Harrisonburg, VA Mortgage Guide: Complete 2025 Resource
Harrisonburg's competitive college town market ($342,179 median, 84/100 competitiveness) combines James Madison University's institutional stability (23,000 students, 3,000+ employees) with premium Old Town neighborhoods ($512,744) and accessible Northeast options ($256,154), requiring strategic financing approaches for dual-income JMU faculty, young professionals, and investors.
This comprehensive guide covers Harrisonburg's housing market fundamentals (14-day pending timeline, 99.9% sale-to-list ratio, steady 6-7% annual appreciation 2020-2025), financing options across JMU employment structures, property tax implications (1.01% versus Virginia's 0.89% average), neighborhood price stratification ($256K-$512K range), and income requirements ($85,000-$145,000) for successful homeownership.
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Harrisonburg Housing Market Snapshot (November 2025)
| Metric | Harrisonburg | Comparison |
|---|---|---|
| Median Home Value | $342,179 | +2.4% above VA median ($334K) |
| Year-over-Year Change | +4.6% | $15,000 gain |
| Days to Pending | 14 days | Very fast (competitive market) |
| Sale-to-List Ratio | 99.9% | Homes sell at asking price |
| Market Competitiveness | 84/100 | Very Competitive (Redfin) |
| Inventory | 112 homes | Tight supply |
| Over Asking Sales | 31.2% | Strong seller position |
| Property Tax Rate | 1.01% | Higher than VA average (0.89%) |
| 5-Year Appreciation | +36.3% | $251K (2020) → $342K (2025) |
| Annual Growth Rate | 6-7% | Steady, sustainable appreciation |
Harrisonburg Market Characterization
Competitive college town market with stable JMU demand, tight inventory (112 homes for 52,000 population), and consistent 6-7% annual appreciation driven by institutional permanence, Shenandoah Valley location appeal, and growing cultural diversity. Fast-moving market (14-day pending) requires prepared buyers with strong pre-approvals.
Table of Contents
Harrisonburg Housing Market Overview
Current Market Snapshot (November 2025)
Key Metrics
- Median home value:$342,179
- Year-over-year change:+4.6%
- Days to pending:14 days
- Sale-to-list ratio:99.9%
- Market competitiveness:84/100
- Inventory:112 homes
- Over asking:31.2%
What This Means
- Competitive environment (multiple offers common)
- Fast decisions required (14 days = quick moving)
- Strong seller position (selling at or above asking)
- Tight inventory (limited selection)
- Steady appreciation (6-7% annually sustainable)
5-Year Price Appreciation
Harrisonburg Home Value Trend:
Total 5-year gain: +$91,179 (+36.3%)
Average annual appreciation: 6-7% (consistent, sustainable)
Pattern Analysis
- • Steady upward trajectory (no spikes or crashes)
- • More moderate than Blacksburg (8-9% annually)
- • More stable than Danville (volatile recovery pattern)
- • Driven by JMU permanence + Shenandoah Valley appeal
Why Harrisonburg Costs $342K
Price Positioning
- Higher than: Lynchburg ($278K), Roanoke ($295K), Danville ($152K)
- Lower than: Blacksburg ($423K), Northern Virginia suburbs ($500K+)
- Market tier: Upper-mid-range college town
What Drives Harrisonburg Pricing
1. JMU Demand Base
- • 23,000 students need housing (60% of city rents)
- • 1,000+ faculty seek homeownership
- • 2,000+ staff employees buying locally
- • Academic year creates consistent demand
2. Smaller Scale Than Blacksburg
- • JMU enrollment: 23,000 vs VT 30,000
- • Faculty salaries: $60K-$110K vs VT $70K-$140K
- • Less research funding (teaching university vs R1)
Current Mortgage Rates - Harrisonburg
December 2025 Rate Snapshot
| Loan Type | Rate Range | Best For |
|---|---|---|
| 30-Year Conventional (20% down) | 6.28-6.40% | Good credit (680+), 5-20% down |
| 30-Year Conventional (10% down) | 6.35-6.47% | Good credit, lower down payment |
| FHA (3.5% down) | 6.04-6.23% | Lower credit (580+), minimal down |
| VA ($0 down) | 7.62-7.70% | Veterans, active duty |
| 15-Year Fixed | 5.60-5.75% | Faster equity building |
| 7/1 ARM | 5.65-5.85% | Fixed 7 years, then adjusts |
| 5/1 ARM | 5.50-5.70% | Fixed 5 years, then adjusts |
Important: Rates vary based on credit score (680 vs 740 = 0.25-0.50% difference), down payment amount, and lender. These are representative ranges for well-qualified borrowers.
