There’s no single “ideal” Virginia home.
After helping buyers across Virginia, we’ve learned the right home looks different for everyone. A quiet street outside Richmond, the water in Virginia Beach, mountains near Roanoke and a manageable commute into Washington, DC.
Virginia gives you choices. But choosing the right home takes more than finding the right home listing. We’ve seen buyers overlook property taxes, insurance, HOA (Homeowners Association) dues, commute times, and financing, only to discover that two similarly priced homes can have very different costs.
We’ve spent years helping buyers work through those decisions. So rather than give you another generic list of reasons to move to Virginia, this guide focuses on what actually matters when you’re preparing to buy.
We’re DMV Residential Financing, LLC, a mortgage company based in Chantilly and licensed in Virginia, Maryland, Florida, and Texas. We’ve closed more than 5,000 loans and work with buyers whose income doesn’t always fit neatly into a traditional mortgage, including business owners, self-employed borrowers, and buyers using bank statements, savings and investments, or VA financing.
Virginia is the home for us. Our office is in Chantilly, and many of the buyers we help are right here in the DMV. We’ve seen the excitement, the questions, and the surprises that come with buying here. So let’s walk through what you should know before you start looking.
How Buying a House in Virginia Actually Works
Buying a home in Virginia is pretty straightforward, but doing things in the right order can make a big difference. This is especially true in Northern Virginia, where good homes can sell very quickly. In some areas, there may only be a few weeks of available homes on the market, and a home can go off the market in less than three weeks.
That means it helps to be prepared before you start looking. Know your budget, get your financing ready, and understand what you want in a home. When the right property comes up, being ready to act quickly can give you a much better chance of getting it.
Complete Your Homebuyer Education Early
If your loan program requires homebuyer education, completing the course early can help you stay prepared and avoid delays later in the process. Ask your loan officer which course requirements apply to your loan.
Get Pre-Approved Before You Start Looking
In a competitive Virginia market, getting pre-approved should be one of your first steps. It shows sellers and real estate agents that you’re serious and financially ready to buy.
We aim to complete pre-approvals within 24 hours, so you can start house hunting with more confidence and move quickly when you find the right home.
When you’re ready, you can start with our pre-approval application.
Find an Agent Who Knows Your Specific Market
Virginia isn’t one housing market. An agent who knows Loudoun County daily may not know Hampton Roads. Ask how many homes they’ve closed in your target zip code this year, not just how long they’ve been licensed.
Know What You Can Really Afford
The mortgage payment is only part of the cost of owning a home. Taxes, insurance, and HOA dues can change your monthly budget, so we factor those in early and help you understand the full picture before you make an offer.
Closing Day
Once your file is complete, we work toward a 15-day closing timeline, faster than the 30- to 45-day window many lenders quote. Your closing attorney or title agent walks you through the numbers, you sign, and the keys are yours.
What Makes Virginia a Great Place to Buy a Home
Virginia attracts buyers from all over the country due to its economic diversity, top-rated schools, and regional variety.
Choose the Lifestyle That Works for You
One of the nice things about Virginia is the variety. You can be near the water, close to the mountains, around city life, or somewhere much quieter. There is no single Virginia lifestyle.
An Economy That Doesn’t Rely on One Industry
Virginia’s economy doesn’t lean on a single industry, so it remains more stable during economic downturns. Northern Virginia is a major hub for technology and federal employment, Richmond has a growing finance and healthcare scene, and Hampton Roads carries one of the largest military and shipbuilding presences in the country.
Schools, Families Actually Move For
That same stability shows up in the schools. Niche’s 2026 ratings give Falls Church City Public Schools an A+ and Arlington, Loudoun County, and Fairfax County Public Schools an A, putting all four among Virginia’s highly rated school districts.
Virginia Can Be Friendly to Retirees
If you are thinking about retiring in Virginia, the tax side is worth looking at. The state does not tax Social Security, and some people 65 and older may qualify for extra deductions. Military retirees may get a break too, and some counties offer property tax relief for seniors.
Virginia Is Not One Housing Market
There is no single best place to buy in Virginia. What works for you depends on things like your commute, budget, schools, and the kind of neighborhood you want.
Best Fit for Affordability: Richmond
Richmond is significantly cheaper than Northern Virginia, with a Redfin-reported median sale price of around $414,000 as of May 2026, supported by a growing finance and healthcare sector.
What a House Actually Costs in Virginia Right Now
Median home price across the state: $453,389 as of May 2026. That’s up about 3% from last year, per Redfin. But that number doesn’t tell the whole story, since prices vary significantly by region. Where you’re buying matters much more than the statewide median.
