State-wide Virginia · First-time homebuyers

Buying your first home anywhere in Virginia

From Northern Virginia to Hampton Roads, Richmond, the Shenandoah Valley and Southwest Virginia, the steps to a first purchase are similar, but the numbers depend on your locality. This guide explains the main program paths, what changes from one county or independent city to the next, and how to get a licensed loan officer's help.

Talk to a Virginia loan officer

Loan paths first-time buyers often compare

Virginia Housing

The Commonwealth's housing finance agency offers homebuyer loan programs and may offer down payment or closing cost assistance and free homebuyer education. Income, sales price, credit and property limits apply. Virginia Housing homebuyers.

FHA

HUD-insured loans with flexible credit guidelines and a lower minimum down payment than many other options, plus mortgage insurance. FHA loan limits are set by county. HUD: buying a home loans.

VA home loans

For eligible service members, veterans and certain surviving spouses, with entitlement and lender requirements. Relevant across Virginia's large military community. VA home loans.

Conventional

Loans following investor guidelines, with low-down-payment options for qualified buyers and private mortgage insurance that can typically be removed later under applicable rules.

What changes by locality

Virginia is divided into counties and independent cities. A mailing address can name one place while the parcel sits in another, and that determines who assesses and taxes the property.

  • Real estate taxes: rates and assessments are set locally. Get the parcel's current assessment and tax rate before estimating a payment.
  • Loan limits: conforming and FHA limits are published by county or metro area, so the same price can fit different programs in different places.
  • Program limits: Virginia Housing income and sales price limits can vary by area and household size.
  • Other costs: homeowners insurance, flood zones, association dues and local recording costs vary by property.

A practical order of operations

  1. Review your credit, savings and monthly budget, including taxes and insurance, not just principal and interest.
  2. Take a homebuyer education course; some programs require it. CFPB: Owning a Home is a free starting point.
  3. Get pre-approved with a loan officer who can compare Virginia Housing, FHA, VA and conventional estimates.
  4. Compare official Loan Estimates from lenders before choosing.
  5. Confirm the parcel's jurisdiction, taxes, flood zone and inspection results before closing.

Get a text from a licensed Virginia loan officer

Share a few details and we will reach out to talk through programs for your situation. No credit pull, no obligation.

Virginia first-time homebuyer questions

Who is a first-time homebuyer in Virginia?

Definitions vary by program. Many programs treat a buyer who has not owned a principal residence for a set period as first-time, and some programs waive the requirement in certain areas or for certain buyers. Confirm the definition with the program sponsor and your loan officer.

What does Virginia Housing offer homebuyers?

Virginia Housing, the state housing finance agency, offers home loan programs and may offer down payment or closing cost assistance and homebuyer education. Income limits, sales price limits, credit and property rules apply and can change. Review current program details on the Virginia Housing website.

Should I consider FHA, VA or conventional financing?

It depends on your credit, savings, military service eligibility, property and plans. FHA loans are insured by HUD, VA home loans are guaranteed for eligible service members, veterans and certain surviving spouses, and conventional loans follow investor guidelines. A loan officer can compare estimates side by side.

Why does my locality matter if this is a statewide guide?

Virginia has counties and independent cities with their own real estate tax rates, assessments and recording practices, and loan limits and some program limits are set by county or metro area. Your exact property address determines those numbers.

Does this page quote rates or prices?

No. This page does not quote rates, home prices, loan limits or approval. Those depend on the market at the time, your application and lender underwriting.

Sources, assumptions and professional review

Sources

Assumptions

This is general educational guidance. No current home prices, interest rates, loan limits, program availability or approval outcomes are assumed or guaranteed. Program terms change; verify with the program sponsor and your locality.

Professional review

Your inquiry is reviewed by a licensed loan officer. Lender underwriting determines eligibility and terms. This page is not a loan application, commitment to lend, or tax or legal advice. Meet our loan officers.