Get personalized rates from lenders who understand Harrisonburg's competitive market
Mortgage Loan Types Available in Harrisonburg
Conventional Loans (Most Common for JMU Professionals)
Traditional Financing for Qualified Buyers
- Down Payment: 3-20%
- Credit Score: 620+ minimum, 680+ recommended, 740+ best rates
- Current Rates: 6.28-6.40%
- PMI: Cancels at 20% equity
Best For: Faculty, staff, dual-income couples with good credit and 5-20% down payment
Harrisonburg Conventional Example ($342K median, 10% down):
- • Down payment: $34,218
- • Loan: $307,962
- • Rate: 6.35%
- • PMI: $128/month
- • Payment: $2,296/month (P&I + PMI + tax + insurance)
- • Income needed: $98,400/year
Why JMU employees excel: Institutional employment = stability signal, Predictable salary schedules, Easy income verification (JMU HR confirms), Often excellent credit (educated professionals)
Explore Harrisonburg Conventional Loans →FHA Loans (Young Professionals, First-Time Buyers)
Low Down Payment Option
- Down Payment: 3.5% minimum ($11,976 on $342K)
- Credit Score: 580+ (620+ for best rates)
- Current Rates: 6.04-6.23%
- MIP: $154/month (lifetime)
Best For: Single JMU staff, young faculty, recent grads with limited savings but stable income
Harrisonburg FHA Example ($342K median, 3.5% down):
- • Down payment: $11,976
- • Loan: $336,196 (includes $6,172 upfront MI)
- • Rate: 6.15%
- • MIP: $154/month (lifetime)
- • Payment: $2,404/month
- • Income needed: $103,000/year
FHA challenge: Lifetime mortgage insurance ($154/month = $55,440 over 30 years). Strategy: Refinance to conventional once 20% equity reached (6-8 years).
Explore Harrisonburg FHA Loans →VA Loans (Limited Applicability in Harrisonburg)
Zero Down for Military & Veterans
- Down Payment: $0
- Current Rates: 7.62-7.70%
- VA Funding Fee: 2.15% ($7,403 on $342K)
- Payment: $2,481/month
Harrisonburg military presence: Minimal - No nearby military bases, Veteran population: 2.8% (1,171 total), JMU Army ROTC exists (small program)
VA Loan Details ($342K median, $0 down):
- • Down payment: $0
- • Loan: $349,403 (includes 2.15% funding fee)
- • Rate: 7.65%
- • Payment: $2,481/month
- • Income needed: $106,300/year
Disabled veterans (10%+ rating): Funding fee WAIVED (saves $7,403) = game-changer. Payment drops to $2,426/month.
Explore Harrisonburg VA Loans →USDA Loans (Rockingham County Rural Areas Only)
Rural Housing - LIMITED Harrisonburg Availability
- Harrisonburg city: ❌ NOT eligible (independent city)
- Rockingham County: ✅ Many rural areas QUALIFY
- Down Payment: $0
- Current Rates: 5.85-6.15% (lowest available)
- Income Limit: $119,850 household
Eligible areas: Dayton, Bridgewater outlying areas, McGaheysville, Singers Glen - Must verify specific address
Strategy for Harrisonburg Buyers:
If income under $119,850 and willing to live 10-15 minutes outside city, Can buy in Rockingham County with $0 down, Save vs Harrisonburg city prices ($300K rural vs $342K city)
Explore Harrisonburg USDA Loans →Harrisonburg Affordability by Income
What Income Do I Need?
