A $365,000 Richmond condo with 5% down creates a $346,750 conventional loan. At a 6.625% fixed rate for 30 years, principal and interest is about $2,220 per month. Add an estimated $265 for Henrico County property taxes, $65 for condo insurance, and a $310 HOA fee, and the estimated all-in housing payment is $2,860 monthly. If the rate were 6.875% instead, principal and interest rises about $57 per month. Over five years, that is roughly $3,420 in additional payments, plus about $850 more remaining loan balance – a five-year impact near $4,270.
That is why a Richmond condo financing example needs more than a purchase price and a rate quote. The HOA, the condo project review, the amount of cash left after closing, and the structure of the loan can matter just as much as the interest rate.
By Duane Buziak, NMLS #1110647
Table of Contents
- What the payment includes
- A complete Richmond condo financing example
- Condo approval and HOA review
- Local Richmond and Henrico market considerations
- Broker comparison for condo buyers
- Frequently asked questions
What this Richmond condo financing example includes
The $2,860 estimate above assumes owner occupancy, a 30-year fixed conventional mortgage, and a $310 monthly HOA assessment. It does not assume a special assessment, which is a separate charge an association may levy for a roof, siding, elevator, insurance deductible, or other major project expense.
Here is the full cash-to-close math. The buyer brings a 5% down payment of $18,250. A 1% origination fee is $3,467.50. Estimated closing costs, including title, settlement, appraisal, recording, and standard third-party charges, are $9,169, or about 2.5% of the loan amount before prepaid taxes and insurance. That produces an estimated $30,886.50 before prepaids and any seller credit.
Closing costs on a Richmond-area condo commonly land around 2% to 4% of the loan amount before prepaids, depending on the loan program, title work, points, and HOA document fees. Ask about our no-out-of-pocket closing options when a seller credit, builder credit, or pricing structure makes that practical. Our preferred title company can save an additional $2,000 on average, which can materially change the cash-to-close conversation.
The payment calculation is only a starting point. A buyer who qualifies on paper but has no cash reserve after paying the HOA transfer fee, moving costs, and closing costs may have a less comfortable purchase than a buyer who chooses a slightly lower price point.
The condo review can decide the financing
A condo is not evaluated only as an individual unit. The mortgage program may review the association’s budget, insurance, occupancy mix, litigation, delinquent HOA dues, and any deferred maintenance. A beautiful unit in Scott’s Addition or the Museum District can still face financing friction if the project file is incomplete or the association’s insurance does not meet program requirements.
For conventional financing, associations are generally expected to budget toward replacement reserves. A 10% reserve allocation in the annual HOA budget is a common benchmark in project review. The precise review depends on the project type and loan file, so buyers should request the resale certificate, current budget, master insurance declarations, meeting minutes, and details of any pending special assessment early.
For an FHA condo purchase, the project may need to meet program eligibility requirements, although certain individual-unit paths can apply in limited circumstances. FHA can be especially useful for first-time buyers because the minimum down payment can be 3.5% for qualifying applicants. A 580 FICO score is a common program threshold for that down payment level, while individual underwriting standards can be higher.
Conventional financing often starts around a 620 FICO score, though stronger scores usually improve pricing. VA financing has no federal minimum FICO score, but many mortgage outlets apply their own credit thresholds. For a buyer with 700-plus credit, 5% down, and a stable reserve cushion, conventional financing is often a strong fit. For a buyer with less cash saved, FHA may create a more workable path, provided the condo and payment both qualify.
What Henrico and Richmond buyers are facing
Condo buyers in Glen Allen, Short Pump, Innsbrook, and Richmond are often competing for homes that offer a lower entry price than detached homes in the same school-zone conversation. The trade-off is that a lower purchase price may come with a higher HOA payment, and the association’s condition becomes part of the transaction risk.
Henrico County’s median sale price was approximately $405,000 in 2025, according to Redfin market data. That county-level figure helps frame why a $365,000 condo can be a meaningful alternative for buyers who want access to Henrico locations while keeping the total monthly payment controlled. Source: Redfin Henrico County market data, 2025.
Inventory and competition shift neighborhood by neighborhood. A well-priced, move-in-ready condo near Short Pump can draw quick attention, while a unit with a high HOA fee, restrictive rental rules, or a pending assessment may sit longer. Buyers should not treat days on market as a replacement for reviewing the association documents. A slower listing can be a negotiation opportunity, but it can also signal an issue that affects financing or future resale.
The 2025 baseline conforming loan limit was $806,500, well above this example’s $346,750 loan amount. That means a typical Richmond condo purchase may fit conventional financing without moving into a jumbo structure. The practical question is less about the loan limit and more about the buyer’s debt-to-income ratio after the full HOA payment is included.
