How much down payment do I need to buy a house in Virginia?

You can buy a home in Virginia with as little as 0% down (VA/USDA), 3% down ($11,850 conventional), or 3.5% down ($13,825 FHA) on the median-priced home of $395,000.

What income do I need to buy a home in Virginia?

To afford the median-priced home in Virginia ($395,000) with a 30-year mortgage at 6.18%, you typically need a household income of approximately $97,733 per year (using the 28% rule). The median income in Virginia is $80,615.

What is the FHA loan limit in Virginia for 2026?

The FHA loan limit in Virginia for 2026 is $726,200. This means first-time buyers using FHA loans can finance up to this amount with just 3.5% down payment.

First-Time Home Buyer Virginia 2026

Q: What first-time home buyer programs are available in Virginia?

Virginia offers 2 major first-time buyer programs including VHDA FHA Plus, VHDA Closing Cost Assistance Grant. These programs provide grants, forgivable loans, and below-market rates to help with down payment and closing costs.

Your complete guide to buying your first home in Virginia. 2+ down payment assistance programs, FHA loans from 5.98%, and step-by-step guidance.

Median Price

$395,000

Min Down (FHA)

$13,825

DPA Programs

Best Rate

5.98%

Check My Virginia Eligibility

What First-Time Buyer Programs Are Available in Virginia?

Virginia offers 2 major first-time home buyer assistance programs. These include VHDA FHA Plus, VHDA Closing Cost Assistance Grant. Programs provide up to 3-5% of loan in down payment assistance through grants, forgivable loans, and below-market interest rates.

How Much Do I Need to Buy in Virginia?

You can buy a home in Virginia with as little as $0 down. VA and USDA loans require zero down payment. FHA loans need just 3.5% ($$13,825), and conventional loans start at 3% ($$11,850) on the median price of $395,000.

Loan Type	Down Payment	$ Amount	Monthly P&I	Min Credit
VA Loan	0%	$0	$2,350	620
USDA Loan	0%	$0	$2,414	640
Conventional 3%	3%	$11,850	$2,342	620
FHA Loan	3.5%	$13,825	$2,280	580
Conventional 20%	20%	$79,000	$1,931	620

Virginia Down Payment Assistance Programs

VHDA FHA Plus

FHA loan with DPA second mortgage

Up to 3-5% of loandeferred

VHDA Closing Cost Assistance Grant

Grant for closing costs

Up to 2% of loangrant

5 Steps to Buy Your First Home in Virginia

To buy your first home in Virginia, start by checking your credit score, getting pre-approved, and researching DPA programs. The entire process typically takes 30-60 days from pre-approval to closing. Here's your step-by-step roadmap.

Check Your Credit & Finances

Review your credit score (aim for 620+), calculate your debt-to-income ratio, and save for closing costs. In Virginia, you may need as little as $13,825 for an FHA down payment.

Get Pre-Approved

Compare rates from at least 3 lenders. Current Virginia rates: 6.18% (30-year), 5.98% (FHA). Pre-approval shows sellers you're serious and locks your rate.

Apply for Virginia DPA Programs

Virginia has 2+ DPA programs. The VHDA FHA Plus offers up to 3-5% of loan. Apply early—funding can be limited.

House Hunt & Make an Offer

Popular cities in Virginia: Virginia Beach, Norfolk, Chesapeake, Richmond, Arlington. Median price is $395,000 (+5.5% YoY). Work with a local real estate agent who knows the market.

Close on Your New Home

Closing costs in Virginia typically run 2-5% of the purchase price ($11,850-$19,750). Some DPA programs also cover closing costs.

Start Your Virginia Home Buying Journey

Get pre-approved in minutes and see what you qualify for.

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Virginia First-Time Buyer FAQ

What first-time home buyer programs are available in Virginia?

Virginia offers 2 major programs: VHDA FHA Plus, VHDA Closing Cost Assistance Grant. These provide grants, forgivable loans, and below-market rates for down payment and closing cost assistance.