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How to buy a home in Virginia

Quick answer

To buy a home in Virginia, most buyers use an FHA, conventional, VA or USDA loan, often combined with Virginia Housing down payment assistance. With a typical home around $360,700, a 3.5% FHA down payment is about $12,625 and the estimated monthly payment is roughly $2,877 at a 7.18% rate.

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

Home prices in Virginia sit near the middle of the national range, so the loan program you choose — and whether you add down payment assistance — can swing your upfront cash by thousands. With a large, diverse market, prices vary widely between metro areas and smaller towns, so compare city-level options below. A household earning around $111,000 a year could comfortably afford a typical Virginia home under the 31% housing guideline.

What does a home cost in Virginia?

ItemVirginia estimate
Typical home value$360,700
3% down (conventional)$10,821
3.5% down (FHA)$12,625
20% down$72,140
Est. monthly payment (FHA, 3.5% down)$2,877
Household income to afford (31%)$111,000

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

What first-time home buyer programs does Virginia offer?

Virginia Housing is Virginia's housing finance agency. Its programs are offered through approved lenders and usually require homebuyer education plus income and purchase-price limits.

  • 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.

Check current terms at Virginia Housing. Many Virginia cities and counties also run their own down payment assistance.

What are the Virginia loan limits for 2026?

Virginia has 133 counties; 18 are high-cost areas. Here are the official 2026 one-unit limits for its most populous counties (FHFA and HUD):

CountyConformingFHA
Fairfax County$1,249,125$1,249,125
Prince William County$1,249,125$1,249,125
Virginia Beach city$832,750$757,850
Loudoun County$1,249,125$1,249,125
Chesterfield County$832,750$707,250
Henrico County$832,750$707,250
Chesapeake city$832,750$757,850
Arlington County$1,249,125$1,249,125
Norfolk city$832,750$757,850
Richmond city$832,750$707,250
Newport News city$832,750$757,850
Stafford County$1,249,125$1,249,125

See all Virginia county loan limits → VA loans have no limit for borrowers with full entitlement.

How much house can I afford in Virginia?

Use Virginia's own property tax rate and insurance average: $60k, $80k, $100k, $150k salaries, or see FHA requirements in Virginia.

How do property taxes affect buying in Virginia?

Homeowners in Virginia pay a median of $2,686 a year in property taxes — an effective rate of about 0.74% of the median home value, close to the national average (Census ACS). Actual rates vary by county and municipality.

Which loan types are popular in Virginia?

  • Conventional Loan — Not government-backed; as little as 3% down for first-time buyers, PMI removable at 20% equity.
  • FHA Loan — Government-insured; 3.5% down with a 580 credit score and flexible debt-to-income rules.
  • VA Loan — For eligible veterans, service members and surviving spouses: 0% down and no monthly mortgage insurance.
  • USDA Loan — 0% down for moderate-income buyers in eligible rural and suburban areas.
  • Jumbo Loan — For loan amounts above the conforming limit; usually 10–20% down and 700+ credit.
  • First-Time Home Buyer Loans — Low-down-payment loans plus state assistance programs designed for first-time buyers.

Buying a home in Virginia cities

Fairfax County

Centreville — $565,900Reston — $616,000McLean — $1,304,900Burke — $696,800Annandale — $650,100Oakton — $776,700Fair Oaks — $580,500Springfield — $622,200West Falls Church — $658,700Tysons — $640,500Bailey's Crossroads — $398,200Herndon — $568,700Chantilly — $633,900West Springfield — $612,200McNair — $566,900Lorton — $583,900Woodlawn — $309,200Rose Hill — $657,900Merrifield — $637,600Lincolnia — $632,200Franklin Farm — $810,600Franconia — $557,800Hybla Valley — $523,000Idylwood — $708,400Burke Centre — $615,400Kingstowne — $613,300Fort Hunt — $890,400Vienna — $961,100Wolf Trap — $1,153,200Great Falls — $1,342,400Newington — $560,900Groveton — $568,900Kings Park West — $679,700Huntington — $536,200Mount Vernon — $779,800Newington Forest — $586,400Fairfax Station — $863,400Wakefield — $826,100Dranesville — $713,100Lake Barcroft — $848,200Difficult Run — $1,052,600Woodburn — $793,200

Browse every city page →

Virginia home buying FAQs

On a typical Virginia home of about $360,700, a 3.5% FHA down payment is roughly $12,625 and a 3% conventional down payment about $10,821, plus closing costs of 2%–5% of the loan.

Yes. Virginia Housing offers programs including Down Payment Assistance Grant, Virginia Housing Plus. Income, price and credit limits apply.

The 2026 baseline conforming limit for a one-unit home is $832,750 in most Virginia counties; designated high-cost counties can be higher.

FHA limits are set by county. For 2026 they start at $541,287 for one-unit homes in lower-cost areas and rise in higher-cost counties.

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.