Richmond Metro Mortgage Hub: City vs Henrico and Chesterfield Taxes and Virginia Housing
Updated October 2026
A Richmond-area purchase budget should follow the property across jurisdiction lines. A city rowhouse, a Henrico resale and a Chesterfield subdivision home may share a purchase price while producing different tax, insurance and maintenance costs. Dogwood & Dormer’s Richmond mortgage framework combines those expenses with financing and assistance options before setting a target monthly payment.
Separate Richmond mailing addresses from city taxes
Richmond is an independent city. Henrico and Chesterfield are separate counties, and a Richmond mailing address does not establish that a home lies inside city boundaries. Confirm the parcel jurisdiction before using a tax rate in your calculations.
Virginia assessments use 100% fair-market value. Apply the locality’s current adopted rate to the relevant assessment, then investigate any exemption or special district charge. A seller’s existing escrow payment can be misleading if insurance, assessments or tax relief change after purchase.
Compare properties using the monthly payment calculator, including association dues and realistic maintenance allowances. Older city homes may require a different repair reserve than newer suburban construction, even when their mortgage payments match.
Understand what each assistance program does
Virginia Housing assistance is not a single interchangeable pool of money. Match the program to the first mortgage and distinguish grants from subordinate debt.
- Down Payment Assistance Grant: 2% to 2.5% for eligible loan combinations, providing grant assistance rather than a standard repayable second mortgage.
- Plus Second Mortgage: 3% to 5% in additional financing, with repayment terms that belong in the affordability calculation.
- Closing Cost Assistance Grant: Help directed toward eligible closing expenses under the applicable program rules.
- Mortgage Credit Certificate: A potential federal mortgage-interest tax credit mechanism, not cash available for the down payment.
Check current funding, product compatibility, income limits and purchase-price limits through Virginia Housing (VHDA). Ask specifically whether MCC applications are currently available before counting a tax credit in the budget.
Place loan limits and settlement costs correctly
Richmond, Henrico and Chesterfield use the 2026 baseline conforming limit of $832,750 for one-unit conventional loans. The 2026 national FHA floor is $541,287; verify the property’s applicable FHA limit rather than assuming every locality uses the floor.
Virginia settlement budgeting also includes deed and mortgage recordation taxes, generally calculated at $0.25 per $100 for the state component plus a local component of one-third of that amount. Grantor taxes are separate from those charges.
Use Virginia Department of Taxation guidance and the closing cost estimator to distinguish transaction taxes, lender fees, prepaid insurance and escrow funding.
Compare Current Mortgage Rates
Compare current APRs, points, fees, and estimated monthly payments from participating lenders below.
Loan Program Comparison: 2026 Benchmarks
Richmond Metro Mortgage Hub: City vs Henrico and Chesterfield Taxes and Virginia Housing — Confirm service eligibility and entitlement first; full entitlement removes the VA loan-limit cap, not lender affordability checks. Compare the funding fee or exemption and no monthly PMI.
Historical 2025 one-unit comparison: conforming $806,500; FHA floor $524,225. County and unit-count limits can differ.
| Loan program | Down payment / equity | 2026 one-unit baseline | Costs and page-specific comparison |
|---|---|---|---|
| VA | 0% for eligible borrowers | No VA limit with full entitlement | No monthly PMI; funding fee unless exempt |
| Conventional | 3%–5% subject to eligibility | $832,750 | PMI generally below 20% down |
| FHA | 3.5% at 580+; 10% at 500–579 | $541,287 floor | 1.75% upfront MIP; 0.55% annual for >95% LTV, base loan ≤$726,200, term >15 years |
| USDA | 0% for eligible borrowers | Income, address and repayment eligibility | Guarantee and annual fees; confirm current schedule |
| Jumbo | Lender-specific cash and reserves | Above applicable conforming limit | Lender-specific pricing and insurance |
| Home Equity / Refinance | Equity and underwriting dependent | Property and lender dependent | Compare closing costs, term and break-even |
Sources: FHFA limits; HUD FHA limits.
Editorial Methodology & Primary Sources
Verification date: Not recorded; check the primary source and lender timestamp before relying on an estimate.
Rate comparisons use participating lender feeds, not a whole-market survey or guaranteed offers. Freddie Mac PMMS is a market benchmark, not a personalized quote. Calculator models rely on published regulatory formulas and disclosed assumptions rather than fabricated first-person loan testing.
Monthly principal and interest use the amortization formula P × r / (1 − (1 + r)−n), where r is the monthly note rate and n is the number of payments; at zero interest use P / n. PITI adds monthly property taxes and homeowners insurance; PMI is separate. APR includes applicable finance charges under Regulation Z and is not the note rate used for payments. Compare lender Loan Estimates for actual APR and fees.
- Consumer Financial Protection Bureau (CFPB) — Loan Estimates, APR and borrower disclosures; Regulation Z.
- U.S. Department of Housing and Urban Development (HUD / FHA) — FHA program guidance.
- U.S. Department of Veterans Affairs (VA) — VA loan eligibility and benefits.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — published rate benchmarks.
- U.S. Census state tax collections — state property tax benchmarks; confirm parcel-specific assessments and exemptions with the state revenue department and local assessor.
The payment snapshot uses illustrative annual taxes of 1% of home price, $1,200 insurance and 0.5% PMI below 20% down, not verified local quotes. Other calculators disclose their inputs and assumptions. Published guidance and lender feeds may change independently; confirm current program rules, taxes and offers before a decision.