Virginia Home Buying Guide: What You Need to Know

If you’re eyeing a house in Virginia, you’re not alone – the state’s mix of suburbs, cities and coastline draws a lot of buyers. The good news? Virginia offers several programs that can make that first mortgage less scary. Below you’ll find the most useful info to get you moving forward fast.

Down payment assistance that actually works

Virginia’s down‑payment assistance (DPA) programs come in three flavors: grants, forgivable loans, and low‑interest loans. Grants don’t have to be paid back, but they usually require you to stay in the home for a set period, often five years. Forgivable loans work the same way; if you sell or refinance before the forgiveness deadline, you’ll have to repay the amount. Low‑interest loans charge a tiny interest rate and are repaid over time.

To qualify, you generally need a steady income, a credit score above 620, and the home must be your primary residence. The state’s Virginia Housing Development Authority (VHDA) runs most of the big programs, and they often team up with local governments. Check the VHDA website for the latest eligibility tables – they update them every year.

Choosing the right estate agent in Virginia

A good agent can cut your search time in half. Start by asking friends or family in Virginia for referrals, then interview at least three agents. Good questions include: How many homes have you sold in my target area? What’s your fee structure? Do you work with buyers, sellers, or both?

Watch out for red flags like agents who can’t give you recent sales data or who push you toward a property without explaining why. A transparent agent will walk you through comparable sales (comps) and explain how they calculate a fair offer.

When you find someone you trust, ask them to help you navigate DPA applications. Many agents have contacts at local housing offices and can speed up paperwork.

Beyond the agent, get comfortable with Virginia’s mortgage landscape. Fixed‑rate loans dominate, especially for first‑time buyers, but adjustable‑rate mortgages (ARMs) can be cheaper upfront if you plan to move within a few years. Aim for a loan‑to‑value (LTV) ratio under 80% to avoid private mortgage insurance (PMI), which adds to monthly costs.

If your credit score is under 700, consider a credit‑building plan before you apply. Paying down credit cards, fixing errors on your report, and keeping old accounts open can bump your score by 30‑50 points in a few months.

Shared ownership is another route if you can’t afford a full‑price home right away. In Virginia, shared‑ownership schemes let you buy a share (often 25‑75%) and pay rent on the rest. You own part of the property, get equity, and can buy more shares later. Just remember the rent part can rise, and you’ll need the landlord’s permission for major changes.

Finally, budget for closing costs. In Virginia, they typically run 2‑5% of the purchase price and include taxes, title insurance, and attorney fees. Set aside a separate savings bucket so the numbers don’t surprise you on closing day.

By understanding DPA options, picking a solid agent, and keeping an eye on credit and costs, you’ll be ready to make a smart move in Virginia’s housing market. Ready to start the search? Grab a notepad, list your must‑haves, and dive into the listings – your new home is waiting.