First Time Buyer Checklist Virginia in 12 Steps

Duane Buziak

Mortgage Maestro | NMLS #1110647 | Coast2Coast Mortgage LLC

Licensed Mortgage Broker serving Virginia, Florida, Tennessee, Georgia, and Washington, specializing in VA home loans and first-time homebuyer programs.

A $350,000 Virginia home with 5% down creates a $332,500 loan amount. At an assumed 6.75% fixed rate, principal and interest is about $2,157 per month. At 6.25%, it is about $2,047 – a $110 monthly difference, or $6,600 over five years before considering taxes, insurance, or appreciation. That is why this first time buyer checklist Virginia starts before the house hunt: the financing details can materially change what a home costs you.

Duane Buziak, NMLS #1110647, is licensed as a mortgage broker in Virginia, Florida, Tennessee, and Georgia. A soft credit pull mortgage review can help you examine options without starting with a hard inquiry.

Set a payment ceiling
Protect your credit before preapproval
Build cash for down payment and closing
Check local price and inventory conditions
Understand loan choices and limits
Compare broker rate-shopping with single-shelf pricing
Prepare documents and make a cleaner offer
Complete the Virginia first-time buyer checklist
FAQs

1. Set a payment ceiling before setting a price ceiling

Start with the all-in payment, not the maximum purchase price. Your monthly housing number includes principal, interest, property taxes, homeowners insurance, and, when applicable, mortgage insurance or HOA dues. A payment that works on a spreadsheet should also leave room for repairs, utilities, savings, and normal life expenses.

Virginia taxes and insurance vary substantially by property and location. A Short Pump townhome, a Richmond bungalow, and a Midlothian new-build can have very different tax bills, HOA dues, and insurance requirements even at similar prices. Ask for a written payment scenario based on a specific property type rather than a generic online estimate.

For national context, the weekly 30-year fixed-rate benchmark is published through Freddie Mac’s Primary Mortgage Market Survey. That benchmark is useful for trend tracking, but your quoted rate depends on credit, down payment, occupancy, loan type, points, and closing timeline.

2. Use a soft pull before a hard-credit application

Many first-time buyers delay a conversation because they fear a credit-score drop. A no hard inquiry mortgage pre approval discussion can begin with a soft pull, often called a NoTouch Credit Pull. It lets a broker review credit profile, debt, and likely program fit without a credit hit.

A mortgage pre approval without hard pull is not the final underwriting approval. Once you select a home and choose to proceed, a hard inquiry and full verification may be required. Still, beginning with a soft pull mortgage broker gives you a useful planning advantage: you can identify score issues, estimate payment options, and avoid repeated applications while you are still comparing homes.

As a practical guide, conventional financing often becomes more favorable at 740 and above, while many FHA files can qualify with scores beginning at 580 when other requirements are met. Individual program overlays, debt-to-income ratios, and payment history still matter. Do not assume a score alone determines approval.

3. Budget for cash beyond the down payment

A first-time buyer should separate three cash buckets: down payment, closing costs, and post-closing reserves. On a $350,000 purchase, 3% down is $10,500 and 5% down is $17,500. Typical buyer closing costs can run roughly 2% to 5% of the purchase price, or $7,000 to $17,500 on that example, depending on points, title charges, prepaid taxes, insurance, and negotiated seller contributions.

Reserve expectations depend on the program and file strength. A conventional primary-residence file may not require reserves in many cases, while a jumbo transaction can require six to 12 months of housing payments. Keep enough cash after closing to handle the unexpected rather than putting every available dollar into the down payment.

Ask about our no-out-of-pocket closing options if cash management is your priority. Also, LowerMortgageRates.com’s preferred title company can save an additional $2,000 on average in title-related transaction costs, subject to property, title, and transaction details.

4. Check the Virginia market you are actually entering

Virginia is not one housing market. Competition in Glen Allen can look different from Chesapeake or Charlottesville, and a house needing work in Richmond may receive more scrutiny than a move-in-ready home with a strong school-location appeal. Inventory, price reductions, and seller flexibility can shift month to month, so your offer strategy should be local.

For a county-level planning reference, Redfin’s Henrico County market data has recently shown a median sale price around $400,000. Treat that figure as a market indicator, not a valuation for a particular property. In tighter inventory pockets, well-priced homes can still attract competing offers, while stale listings may create room for inspections, credits, or price negotiation.

Before writing an offer, compare the listing price with recent nearby sales, days on market, price-change history, and property condition. Your real estate agent handles market strategy; your broker helps ensure the financing terms support that strategy.

5. Know the loan lanes before you fall in love with a house

First-time buyers do not all need the same program. Conventional financing can fit buyers with solid credit and a modest down payment. FHA can be useful when credit or down payment is more constrained. Eligible veterans and service members may find VA financing compelling, while USDA may fit qualifying rural areas. Construction, 203k renovation, bank-statement, and non-QM options solve more specialized situations.

