First-Time Homebuyer Guide: How to Buy Your First Home in Central Virginia

Buying your first home is one of the biggest financial moves you'll make. It doesn't have to be overwhelming. Here's the plan I walk every first-time buyer through, plus the Virginia programs that can cut the cash you need to get in the door.

Step 1: Know your numbers

Start with your credit score and a monthly payment you're comfortable with, not just the maximum a lender will approve. Remember that your payment includes more than principal and interest. Property taxes, homeowners insurance, HOA dues and mortgage insurance all count.

Step 2: Take a homebuyer education class

Virginia Housing offers a free homebuyer class, and it's required for many of its loan and grant programs. Even if it isn't required for you, it's worth a few hours.

Step 3: Get pre-approved

A pre-approval letter tells you your price range and shows sellers you're serious. In a market where good homes still move fast, you want this in hand before you start touring.

Step 4: Ask about down payment assistance

This is where a lot of first-time buyers leave money on the table. Virginia has several programs worth asking your lender about:

• Virginia Housing Down Payment Assistance Grant: generally 2% to 2.5% of the purchase price for qualified first-time buyers. It's a grant, so you don't pay it back.
• Virginia Housing Plus Second Mortgage: a second loan, typically 3% to 5% of the price, that can cover your down payment. It's also available to some buyers who aren't first-timers.
• Virginia DHCD HOMEownership DPA: up to $40,000 as a deferred, forgivable loan for buyers at or below 80% of area median income, handled through local providers.
• Low-down-payment loans: VA, USDA and FHA loans, plus conventional options with as little as 3% down.

Income limits, credit score minimums and amounts vary by program and change often. Confirm current guidelines with a Virginia Housing–approved lender.

Step 5: Tour homes with a buyer's agent

Your agent helps you compare neighborhoods, spot problems and understand what a fair price looks like. For context, the median single-family home in the Richmond area sold for about $460,000 in July, and condos and townhomes sold for about $375,000 (Central Virginia Regional MLS). Townhomes and condos have also been sitting longer, which can give first-time buyers more room to negotiate.

Step 6: Offer, inspect and appraise

Once your offer is accepted, you'll schedule a home inspection and the lender will order an appraisal. Your agent will help you negotiate any repairs the inspection turns up.

Step 7: Close and get your keys

You'll do a final walk-through, sign your documents at closing, and the home is yours.

Resources

• Virginia Housing: Loans and Grants
• Virginia Housing: Homebuyer Resources and Free Class
• Virginia DHCD: Down Payment Assistance Program
• CFPB: Buying a House Tools and Checklists
• Freddie Mac: Weekly Mortgage Rates

Ready to start?

I'm Dustin Olverson, an Army veteran and Branch Owner & Team Leader at eXp Realty-Richmond. My team helps first-time buyers across Central Virginia put a plan together, connect with the right lender and find the right home.

One Dream Realty Group · Brokered by eXp Realty · 804-720-1286
Book a call: https://scheduler.zoom.us/investment-coaching-dustin/-meet-with-dustin-

This article is general information, not financial or lending advice. Not an offer of representation. Equal Housing Opportunity. Licensed in Virginia.