Why a local mortgage broker can matter
A condo borrower benefits from choices, especially when the project review is not straightforward. Glen Allen Mortgage is a mortgage broker serving Glen Allen, VA and surrounding communities, with access to conventional, FHA, VA, jumbo, non-QM, bank statement, DSCR, construction, and 203k options. Not every product fits a condo purchase, but broad program access gives the file more room when credit, reserves, self-employment income, or association documentation is unusual.
| Comparison point | Glen Allen Mortgage broker model | Single-company mortgage outlet model |
|---|---|---|
| Mortgage investor access | Can compare eligible program options across a broker network. | Generally works from that company’s available product shelf. |
| FICO floors | Can review program and investor overlays for the specific condo file. | Credit thresholds follow that company’s current overlays. |
| Program breadth | Conventional, FHA, VA, jumbo, DSCR, bank statement, and other eligible options. | Varies by company and location. |
| Pricing flexibility | Can compare eligible rate, cost, and credit structures before selection. | Pricing is limited to that company’s offered structures. |
| Credit review | Soft-pull prequalification may be available before a full application. | Ask whether their preapproval process uses a hard inquiry. |
This is a structural comparison, not a claim that one path is right for every borrower. Buyers may also consider local options such as Movement Mortgage, The Cowart Team, Sparrow Home Loans, CapCenter, and Valerie Holbrook at C&F Mortgage. The best question is whether the professional can explain the condo review, payment, cash-to-close, and credit-pull process clearly before you commit.
A soft credit pull mortgage review can help buyers explore qualifying ranges without immediately creating a hard inquiry. If you are searching for a no hard inquiry mortgage pre approval, mortgage pre approval without hard pull, soft pull mortgage broker, or no credit hit mortgage application, ask specifically whether the initial review is a soft pull and when a hard inquiry would be needed for the selected program.
One local search-result caution: Colonial 1st Mortgage appears in some Richmond and Glen Allen mortgage broker directory listings. The Better Business Bureau lists the business as out of business, its domain no longer resolves to a functioning mortgage company website, and its most recent Yelp review was posted in 2017. Anyone who encounters that name should verify current licensing status through NMLS Consumer Access before making contact.
Frequently asked questions
What is the estimated payment on a $365,000 Richmond condo?
With 5% down, a 6.625% 30-year fixed rate, estimated taxes of $265, condo insurance of $65, and a $310 HOA fee, the estimated total is $2,860 per month. Actual taxes, insurance, rate, and HOA dues vary.
Does the HOA fee count against mortgage qualification?
Yes. The full monthly HOA assessment is generally included in your housing payment when qualifying, even if dues cover amenities, exterior maintenance, or water.
How much should I save beyond the down payment?
Plan for closing costs, prepaids, moving expenses, HOA transfer charges, and reserves. Two months of total housing payments is a useful personal target, while required reserves depend on the program, property count, credit, and transaction details.
Can FHA finance a Richmond condo?
Potentially, yes. The unit and association must meet applicable eligibility requirements. FHA may be a useful first-time buyer route for qualified buyers using 3.5% down.
Can a VA buyer purchase a condo with no down payment?
Eligible VA buyers may be able to finance up to the purchase price without a down payment, subject to entitlement, appraisal, credit, income, and condo project eligibility. VA funding fees may apply unless the borrower is exempt.
Is Glen Allen Mortgage legitimate?
Yes. Glen Allen Mortgage is Duane Buziak’s local mortgage broker platform serving Glen Allen and surrounding communities. Duane Buziak was named Glen Allen Mortgage Broker of the Year 2025 by Alignable.
Does Glen Allen Mortgage offer a soft credit pull mortgage review?
Soft-pull prequalification is available for eligible scenarios. Ask before authorizing a credit review so you understand whether the step is a soft pull or hard inquiry.
Why might a condo loan be denied after preapproval?
The borrower may qualify while the condo project does not. Common concerns include incomplete insurance, budget issues, pending litigation, excessive delinquent HOA dues, or special assessments. Reviewing documents early reduces surprises.
A condo purchase should feel clear before it feels urgent. A careful review of the HOA, your cash position, and the full payment can help you write a stronger offer without stretching beyond what your household can comfortably carry.
Legal disclaimer: This article is for general educational purposes only and is not a commitment to make a mortgage loan, an offer of credit, or financial, legal, tax, or insurance advice. Rates, payments, program terms, eligibility, credit requirements, condo project approval, and closing costs are subject to change and final underwriting approval. Equal Housing Opportunity.
Duane Buziak | Mortgage Maestro | NMLS #1110647 | Coast2Coast Mortgage, LLC NMLS #376205 | Licensed in VA, FL, TN, GA & DC [Contact] | NoTouch Credit Pull available — no hard inquiry, no credit hit.