Rule of thumb: Housing payment ≤ 28% of gross monthly income, Total debts ≤ 43% of gross monthly income
$75K$75,000/year Income ($6,250/month gross)
- • Max housing: $1,750/month
- • With $400 existing debt: $1,287 available
- • Affordable home: $210,000-$240,000
Below median ($342K), Limited inventory at this price (Northeast Harrisonburg area)
Loan strategy: FHA 3.5% down: $230,000 home = $1,720/month (tight but possible), Conventional 5%: $220,000 home = $1,650/month, USDA (Rockingham): $250,000 home = $1,850/month (with $0 down)
Who: Single JMU staff, young single faculty, adjunct instructors
$95K$95,000/year Income ($7,917/month gross)
- • Max housing: $2,217/month
- • With $500 existing debt: $1,906 available
- • Affordable home: $280,000-$320,000
Still below median ($342K) but closer, Northeast, Collicello Corridor neighborhoods accessible
Loan strategy: Conventional 10%: $310,000 home = $2,326/month (need to reduce debt first), FHA 3.5%: $320,000 home = $2,387/month (tight), Wait 6-12 months, save more, target $342K median
Who: Single associate professor, experienced staff, dual JMU staff ($45K + $50K)
$120K$120,000/year Income ($10,000/month gross)
- • Max housing: $2,800/month
- • With $600 existing debt: $2,700 available
- • Affordable home: $380,000-$420,000
Above median ($342K) = strong position, Access to premium neighborhoods (Park View, Sunrise Heights)
Loan strategy: Conventional 15%: $400,000 home = $2,669/month ✅ Comfortable, Conventional 20%: $380,000 home = $2,369/month ✅ No PMI, Can go up to $420,000 with 10% down if needed
Who: Dual JMU faculty ($60K + $60K), single tenured professor, dual professional (JMU + private sector)
$150K$150,000/year Income ($12,500/month gross)
- • Max housing: $3,500/month
- • With $800 existing debt: $3,575 available
- • Affordable home: $500,000-$580,000
Well above median = top 10-15% of market, Old Town ($512K), premium custom homes accessible
Loan strategy: Conventional 20%: $550,000 home = $3,423/month ✅, Conventional 25%: $580,000 home = $3,373/month ✅
Who: Dual senior faculty ($75K + $75K), JMU administrator + spouse, business owner + JMU faculty
Calculate your exact Harrisonburg payment based on YOUR income
Run Payment CalculatorHarrisonburg Neighborhoods by Price Range
Premium Tier ($450,000-$550,000)
Old Town Harrisonburg - $512,744 median
Character: Historic homes (Victorian, Queen Anne architecture), Walkable to downtown restaurants/shops, Tree-lined streets, established gardens, Low turnover (people stay long-term)
Who buys: Senior JMU faculty (tenure, 10+ years), Dual high-income professional couples, Empty nesters downsizing from larger homes, Doctors/lawyers/business owners
Typical homes: 2,500-3,500 sq ft, 3-4 bedrooms, Built 1890s-1940s (historic character), Updated kitchens/baths but original details preserved
Why premium pricing: Limited inventory (rarely listed), Unique historic character, Prime walkability (downtown 5-minute walk), Status/prestige factor
Upper-Mid Tier ($350,000-$450,000)
Sunrise Heights - $368,846
Established neighborhood (1970s-1990s), Family-friendly, good schools nearby, Mix of ranch and two-story homes
Who buys: Mid-career JMU faculty (associate professors), Dual-income professional couples, Families with school-age children
Park View - $340,889
Peaceful, parks nearby, Mix of older (1960s-70s) and newer (2000s) homes, Family-oriented, safe streets
Who buys: JMU families prioritizing schools, Young professionals with kids, Those wanting quiet vs downtown energy
Mid-Range Tier ($280,000-$350,000)
Waterman - $310,185
Mix of ages and styles, Proximity to Waterman Elementary, More affordable than Park View/Sunrise, Working-class to middle-class mix