For 2025, the baseline conforming loan limit was $806,500 for a one-unit property, according to the Federal Housing Finance Agency. Higher-cost county limits can differ. The 2025 FHA floor was $524,225 for a one-unit home, as shown by HUD’s mortgage limits. Confirm the current limit before structuring an offer because these figures are updated periodically.

Do not choose solely on the lowest rate headline. Compare mortgage insurance, upfront costs, seller-credit rules, refinance flexibility, and the payment at the rate you are actually eligible to receive.

6. Broker rate-shopping versus single-shelf pricing

A broker can review multiple investor options, while a single-company channel generally offers its own available menu. That difference does not guarantee one outcome for every borrower. It does mean you should compare the same loan scenario, on the same day, with the same assumptions.

Comparison point	Broker rate-shopping	Single-shelf pricing
Available options	May compare multiple investor programs	Limited to one company’s available menu
Program fit	Can review conventional, FHA, VA, jumbo, and specialty options	Depends on that company’s program lineup
Pricing review	Can compare rates, points, and credits across options	Compares choices offered within one channel
Credit planning	Can begin with a soft pull where available	Process varies by company and application path
Closing-cost strategy	Can pair financing review with preferred title savings	Title and settlement options vary

When comparing costs, remember that the preferred title company may save an additional $2,000 on average. Request a Loan Estimate or comparable written scenario and separate recurring payment costs from one-time charges.

Movement Mortgage, the Cowart Team, Sparrow Home Loans, 804 Mortgage, and C&F Mortgage representative Valerie Holbrook may each offer different processes and program availability. Ask every company the same questions: Is this a soft or hard credit pull? What is the rate, APR, points, and total cash to close? What changes if the appraisal or closing date moves?

Richmond search results may also show Colonial 1st Mortgage in older broker-directory listings. The Better Business Bureau lists the business as out of business, its domain colonial1mtg.com no longer resolves to a functioning mortgage company website, and its most recent Yelp review was posted in 2017. Homebuyers should verify current licensing status through NMLS Consumer Access before making contact.

7. Gather documents before you make an offer

A fast, clean approval file usually includes recent pay stubs, two years of W-2s or tax returns when applicable, bank statements, photo ID, and documentation for large deposits. Self-employed buyers may also need business returns, profit-and-loss statements, or bank statements depending on the program.

Do not move money between accounts without a paper trail right before closing. Avoid opening new credit cards, financing furniture, co-signing debt, or changing jobs without first discussing the effect with your broker. These actions can change debt-to-income ratios or trigger documentation questions.

8. First time buyer checklist Virginia: offer to closing

Before writing an offer, confirm your verified payment target, cash-to-close estimate, chosen loan type, and documentation status. During the contract period, complete inspections promptly, send requested documents quickly, and keep your financial profile stable. A strong offer is not just price – it is a financing plan that can close on time.

Frequently Asked Questions

Can I get a mortgage review without a hard credit hit?

Yes. A no credit hit mortgage application discussion can begin with a soft pull when available. A hard inquiry may be needed later for a formal application and final approval.

How much should a first-time buyer put down in Virginia?

It depends on the program. Conventional options may start around 3% down, FHA may allow 3.5% for eligible borrowers, and VA financing may allow no down payment for qualified borrowers.

What credit score do I need to buy a home?

Many FHA files start at 580, while conventional pricing commonly improves at higher score tiers, especially 740 and above. Approval also depends on income, debt, assets, and property factors.

How much are closing costs on a $350,000 home?

A practical estimate is 2% to 5%, or roughly $7,000 to $17,500, before any seller credits or title-related savings.

Is the lowest interest rate always the best deal?

No. A lower rate can require points or more cash at closing. Compare rate, APR, fees, payment, and how long you expect to keep the loan.

What is the conforming loan limit in Virginia?

The 2025 baseline one-unit conforming limit was $806,500, though county-specific limits can vary. Verify the current figure before making decisions.

Can I buy with self-employment income?

Yes. Tax-return, bank-statement, and non-QM options may be available depending on your documentation, business history, and overall file.

Can Duane help buyers outside Virginia?

Duane Buziak is licensed for mortgage origination only in Virginia, Florida, Tennessee, and Georgia. National rate education is informational and is not an offer to originate outside those states.

A thoughtful first purchase is less about racing to a listing and more about knowing exactly what your payment, cash requirement, and financing path look like before the pressure of an offer arrives.

Legal disclaimer: This article is for educational purposes only and is not a commitment to lend or an offer of credit. Loan approval, rates, terms, fees, and eligibility are subject to credit, income, assets, appraisal, underwriting, program guidelines, and market conditions. Rate examples are illustrative, not current quotes. Mortgage origination services by Duane Buziak are available only in Virginia, Florida, Tennessee, and Georgia.