State Buyer Guide

First-Time Home Buyer Guide
for Virginia

Down payment assistance, Virginia housing programs, closing cost estimates, and what to know before buying — including from FSBO sellers.

Step 1 — Do This First

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$395,000

Avg Home Price

0.82%

Property Tax Rate

~$9,875

Est. Closing Costs

~0.1–0.5% (grantor tax + state/local)

Transfer Tax

Virginia Housing Finance Agency Programs

The Virginia Housing (VHDA) is your primary source for below-market mortgage rates and down payment assistance in Virginia. Programs are available through approved lenders — not directly through the HFA.

Virginia Housing Loan Combo

Second mortgage covers full 3.5–5% down payment

Combined first/second mortgage that covers the full down payment.

Income limit: $143,000–$190,000 (varies by area)

Learn more at Virginia Housing (VHDA) →

Virginia Housing Down Payment Assistance Grant

Grant up to 2.5% of purchase price — no repayment required

Grant up to 2.5% of purchase price for qualifying first-time buyers.

Income limit: $143,000–$190,000

Learn more at Virginia Housing (VHDA) →

HUD homeownership resources for Virginia →

High Value — $240/funded loan

Credible

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Closing Costs in Virginia

Typical Closing Cost Range

2.5% of purchase price

On a $395,000 home: approximately $9,875

Transfer Tax

~0.1–0.5% (grantor tax + state/local)

Virginia charges a state recordation tax plus a grantor tax ($0.10 per $100) paid by the seller. Total transfer costs for buyers typically run 0.1–0.5% depending on locality.

Attorney at Closing?

Yes — Virginia is an attorney-closing state

Attorney closings are required in Virginia. A licensed Virginia real estate attorney must handle the closing. Budget $700–$1,100.

Key Tips for Buying in Virginia

✓Northern Virginia is one of the most competitive housing markets in the country — the DC suburbs require quick action.
✓Title insurance includes a title exam — budget for both lender's and owner's policies.
✓Military buyers using VA loans are common in many Virginia markets; VA appraisals can be stricter than conventional.
✓Virginia Beach and Richmond offer significantly more affordability than Northern Virginia for first-time buyers.

Home Inspection

HomeAdvisor

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Legal Help for Virginia Buyers

As an attorney-closing state, Virginia requires a licensed real estate attorney to conduct your closing. You'll also want one to review your purchase agreement.

Legal Help for FSBO Buyers

Nolo

Nolo has been the go-to legal resource for DIY buyers since 1971. Their real estate guides explain purchase agreements, contingencies, and closing in language anyone can understand.

Browse Legal Guides →

LegalZoom

Get a real estate attorney to review your purchase agreement or help you draft an offer letter — often for a fraction of traditional legal fees.

Get Legal Help →

US Legal Forms

Download state-specific purchase agreements, addenda, and disclosure forms — written by attorneys, ready to use in your state.

Browse Real Estate Forms →

Frequently Asked Questions

What first-time buyer programs are available in Virginia?

Virginia first-time buyers can access programs through the Virginia Housing (VHDA) (https://www.virginiahousing.com/), including the Virginia Housing Loan Combo (Second mortgage covers full 3.5–5% down payment) and the Virginia Housing Down Payment Assistance Grant (Grant up to 2.5% of purchase price — no repayment required). Federal programs like FHA loans (3.5% down) and USDA loans (0% down in eligible areas) are also available.

What are typical closing costs in Virginia?

Closing costs in Virginia typically run 2.5% of the purchase price. Transfer tax: ~0.1–0.5% (grantor tax + state/local). Virginia charges a state recordation tax plus a grantor tax ($0.10 per $100) paid by the seller. Total transfer costs for buyers typically run 0.1–0.5% depending on locality.

Do I need an attorney to buy a home in Virginia?