Who buys: Single JMU faculty/staff, Young couples (dual income $90K-$120K), First-time buyers, Investors (some student rentals)
Collicello Corridor - $270,975
Newer development areas, Mix of single-family and townhomes, Commercial corridor nearby (Walmart, shopping), Less historic character, more suburban
Who buys: First-time buyers, Young JMU professionals, Those prioritizing newer construction, Value-conscious buyers
Affordable Tier ($250,000-$280,000)
Northeast Harrisonburg - $256,154 (most affordable)
Character: Historic African American neighborhood (former Newtown), Diverse population (many languages spoken), Mix of owner-occupied and rentals, Ongoing revitalization efforts, Close to downtown (walkable)
Who buys: First-time buyers on tight budgets, Single income buyers ($75K-$90K), Investors (student rentals), Community-minded buyers supporting diversity
Important context: Area displaced by urban renewal 1960s (Project R-4), Now rebounding with investment, Cultural/historic significance, Lower prices = opportunity for entry
Property Taxes in Harrisonburg
2025 Tax Rate: 1.01%
City of Harrisonburg rate: $1.01 per $100 of assessed value, Effective rate: 1.01% annually, Higher than Virginia average (0.89%), Higher than Blacksburg (0.70%)
Why Higher:
- • Independent city (provides own services)
- • City schools, police, fire, infrastructure
- • No county tax subsidy
- • More services = higher taxes
Tax Examples by Home Value
Tax Impact on Affordability
$342K home in different cities:
- • Harrisonburg: $288/month (1.01% rate)
- • Blacksburg: $200/month (0.70% rate) - $88/month less
- • Lynchburg: $233/month (0.82% rate)
- • Roanoke: $300/month (1.05% rate)
What this means: $88/month more than Blacksburg on equivalent home, Slightly reduces buying power ($15,000-$20,000 less affordable), Factor into budget (can't ignore $288-$432/month)
Rent vs Buy Analysis - Harrisonburg
Current Rental Market
- • Average rent: $1,743/month (Zillow ZORI)
- • 1-bedroom: $1,100-$1,400/month
- • 2-bedroom: $1,400-$1,800/month
- • 3-bedroom: $1,800-$2,300/month
- • 4-bedroom: $2,200-$3,200/month (student houses)
- • Year-over-year growth: +8.5% (faster than home price growth)
Buying $342K Median Home (Conventional 10% Down)
- • P&I: $1,934/month (6.35% rate)
- • PMI: $128/month
- • Property tax: $288/month
- • Insurance: $140/month
- • Maintenance: $150/month
- • Total: $2,640/month
vs Renting 3BR: $1,800/month average
Monthly difference: Buying costs $840/month more initially
But Buying Builds Equity
✅ Rent if:
- • JMU grad student (2-6 year timeline)
- • Adjunct faculty (year-to-year contracts)
- • Staying under 3 years
- • Don't have down payment saved
- • Income under $85,000
✅ Buy if:
- • JMU tenure-track faculty (7+ year commitment)
- • Established in Harrisonburg (5+ year timeline)
- • Have down payment saved
- • Income $95,000+
- • Want to build equity in appreciating market
JMU Employee Mortgage Strategies
Tenure-Track Faculty
Typical income: $65,000-$95,000 (assistant/associate professor)
Mortgage Advantage:
- • Institutional employment (lenders love tenure-track)
- • Predictable salary schedule
- • Easy income verification
- • 7-year tenure timeline = clear commitment
Strategy:
Conventional 10% down (save $32,000-$34,000 over 2-3 years), Target $320,000-$360,000 homes (slightly below median), Northeast, Waterman, Collicello Corridor neighborhoods, PMI cancels in 5-7 years
JMU Staff (Non-Faculty)
Typical income: $35,000-$65,000
Challenge:
Below median income for Harrisonburg market. $342K median requires $95,000+ income.
