Updated · Mike Certo, NMLS #260555
Virginia Mortgage Programs
Cornerstone First Mortgage originates Virginia mortgages through Mike Certo and his team of seasoned Virginia-licensed loan officers. Below is the full menu of programs we run for Virginia buyers, each one explained briefly with the key facts. For program-specific eligibility, income limits, FICO requirements, or to talk through your scenario, request more information below or call (480) 296-6513.
Virginia Down Payment Assistance
The full Virginia menu: the Virginia Housing DPA Grant (amount varies by current Virginia Housing guideline, recently around 2-2.5% of price; never repaid), the Plus Second Mortgage (3-5% second repaid monthly), the Closing Cost Assistance Grant (up to 2% on VA and USDA loans), and DHCD's HOMEownership program (up to $40,000 for buyers at or below 80% of area median income). Those state programs close only through their approved lenders, and Cornerstone First Mortgage is not a Virginia Housing-approved lender. What we originate directly is the national family (Chenoa Fund, Arrive Home, Essex/NHF) plus every standard loan type. See the full Virginia DPA guide.
National DPA programs (available for Virginia buyers)
- Chenoa Fund: FHA-paired DPA with both repayable and forgivable structures depending on income/credit profile.
- Arrive Home: national DPA for low-to-moderate income buyers, includes ITIN borrower path.
- Essex Mortgage / NHF: multi-tier DPA pairing for FHA, VA, USDA, and conventional buyers.
One DPA program per transaction. Specific eligibility varies; confirm during the consult.
Buy Before You Sell (BBYS)
Bridge financing for the move-up Virginia buyer who needs to buy their next home before their current home sells. Removes the contingency from the offer, and Fairfax and Loudoun listing agents call this the deal-saver. Cornerstone's BBYS program lets the buyer write a clean offer; we underwrite the bridge based on equity in the existing home plus the new purchase.
- Common scenario: Contract Contingent on Buyer Sale (CCBS) deals where the seller doesn't want a contingent offer; BBYS removes the contingency.
- Process: We underwrite the bridge alongside the new purchase mortgage; close concurrently or near-concurrently.
- Audience: Consumer move-up buyers AND industry listing agents who want their CCBS deal to actually close.
Self-Employed Loans
Tax returns underrepresent self-employed income because of legal deductions. Standard mortgage underwriting punishes that. We run the alternative paths for Virginia self-employed buyers: bank-statement loans (12 or 24 months), 1099 loans, and asset-qualifier loans (qualify on liquid assets without showing income).
- Bank statement loans: Qualify on 12 or 24 months of business bank deposits with expense-factor adjustments, not deposit gross.
- 1099 loans: For contractors, gig workers, real estate agents, and other 1099-only earners who qualify on documented 1099 income.
- Asset-qualifier loans: Qualify on liquid assets (cash, brokerage, retirement) divided over an asset-utilization period.
Jumbo & Medical Professionals
Loan amounts above conforming limits: full doc, alt doc, super jumbo (above $2M), plus the standout Medical Professionals program. Up to 100% LTV with NO PMI for physicians, dentists, and a specific list of credentialed medical roles. Virginia has substantial jumbo markets (Northern Virginia/DC corridor, Hampton Roads) and Medical Professionals is a frequent Virginia path for doctors at UVA Health, VCU Health, Inova, Bon Secours, Sentara, and other major systems.
- Medical Professionals eligible: MD, DO, DDS, DMD, DPM, DVM, PharmD, Ophthalmology MD/DO, Psychiatry MD/DO, CRNA with DNAP/DNP.
- Up to 100% LTV at $1.5M with FICO 680; 100% at $2M with FICO 720; 95% at $2M with FICO 680.
- Student loan exclusion: Deferred and IBR student loans excluded from DTI for residents and fellows on resident/fellow income.
Investor & DSCR Loans
For real estate investors buying Virginia rental property. DSCR loans qualify on the rental income of the property, not your personal income. We finance below a 1.0 DSCR ratio, so sub-1.0 programs are part of our investor menu. Short-term rental specific products available for Virginia Airbnb / VRBO markets.
- DSCR loans: Qualify on the rental income vs the property's debt service, not personal income.
- Below 1.0 DSCR: We finance sub-1.0 scenarios; request more information for your specific deal.
- Short-term rental specific: Airbnb / VRBO-targeted DSCR products with experienced underwriting for STR income.
First-Time Home Buyer Loans
FHA, USDA, conventional with low down payment. Designed for the Virginia buyer with real-life income and credit, not a perfect-paper applicant. Our guide to Virginia first-time home buyer programs maps the Virginia Housing grants, credit floors, and 2026 county limits step by step.
- FHA: 3.5% down, 580+ FICO published (620+ practical overlay).
- USDA: Zero down in USDA-eligible Virginia areas.
- Conventional 97: 3% down, 620+ FICO.
Not sure which program fits
Call (480) 296-6513 for a free consult, or send your scenario through the form below. Mike and his team review every Virginia scenario and respond shortly, with no commitment, no salesy follow-up, just an honest read on what’s possible.