Your first home is a big step, and nobody should have to figure it out alone. We explain every step in plain English, from pre-approval to keys in hand, across Richmond, Henrico, Chesterfield and Hanover.
A pre-approval tells you what you can comfortably spend and makes your offers stronger. It also shows which loan programs fit you.
Before touring homes, Virginia buyers sign a written agreement with their agent that spells out the services and how the agent is paid. We walk you through every line.
We set up a search around your budget, commute and must-haves, then tour homes with you and point out what the listing photos don't show.
We pull recent sales so you know what the home is really worth, then write an offer with the right price, contingencies and timeline.
A home inspection checks the condition of the house, and the lender's appraisal checks the value. Either can lead to renegotiation.
You'll review your closing disclosure, do a final walk-through and sign at the closing table, usually with a settlement attorney or title company.
Plan for more than the down payment. First-time buyers in Virginia usually need money for:
Your lender will give you a Loan Estimate early on so there are no surprises. Need a lender? Our go-to is Jesse Perrone with the Cowart Team at NFM Lending.
Less than many people think. FHA loans allow as little as 3.5% down, some conventional loans allow 3%, and VA and USDA loans can require no down payment for eligible buyers. Virginia Housing also offers down payment assistance for qualifying buyers. A lender can tell you exactly what you qualify for.
Yes. Virginia Housing (formerly VHDA) offers first-time buyer loans, down payment assistance grants and closing cost help, with income and price limits. Virginia also has a First-Time Homebuyer Savings Plan that can lower your state taxes while you save. Some outer parts of the Richmond region also qualify for USDA rural loans.
Agent compensation is negotiable and set out in your buyer agreement. In many Richmond-area sales the seller still pays some or all of the buyer agent's fee, and we can ask for that in your offer. We'll explain your options before you sign anything.
Once your offer is accepted, closing typically takes about 30 to 45 days. The search before that depends on your budget, the area and the market, from a few weeks to a few months.
It depends on the loan. FHA loans can work with lower scores than conventional loans, and Virginia Housing programs have their own minimums. A lender can review your credit and tell you where you stand and what to improve.
Every budget and commute points somewhere different. Read our guides to Richmond City, Henrico County, Chesterfield County and Hanover County, then tell us what matters most and we'll narrow it down together.
This page is general information, not legal, tax or lending advice, and not a guarantee of value, price or timing. Program rules and limits change; confirm current details with the program or a licensed lender. Fair Housing: we welcome all buyers and sellers and do not steer anyone toward or away from any area based on protected characteristics.
Your first conversation is free and no-pressure. Tell us your budget and timeline and we'll map out the next steps with you.