Strategy Options:
- • Option 1: Dual income (two staff = $70K-$120K combined) - FHA 3.5% down on $280,000-$320,000 homes
- • Option 2: Rockingham County USDA - $0 down on rural properties 10-15 minutes from JMU
- • Option 3: Wait and save - Rent 2-3 years while saving 10-20% down
Adjunct Faculty/Contract Instructors
Typical income: $25,000-$50,000 (often teaching multiple institutions)
Mortgage Challenge:
Variable income (semester-to-semester contracts), Multiple income sources (JMU + other schools), Lenders prefer 2-year history of adjunct income
Strategy:
- • If 2+ years adjunct history: FHA accepts variable income - Average last 2 years income, Show consistent teaching (renewal pattern)
- • If under 2 years: Wait and establish pattern - Meanwhile rent, save for larger down payment
- • Co-borrower option: Partner with spouse/partner with W-2 income
Student Rental Investment Properties
The Opportunity
Harrisonburg Rental Market:
- • 60% of city are renters (23,000 students + others)
- • 4-bedroom houses rent $2,000-$3,200/month
- • Academic year creates consistent demand
- • Vacancy low (JMU enrollment growing)
Investment Property Example
Purchase: $350,000 4-bedroom house
Financing: 25% down: $87,500, Rate: 6.60%
Monthly costs: $2,345/month
Rental income: $2,600/month (4 bedrooms × $650)
Cash flow: $38/month (minimal, but property appreciates)
5-year appreciation: $350K → $469K (6%/year) = $119K gain
Pros:
- • JMU enrollment stable/growing (demand guaranteed)
- • Appreciation compounds (6%/year historical)
- • Depreciation tax benefits
- • Potential to convert to personal residence later
Cons:
- • Tenant turnover (students graduate)
- • Seasonal vacancy (summer = harder to rent)
- • Maintenance (college students = wear and tear)
- • 25% down payment requirement ($87,500 on $350K)
Harrisonburg Buying Process
Step 1: Get Pre-Approved (Weeks 1-2)
Why pre-approval matters: 84/100 competitiveness = multiple offers likely, Sellers prioritize pre-approved buyers, 14-day pending timeline = fast decisions required
JMU employees: Tell lender upfront - tenure-track status, years at JMU, salary schedule helps approval.
Step 2: House Hunt (Weeks 3-8)
Harrisonburg-specific timing:
- • Best time: May-July (end of academic year, more inventory)
- • Good time: December-January (slower market, less competition)
- • Avoid: August (JMU students returning, competition peaks)
Step 3: Make Offer (Week 9-10)
Competitive market strategies:
- • Pre-approval letter (not just pre-qualification)
- • Earnest money: $3,000-$7,000 (shows commitment)
- • Closing timeline: 30-40 days
- • Minimal contingencies (but keep inspection!)
