First Time Buyer Virginia

Being a first time buyer in Virginia, someone purchasing their first home in the state with no prior ownership. Also known as a first-time homebuyer, it means you’re stepping into a market that’s competitive but full of support programs designed just for you. Virginia doesn’t have a statewide first-time buyer program, but counties like Fairfax, Richmond, and Virginia Beach offer down payment assistance, low-interest loans, and tax credits—often through local housing authorities. You don’t need perfect credit, but you do need to know what lenders look for: steady income, a debt-to-income ratio under 43%, and enough saved for closing costs, which can run 2-5% of the home price.

Many first-time buyers in Virginia think they need 20% down. That’s not true. FHA loans let you put as little as 3.5% down, and VA loans (if you’re a veteran or active service member) can get you in with zero down. The Virginia Housing Development Authority, the state’s main housing finance agency. Also known as VHDA, it offers fixed-rate mortgages with lower rates than conventional loans and free homebuyer education courses you can take online. These aren’t hidden perks—they’re built into the system. You just have to ask. And you should. Because the biggest mistake first-time buyers make isn’t overspending—it’s not asking about help they qualify for. You might be eligible for up to $10,000 in down payment assistance if your income is under $120,000 in most areas. That’s not a myth. That’s VHDA’s HomeBuyer Program.

Virginia’s housing market moves fast, especially in Northern Virginia near DC. Homes often get multiple offers within days. That doesn’t mean you can’t win. It means you need to be ready. Get pre-approved before you start looking. Know your budget. And don’t fall for the trap of buying the biggest house you *can* afford—buy the one you *should* afford. That means leaving room for repairs, property taxes (which average 0.8% of home value here), and unexpected costs. The average home price in Virginia is around $420,000, but you can find solid starter homes under $300,000 in places like Roanoke, Lynchburg, or even parts of Hampton Roads.

You’ll also want to understand the difference between a home inspection and an appraisal. Inspections check for problems—the roof, wiring, plumbing. Appraisals tell the bank the home is worth what you’re paying. Both are required. Don’t skip the inspection. A $500 inspection can save you $10,000 in repairs later. And don’t assume the seller will fix everything. Negotiate wisely. Some sellers will cover closing costs instead of doing repairs. That’s a trade-off you need to understand.

There’s a lot to learn, but you’re not alone. The posts below cover exactly what first-time buyers in Virginia need to know: how much house you can afford on your salary, what credit score you actually need, how to talk to an agent without getting pushed into a bad deal, and what state programs you can use to cut costs. These aren’t theory pieces. They’re real-world guides written for people who are just starting out—like you.