Then there are Virginia’s deed and mortgage recording taxes, charged on both the deed and the mortgage, plus any local taxes added on top depending on the county. The mortgage recording tax can run close to $3.33 per $1,000 borrowed once local rates kick in. There’s also a grantor’s tax, but that one’s on the seller, not you. Northern Virginia transactions also include regional transportation fees, like the WMATA Capital Fee, though those are typically paid by the seller as well. Budget 2-5% of the purchase price for closing costs overall.
Financing Options for Different Buyers
- First-time buyers: Conventional and FHA-insured loans may offer down payments as low as 3% and 3.5%, respectively, while eligible VA borrowers may qualify for 0% down.
- Veterans and service members: VA loans can offer 0% down and no monthly mortgage insurance for eligible borrowers, though most pay a VA funding fee at closing unless exempt. Backed by VA loan and other advantage programs.
- Self-employed buyers: If your tax returns don’t reflect your actual earnings, you can qualify using bank statements, 1099s, or alternative income records instead of traditional pay stubs.
- Investors: Loans based primarily on a property’s rental income can help investors grow a rental portfolio. These are sometimes called DSCR loans.
- Higher-priced homes: Larger home loans, sometimes called jumbo loans, can help buyers purchasing homes above standard loan limits.
Which Program Fits You
| Program | Best For | Income Documentation | Typical Down Payment |
|---|---|---|---|
| Bank Statement Loan | Self-employed borrowers with strong deposits | 12 months of bank statements | Starting around 10% |
| 1099 Income Loan | Contractors and commissioned employees | 1099s or direct employer verification | Starting around 10% |
| Rental Income (DSCR) Loan | Real estate investors | Property cash flow, not personal income | Starting around 20% |
| VA Loan | Eligible veterans and service members | Standard documentation, VA loan benefits | As low as $0 |
| Conventional or FHA | Buyers with traditional employee income | Pay stubs, W-2s, tax returns | Conventional as low as 3% and FHA 3.5% |
Frequently Asked Questions
How long does it take to buy a house in Virginia?
Once your file is complete, we work toward a 15-day closing timeline, faster than the 30- to 45-day window many lenders quote. The bigger variable is usually how competitive your local market is, not the mortgage process itself.
What credit score do I need to buy a house in Virginia?
Many lenders use minimum scores around 620 for conventional loans and 580 for FHA loans. VA loans don’t have a VA-required minimum credit score, so it comes down to what the individual lender requires. We also offer loan programs that can use bank statements, savings, or investments to document your ability to qualify, rather than a single credit threshold.
Do I need 20% down to buy a house in Virginia?
No. Conventional loans can go as low as 3% down, FHA as low as 3.5%, and VA loans allow $0 down for eligible veterans and service members. Virginia Housing’s Down Payment Assistance Grant can also cover 2% to 2.5% of your purchase price with no repayment required.
What counts as a first-time homebuyer in Virginia?
It’s more generous than it sounds. Many Virginia assistance programs define a first-time homebuyer as someone who hasn’t owned a home in the past three years, not someone who has literally never owned one, though the exact definition is program-specific. If you sold a home more than three years ago, you often still qualify for first-time buyer programs and assistance.
What is the Virginia Housing Down Payment Assistance Grant?
It’s a true grant, not a loan, offered through Virginia Housing to eligible first-time buyers who finance through a Virginia Housing loan. It typically covers 2% to 2.5% of your purchase price and never has to be repaid, though you’ll still need to contribute at least 1% of the purchase price yourself, from your own funds or a gift.
Can I buy a house in Virginia if I’m self-employed?
Yes. We work with bank statement loans, 1099 income programs, and profit-and-loss statement loans, built specifically for self-employed borrowers whose tax returns don’t reflect their full earning power.
Is now a good time to buy a house in Virginia?
Market conditions vary sharply across Virginia. Some Northern Virginia areas remain highly competitive, while buyers in parts of Richmond and Hampton Roads may find more inventory and negotiating room. The better question is whether your income documentation and down payment are ready, since that determines your options more than market timing does.
Ready to Buy a Home in Virginia?
A house in Virginia isn’t priced or financed the same way in Loudoun County as it is in Chesapeake, and the buyers who move fastest get their documentation and financing sorted before they fall for a listing. Traditional employee income usually means a straightforward conventional or FHA path. Income from a business, a rental portfolio, or VA loan benefits still has a program, it’s just not always the first one a big-box lender offers you. Start a 24-hour pre-approval today, or reach our team via our contact form if you’d prefer to talk through your specific situation first. For more state-by-state buyer guides, visit our blog.
Disclaimer
This blog is for informational purposes only. Eligibility for mortgage programs depends on income, credit, property type, and other qualifying factors. Contact DMV Residential Financing for personalized advice.
Get started today – Enquire Here or Apply Now to get pre-approved!