LEVERAGE REALTY TEAMPowered by Howard HannaGreat Bridge Office128 Battlefield Blvd. N.Mortgage updates, Virginia real estate guidance, and VA home loan news—with a quick explanation of what each means for your next move.
A new appraisal report format is rolling out, with a November 2 mandate and a temporary exception for lenders that need more time. Here’s what the transition means for your next move in Hampton Roads.
Read the articleSelected reading · October 1, 2026
Freddie Mac's October 8 survey put the average 30-year fixed mortgage rate at 7.40%, up from 7.28% the previous week. The 15-year average rose to 6.73% from 6.60%. These national conventional conforming purchase-loan benchmarks reflect excellent-credit borrowers with 20% down; they are not Hampton Roads-specific quotes or VA-loan averages.
Why it matters: Buyers should refresh payment estimates and compare lender quotes before setting an offer budget. Sellers should account for financing costs when evaluating buyer affordability. Client angle: compare actual loan estimates and total costs rather than treating a published national average as your available rate.
Read the original sourceMortgagee Letter 2026-11 formalizes FICO 10T and VantageScore 4.0 alongside Classic FICO and explains how lenders determine the qualifying score when multiple models are submitted. FHA continues to require a tri-merge report, and its minimum score thresholds remain unchanged. This is issued FHA policy with a future effective date, not a proposal or an immediate change to VA loans.
Why it matters: Buyers planning an FHA purchase in 2027 should ask lenders which scoring models they will submit and how those scores affect qualification. A score shown in a consumer app may differ from the score used for underwriting. Client angle: new credit-score models do not guarantee a higher qualifying score or loan approval.
Read the original sourceREIN reports that Hampton Roads' September median sales price rose 2.7% from a year earlier. Results varied by city: Virginia Beach increased 8.4%, Chesapeake increased 2.5%, and Suffolk declined 3.26%. REIN also reports that the number of homes on the market reached its highest level in more than six years. This is local market evidence, not a rule change.
Why it matters: Buyers may have more homes to compare, while sellers should use recent neighborhood and price-range comparables when setting expectations. A changing median reflects the mix of homes sold as well as prices; it does not measure appreciation for an individual home. Client angle: one regional headline cannot describe every Hampton Roads market.
Read the original sourceVirginia REALTORS® estimates that investors own 9.8% of Hampton Roads residential properties, the lowest share among the Virginia metro areas examined. Institutional investors, defined in the study as entities owning more than 100 properties, account for 0.3%. The broader investor category includes non-occupant individuals and small landlords. These are ownership shares, not the share of current listings or recent purchases.
Why it matters: Buyers and sellers can use local evidence when discussing investor competition instead of relying on national headlines. The study does not measure competition for a particular home or explain every cause of housing affordability. Client explainer: large institutional investors own about three-tenths of one percent of Hampton Roads residential properties in this analysis.
Read the original sourceA new legal case study describes a Virginia Real Estate Board finding that an email authorization lacked required brokerage-agreement terms and that an MLS listing misidentified the property's owner. The Board's order was entered June 17, 2026. This October publication explains enforcement of existing duties; it does not announce a new statute or regulation.
Why it matters: Before marketing, sellers should review the written agreement's services, fees and termination terms and confirm the correct owner is identified. Buyers should ensure contracts identify the actual parties. Client explainer: clear paperwork and accurate ownership information help prevent transaction confusion.
Read the original sourceFannie Mae now permits reasonable, verifiable employment-verification methods while keeping existing timing requirements. Income with a defined expiration must be expected to continue three years from the application date, rather than the note date. These changes are effective immediately. A clarified employment-verification requirement for qualifying Schedule K-1 income from businesses with less than 25% borrower ownership applies to applications dated December 2, 2026 onward, with a rental-income-only exception. This is adopted conventional-loan policy, not a VA-loan rule.
Why it matters: Buyers relying on time-limited income or minority business ownership should ask their lender what documentation applies before making an offer. Sellers benefit when buyers confirm financing readiness early. Client explainer: more flexibility in verification methods does not remove employment checks or guarantee approval.
Read the original sourceDisclaimer: The opinions and data presented in linked articles are those of their respective authors and sources and do not represent the opinions of Leverage Realty LLC or its owners. Readers should conduct their own due diligence to independently verify the accuracy and applicability of the information before relying on it.