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First-Time Buyer loans in Virginia

Quick answer

First-time buyers in Virginia can use FHA (3.5% down), conventional 97 (3% down), VA or USDA loans, plus programs from Virginia Housing. On a $360,700 home, 3% down is about $10,821.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsLast updated

First-Time Buyer loan snapshot for Virginia

ItemEstimate
Minimum down payment0%–3.5%
Minimum credit score580–620
Typical VA home value$360,700
3.5% down on typical home$12,625
20% down on typical home$72,140
Avg. effective property tax0.74%/yr (~$224/mo)
Income for typical home (31% rule)$111,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Which Virginia programs pair with First-Time Buyer loans?

  • Down Payment Assistance Grant: A grant (no repayment) toward the down payment for eligible first-time buyers.
  • Virginia Housing Plus: A second mortgage that can cover the down payment alongside a Virginia Housing first loan.

Details and current limits: Virginia Housing.

Compare first-time buyer loan options

LoanMin. downMin. creditMortgage insurance
FHA3.5%5801.75% upfront + annual MIP
Conventional 97 / HomeReady / Home Possible3%620PMI, removable
VA0%Lender-set (~580–620)None (funding fee)
USDA0%~6401% upfront + 0.35% annual

Who counts as a first-time home buyer?

Under HUD and most agency definitions, you're a first-time buyer if you haven't owned a principal residence in the last three years. Single parents and displaced homemakers who only owned with a former spouse may also qualify.

First-Time Buyer loans in Virginia cities

First-Time Buyer in Virginia BeachFirst-Time Buyer in ChesapeakeFirst-Time Buyer in ArlingtonFirst-Time Buyer in NorfolkFirst-Time Buyer in RichmondFirst-Time Buyer in Newport NewsFirst-Time Buyer in AlexandriaFirst-Time Buyer in HamptonFirst-Time Buyer in RoanokeFirst-Time Buyer in PortsmouthFirst-Time Buyer in SuffolkFirst-Time Buyer in LynchburgFirst-Time Buyer in Dale CityFirst-Time Buyer in CentrevilleFirst-Time Buyer in RestonFirst-Time Buyer in HarrisonburgFirst-Time Buyer in McLeanFirst-Time Buyer in LeesburgFirst-Time Buyer in TuckahoeFirst-Time Buyer in CharlottesvilleFirst-Time Buyer in AshburnFirst-Time Buyer in BlacksburgFirst-Time Buyer in Lake RidgeFirst-Time Buyer in WoodbridgeFirst-Time Buyer in BurkeFirst-Time Buyer in ManassasFirst-Time Buyer in DanvilleFirst-Time Buyer in Linton HallFirst-Time Buyer in AnnandaleFirst-Time Buyer in MechanicsvilleFirst-Time Buyer in OaktonFirst-Time Buyer in Fair OaksFirst-Time Buyer in South RidingFirst-Time Buyer in PetersburgFirst-Time Buyer in SterlingFirst-Time Buyer in SpringfieldFirst-Time Buyer in West Falls ChurchFirst-Time Buyer in FredericksburgFirst-Time Buyer in Short PumpFirst-Time Buyer in TysonsFirst-Time Buyer in WinchesterFirst-Time Buyer in Cave SpringFirst-Time Buyer in StauntonFirst-Time Buyer in SalemFirst-Time Buyer in Bailey's CrossroadsFirst-Time Buyer in HerndonFirst-Time Buyer in FairfaxFirst-Time Buyer in BrambletonFirst-Time Buyer in ChantillyFirst-Time Buyer in ChesterFirst-Time Buyer in Cherry HillFirst-Time Buyer in HopewellFirst-Time Buyer in West SpringfieldFirst-Time Buyer in LeesylvaniaFirst-Time Buyer in ChristiansburgFirst-Time Buyer in WaynesboroFirst-Time Buyer in McNairFirst-Time Buyer in MontclairFirst-Time Buyer in LortonFirst-Time Buyer in Woodlawn

Frequently asked questions

Yes. First-Time Buyer loans are available statewide in Virginia through approved lenders, subject to county loan limits where they apply.

Often yes. Virginia Housing and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.

Answer a few questions on Purchase Mortgage Loan and we'll match you with lenders and loan officers in our network who serve Virginia.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.