![]() The state government is unique in that it treats cities and counties equally, oversees local roadways, and prevents governors from serving two terms in a row. It is made up of a Senate with 40 members and a House of Delegates with 100 members. The Virginia General Assembly is the state legislature of Virginia, and it was founded in July 1619, making it the oldest current legislative body in North America. Despite the fact that the Commonwealth was ruled by a single political party for nearly a century following Reconstruction, both major political parties now compete in modern Virginia. Virginia was split during the American Civil War when the state government in Richmond supported the Confederacy, but many of the state’s northern counties wanted to stay with the Union, resulting in the formation of West Virginia in 1863. It became a part of the United States in 1776 as one of the original Thirteen Colonies during the American Revolution. Slave labour and land taken from displaced native tribes powered the colony’s booming plantation economy, but they also fostered internal and external tensions. The Old Dominion, Virginia’s state nickname, refers to this status. The Settlement of Virginia was established in 1607 by the London Company as the first permanent English colony in the New World. The history of the area can be traced back to various indigenous groups, notably the Powhatan. ![]() In 2020, the Commonwealth’s population was estimated to be over 8.65 million, with the Baltimore–Washington metropolitan area accounting for 36% of the total. Richmond is the state capital Virginia Beach is the largest city, and Fairfax County is the most populous governmental unit. The Blue Ridge Mountains and the Chesapeake Bay, which offer habitat for most of the Commonwealth’s flora and animals, influence the Commonwealth’s terrain and climate. Get calculating! Then let us walk you through the process of buying a home with a VA loan.Virginia, formally the Commonwealth of Virginia, is a state in the United States located between the Atlantic Coast and the Appalachian Mountains in the Mid-Atlantic and Southeastern areas. ![]() Most lenders are able to work with VA loan buyers, but it can help to work with a lender with specific experience.įeel free to play with the calculator to see how much you can save in different downpayment scenarios! You can do this monthly or whenever you have a windfall, like a bonus at work or a gift from family. This will help you pay off your mortgage more quickly and pay less in interest over time. While you'll never pay less on your monthly mortgage, it is possible to pay more each month. The amount that you pay depends on your military service, disability status, and other factors. Funding fees are intended to offset loans that go into default-they are paid up front or are wrapped into your monthly mortgage payment. What is a funding fee?īorrowers are expected to pay funding fees in order to receive VA home loans. All of these numbers will add up to your total monthly payment. Once you click calculate, you'll see a table with your estimated loan payment, taxes and insurance and your total VA funding fee (this amount is typically added to the total mortgage amount). You'll also need to input your military status and whether or not you've used a VA loan before-these two items could potentially impact your estimates. If you don't have a home picked out yet, it's okay to guess here in order to get an estimate. How to use the VA loan mortgage calculatorĮnter the price of the home, your expected interest rate, your expected downpayment.
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