- • Personal letter (especially in Old Town)
Price strategy: 99.9% sale-to-list = homes sell at asking, 31.2% go OVER asking, Expect to pay full price minimum, If multiple offers, go $5,000-$15,000 over
Step 4: Inspection & Appraisal (Weeks 11-12)
Common issues: Older homes (pre-1980s): Asbestos, lead paint, outdated electrical, Foundation settling (Shenandoah Valley soil), Moisture/drainage (valley location), HVAC age (replacement $5,000-$12,000)
Inspection cost: $400-$600. Strategy: Don't nickel-and-dime over minor repairs, Focus on big issues, Request credit at closing vs asking seller to fix
Step 5: Final Underwriting (Weeks 13-14)
JMU employee advantage: Easy employment verification (lender calls JMU HR), Stable income = smooth underwriting, Few surprises
Timeline: 7-10 days typically
Step 6: Closing (Week 15-16)
Closing costs ($342K home, conventional 10% down):
- • Lender fees: $1,500-$2,500
- • Appraisal: $600
- • Title search: $300-$500
- • Title insurance: $1,200-$1,800
- • Recording fees: $150-$300
- • Prepaid property tax: $288-$576
- • Prepaid insurance: $140-$280
- • Total: $6,000-$9,000
Plus down payment: $34,218 (10%). Total cash needed: $40,000-$43,000
Common Harrisonburg Mortgage Mistakes
❌ Mistake 1: Underestimating Property Taxes
Problem: Budgeting based on Blacksburg's 0.70% rate
Reality: 1.01% rate = 44% higher taxes. $342K home: $288/month Harrisonburg vs $200/month Blacksburg. $88/month difference = $15,000-$18,000 less buying power
Solution: Use Harrisonburg's actual 1.01% rate in calculations from start.
❌ Mistake 2: Ignoring Student Rental Density
Problem: Buying in high student-rental area without realizing
Reality: Some streets 70-80% student rentals, Party noise, parking issues, turnover, Affects resale value (families avoid)
Solution: Ask realtor: "What % of this street is student rentals?" Visit on Friday/Saturday night (see noise level)
❌ Mistake 3: Overextending on Dual JMU Income
Problem: Two faculty/staff, buy at top of budget ($450K+)
Risk: What if one loses job, doesn't get tenure, takes job elsewhere? Student loan payments (many faculty have $50K-$150K loans), Starting family (daycare costs, income reduction)
Solution: Buy on ONE income if possible (other income = savings, cushion), Or buy at 70-80% of max approval
❌ Mistake 4: Timing Purchase with Academic Calendar
Problem: Needing to close August 1 for fall semester start
Reality: August = highest competition (students, faculty all moving), Limited inventory (everyone buying May-July), Rushed timeline = overpaying, missing issues
Solution: Start process in winter/spring (close May-June), Or wait until December-January (slower, better deals)
❌ Mistake 5: Adjunct Income Documentation Mistakes
Problem: Adjunct applies for mortgage, shows only current semester income
Lender needs: 2-year history of adjunct income (multiple semesters/years). What doesn't work: "I'll definitely get renewed next semester" (lender needs proof, not promises)
Solution: If under 2 years adjunct: Wait, establish pattern. If over 2 years: Provide ALL contracts, payment records (show consistency). Work with FHA lender (more flexible with variable income)
Frequently Asked Questions
Will my JMU employment help me get approved?
Yes, significantly. Institutional employment = stability signal to lenders. JMU has existed since 1908, employs 3,000+ people, endowment-backed = zero bankruptcy risk. Advantages: Tenure-track = 7+ year commitment (lenders see long-term), Easy verification (one call to JMU HR confirms everything), Predictable salary schedules (lender knows you'll get raises), Often excellent credit (educated professionals manage finances well). Best mortgage options: Conventional (you'll qualify easily with 10-20% down).
What if I'm an adjunct with variable income?
FHA loans work best. FHA allows variable income with 2-year history. Lender averages your last 24 months of adjunct income. Example: Year 1: $35,000 (7 classes), Year 2: $40,000 (8 classes), Average: $37,500 (lender uses this for qualification). If you taught at multiple schools: Provide records from all (JMU + EMU + BRCC, etc.). If under 2 years: Wait until 2-year threshold, or get co-borrower (spouse with W-2 income).
Should I buy a student rental property as an investment?
