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First-time home buyer programs in Great Falls, VA

Quick answer

First-time buyers in Great Falls, VA can use 3%-down conventional loans (up to the $1,249,125 Fairfax County conforming limit), 3.5%-down FHA, or VA and USDA where eligible. On the $1,342,400 median home, 3% down is about $40,272 and the estimated payment is $10,325/month at 7.18%.

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

Median household income: $250,001; value-to-income ratio 5.37. Great Falls ranks 1 by home value and 93 by population among 129 places in our VA dataset.

What does a first-time buyer loan cost on a typical Great Falls home?

ItemGreat Falls
Median home value (Census ACS)$1,342,400
Virginia median home value$360,700
Down payment (3%)$40,272
Loan amount$1,302,128
Estimated monthly payment (PITI + MI)$10,325
Income needed (28% / 36%)$443,000 / $345,000
Fairfax County 2026 conforming limit (1 unit)$1,249,125
Max purchase price at the limit$1,287,000

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

Payment includes Virginia's 0.74% effective property tax rate (Census ACS), $1,537/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in Great Falls?

Great Falls is in Fairfax County. Conventional 3%-down loans go up to the $1,249,125 conforming limit (price ≈ $1,287,000); FHA loans go up to $1,249,125.

The Great Falls median home value of $1,342,400 is 272% above the Virginia median, and above what the county limit supports.

Which down payment assistance programs can Great Falls buyers use?

No applicable programs have been verified for this city yet. Check the state housing finance agency for current assistance.

First-time buyer loans in nearby cities

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First-time buyer loan FAQs for Great Falls

On the $1,342,400 median: 3% conventional ≈ $40,272, 3.5% FHA ≈ $46,984, and 0% for eligible VA or USDA buyers. Conventional loans above $1,249,125 in Fairfax County become jumbo loans.

At the $1,342,400 median value (above the Virginia median of $360,700), the estimated payment of $10,325/month at 7.18% needs about $443,000 a year under the 28% housing guideline, or $345,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 0 statewide programs are verified for this city (0 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

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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.