Steps To Buying A House In Virginia May 2026

Use a mortgage calculator to estimate monthly payments. Lenders generally prefer your total monthly debt, including your new mortgage, to be under 36% to 43% of your gross income.

Virginia offers extensive help for first-time buyers through Virginia Housing : steps to buying a house in virginia

Aim for a credit score of at least 620 for conventional loans. FHA loans may allow scores as low as 500 with a higher down payment (10%). Use a mortgage calculator to estimate monthly payments

Offers a 1% interest rate reduction for qualified buyers in specific areas like Alexandria. FHA loans may allow scores as low as

Provides up to 2% to 2.5% of the purchase price.

Pairs a first mortgage with a second one (3–5% of the price) to cover the down payment.

Most state assistance programs require completing a free Virginia Housing homebuyer class . 3. Home Search & Professional Support Virginia home buying checklist: Please help me create one!