Only if: You have 25% down payment ($87,500 on $350K), You're comfortable being landlord (or hiring property manager), You have emergency fund (cover 2-3 months vacancy), You're planning 5-10+ year hold (appreciation takes time), You're local (self-managing out-of-state = hard). Returns realistic: Cash flow: $0-$200/month (minimal), Appreciation: 6%/year (main profit source), Total return: 10-15%/year (combined) if you hold long-term. Skip if: You need monthly cash flow (won't get much), You're only here 2-3 years (not enough time), You can't handle tenant issues (midnight calls about broken toilet).
What's better: Old Town charm or newer construction?
Depends on your priorities. Old Town ($512K): Historic character, unique architecture, Walkability (downtown 5 minutes), Established trees, gardens, Older systems (HVAC, electrical may need updating), Higher maintenance costs, Limited parking. Best for: Empty nesters, professionals valuing walkability, history lovers, those with maintenance budget. Newer construction (Collicello, outlying): Modern systems (warranty, low maintenance), Energy efficient, More space for the money, Less character, cookie-cutter, Need car for everything, Farther from JMU/downtown. Best for: Young families, those prioritizing low maintenance, car-dependent lifestyles.
How does Harrisonburg compare to Blacksburg for mortgages?
Similarities: Both college towns (JMU vs VT), Both competitive markets (84 vs 66/100), Both faculty/staff driven demand, Both steady appreciation (6-7% vs 8-9%). Differences: Price: Harrisonburg $342K vs Blacksburg $423K (19% cheaper), Property tax: Harrisonburg 1.01% vs Blacksburg 0.70% (44% higher), Competitiveness: Harrisonburg faster (14 days vs 35 days to pending), Prestige: VT = R1 research university, JMU = teaching university (affects salaries). Bottom line: Harrisonburg offers similar college-town stability at lower price, but higher taxes and faster market pace.
Can I get a mortgage if I'm here on JMU work visa?
Yes, with right visa type. Acceptable visas: H-1B (specialty occupation - common for JMU international faculty), O-1 (extraordinary ability - visiting scholars), TN (NAFTA professionals - Canadian/Mexican faculty). Requirements: 3+ years work authorization remaining (or renewable), Valid employment contract with JMU, Proof of continuous U.S. residence intent. Not acceptable: J-1 visa (exchange visitor - temporary by definition), F-1 visa (student - not for faculty, only students). Lenders who work with visa holders: Larger banks (better international experience), Freddie Mac's 'extended visa' program. Best approach: Tell lender upfront 'I'm on H-1B visa' - saves time, gets you to right programs.
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Last updated: December 13, 2025
About Harrisonburg Mortgages: Harrisonburg, Virginia mortgage financing serves a competitive college town market ($342,179 median home value November 2025, 84/100 Redfin competitiveness) dominated by James Madison University employment (23,000 students, 3,000+ employees) with neighborhoods ranging from affordable Northeast Harrisonburg ($256,154) to premium Old Town historic district ($512,744). Property tax rate of 1.01% (higher than Virginia 0.89% average) affects affordability calculations requiring income $85,000-$145,000 across price tiers. Market appreciation averaged 6-7% annually 2020-2025 (36% cumulative growth) driven by JMU institutional permanence, Shenandoah Valley location appeal, and growing cultural diversity (23% Hispanic, 55+ languages spoken). Conventional loans dominate faculty/staff financing with FHA providing 3.5% down access for younger professionals in 60% renter-occupied (40% owner) market where 14-day pending timeline and 99.9% sale-to-list ratio demand strong pre-approvals and competitive offer strategies.
Disclaimer: This guide provides general information about mortgages in Harrisonburg, Virginia as of December 2025. Mortgage rates, loan programs, property values, and market conditions change frequently. Income requirements, debt-to-income calculations, and affordability estimates are examples only and vary based on individual credit, employment, assets, and chosen lender. Property tax rates current as of publication but subject to change. This website generates leads for mortgage lenders and receives compensation for referrals. Always obtain personalized quotes from licensed mortgage lenders and verify all information independently before making financial decisions.