Navigating Richmond Mortgage Rates: How Brad Pace and First National Bank Help Buyers & Sellers Win

Navigating today's shifting mortgage rate environment requires strategy, local insight, and the right lending partner. This month, The PACE of Richmond sat down with Brad Pace from First National Bank to discuss where interest rates stand and how buyers and sellers can turn current market dynamics to their advantage.

The Buyer Perspective: Looking Beyond the Headline Rate

When interest rates fluctuate, many buyers hesitate or assume homeownership is out of reach. Brad Pace emphasizes that your rate is only one piece of your overall financing puzzle. The real key to affordability is structuring your loan to minimize out-of-pocket costs at the closing table.

One powerful tool Brad leverages for Richmond buyers is the Virginia Housing First-Time Homebuyer / Plus Second Mortgage (FHOP+) program. Designed to eliminate or significantly reduce traditional down payment barriers, FHOP+ allows qualified buyers to combine a primary mortgage with flexible down payment assistance, or even finance a portion of their closing costs. Brad works directly with prospective buyers to analyze their income eligibility, credit profile, and purchasing power to determine if an FHOP+ loan structure can turn a high-upfront-cost purchase into an accessible monthly investment.

The Seller Perspective: Marketing Your Property for FHOP+ Eligibility

For sellers, interest rates directly impact buyer pool depth. However, homes priced and marketed with buyer financing programs in mind hold a distinct competitive edge. Brad Pace works closely with sellers and our listing agents to identify whether a property fits the guidelines for FHOP+ financing (including property type and sales price thresholds).

When a home qualifies for FHOP+ or down payment assistance, it opens the listing to a large pool of motivated local buyers with the income to afford monthly payments but who want to preserve their liquid cash. Additionally, sellers can strategically offer buyer concessions or temporary interest rate buydowns rather than taking major price cuts, keeping net proceeds high while creating win-win financing scenarios.

Whether you are looking to purchase your first home with minimal down payment or want to position your property to attract the broadest audience of qualified buyers, local expertise makes all the difference. Connect with The PACE of Richmond team today to evaluate your goals, or start browsing available properties on our Richmond Home Search Page.