issues.

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