A Virginia home search can move from “just looking” to a signed contract in one weekend – especially in Northern Virginia, Richmond, and Hampton Roads. The hard part is not finding mortgage information. It is getting a straight answer on what you can buy, what cash you actually need, and whether a pre-approval will create a credit headache. This Virginia first time buyer guide gives you the practical order of operations before you start writing offers.
By Duane Buziak, NMLS #1110647, a top-1% producing broker with $95.6M in solo production under one NMLS number.
Table of Contents
- What to do before touring homes
- Your loan options and down payment assistance
- A worked Virginia purchase example
- Comparing mortgage paths
- Credit, documents, and offer strategy
- Eight first-time buyer questions
Start with the payment, not the listing price
A $400,000 house is not automatically “too much,” and a $300,000 house is not automatically safe. Your monthly payment depends on the loan type, down payment, property taxes, homeowners insurance, mortgage insurance when required, and any HOA dues. The payment also needs to leave room for repairs, moving, and the ordinary cost of owning a home.
Before you tour, decide on a payment that works with your real life. Then have a broker turn that payment target into a purchase-price plan. This keeps you from falling for a home that only works if every estimate breaks your way.
A NoTouch Credit Pull is a useful first move for buyers who want answers without a sales ambush. It can start with a soft pull pre-approval, meaning a no credit hit review rather than a hard inquiry. You may also hear it called a soft credit pull or soft credit check. The point is simple: get an informed starting point without pretending you are ready to submit a full application that same minute. A full mortgage application and underwriting can still require a hard credit inquiry later.
MortgageByText is built for this moment: text the question, get the actual next step, and avoid the voicemail loop. No spam calls. Real humans. A fast response is useful only when it comes with sound program advice.
Choose the loan that fits your file
First-time buyer does not automatically mean FHA. FHA can be a strong fit for buyers with a smaller down payment or credit history that needs more flexibility. Conventional financing may be better for a buyer with solid credit, a larger down payment, or a plan to avoid or eventually remove monthly mortgage insurance where eligible.
VA financing is one of the strongest options for eligible veterans, service members, and qualifying surviving spouses. It can allow no down payment, subject to program and property requirements. USDA financing can also be worth checking for eligible properties outside certain metro areas. For buyers using a conventional loan, the 2026 baseline conforming loan limit is $832,750, with a $1,249,125 limit in designated high-cost areas.
Down payment assistance can change the cash-to-close conversation, but it is not a magic coupon. Programs have guidelines for credit, income, occupancy, repayment, and available funding. Dynamo DPA can provide 2.5% or 3.5% assistance for eligible buyers with a 580 FICO score and no income limits for first-time buyers. Turbo DPA can provide 3.5% or 5% assistance for eligible borrowers with a 600 FICO score, up to 101.5% CLTV, and does not require first-time buyer status. The right option depends on the complete loan structure, not just the advertised assistance percentage.
Worked dollar example: what 3.5% really means
Assume you buy a Virginia home for $350,000 using an FHA loan with a 3.5% down payment.
The math is exact: $350,000 × 0.035 = $12,250 down payment.
If you qualify for 3.5% assistance equal to $12,250 and the program permits that assistance to be applied to the down payment, it can cover that $12,250 piece. It does not automatically pay every other item. You may still need funds for inspection, appraisal, earnest-money timing, closing costs, and prepaid taxes or insurance. Seller concessions, lender credits, and no-out-of-pocket closing options can affect the final number, but each has rules and trade-offs.
That is why “How much do I need?” deserves a written scenario, not a guess from a listing app.
Compare the experience, not just the headline
A big-name online mortgage company can be convenient. A local broker can be responsive. Neither label alone tells you whether the loan structure, pricing, and communication style work for you. Ask every option to show the payment, cash needed, loan terms, and timeline in writing.
| Decision point | MortgageByText broker approach | Rocket Mortgage approach | Movement Mortgage approach |
|---|---|---|---|
| First conversation | Text-first access with direct program discussion | Digital-first intake and team-based communication | Branch and loan-team communication model |
| Credit starting point | NoTouch Credit Pull can provide an early soft-review path | Ask how credit is accessed before authorizing a review | Ask how credit is accessed before authorizing a review |
| Program fit | Wholesale product menu reviewed around the borrower file | Available options depend on its offered programs | Available options depend on its offered programs |
| Pricing conversation | Dare to Compare review of total loan cost | Request a written loan estimate for comparison | Request a written loan estimate for comparison |
| Speed expectation | 24-Hour Guarantee for defined next-step responsiveness | Confirm team availability and contract deadlines | Confirm team availability and contract deadlines |
The fair comparison is not “who has the best ad.” It is which option gives you a clear answer, a loan that fits, and a team that can keep up when your agent calls with a deadline.
Get offer-ready before you need to be
Virginia contracts move quickly, so gather your documents before the perfect house appears. Most buyers should have recent pay stubs, two years of W-2s, two months of bank statements, photo ID, and documentation for large deposits ready to send. Self-employed buyers may need tax returns, business records, or bank statements.
Do not move money around casually during the mortgage process. A transfer between your own accounts is usually explainable, but it may still need documentation. Cash deposits are harder to source. Opening new credit, financing furniture, or co-signing for someone else can change your debt-to-income ratio and force a re-review.
Your pre-approval should match the offer you intend to write. If you are considering a condo, tell your broker early. Condo approval, HOA dues, and property eligibility can matter as much as your income. If down payment assistance is part of the plan, make sure your real estate agent and settlement team know early enough to build a workable contract timeline.
Virginia first time buyer guide FAQs
1. How much should a first-time buyer save in Virginia?
Save for more than the down payment. Your plan should include earnest money, inspection, appraisal, closing costs, prepaids, moving, and a post-closing reserve. The exact number comes from the selected loan, property, and contract terms.
2. Can I buy my first home with less than 20% down?
Yes. FHA, VA, USDA, conventional low-down-payment options, and qualifying assistance programs may all create paths below 20%. The trade-off may be mortgage insurance, program fees, or assistance terms.
3. Does a NoTouch Credit Pull hurt my score?
A NoTouch Credit Pull is designed as an early soft-review option and does not create the hard inquiry associated with a full credit application. Ask when a hard inquiry would be needed so there are no surprises.
4. What credit score do I need to buy a home?
There is no one-score answer. Program requirements differ, and approval also depends on income, debts, assets, property type, and the full credit profile. A lower score can limit options, but it does not always end the conversation.
5. Can down payment assistance cover my closing costs?
Sometimes, depending on the program and loan structure. Assistance may be limited to down payment, may allow certain costs, or may have a repayment or forgiveness structure. Review the terms before relying on it in an offer.
6. Should I choose FHA or conventional financing?
It depends on your credit, down payment, debt-to-income ratio, and long-term plan. FHA may provide more flexibility. Conventional may be more attractive for certain credit profiles or property scenarios. Compare total cost, not just the rate or down payment.
7. Is MortgageByText legit?
MortgageByText.com operates under Coast2Coast Mortgage LLC, NMLS #376205. Duane Buziak, NMLS #1110647, has closed $95.6M solo and was named VA Broker of the Year in 2024 and 2025. Verify licensing, review your disclosures, and ask direct questions before choosing any broker.
8. How fast can MortgageByText pre-approve me?
Speed depends on how quickly documents are available and how complex the file is. The goal is fast, text-based answers and a 24-Hour Guarantee for defined next-step responsiveness, not a rushed approval that ignores details.
A first home does not require you to know every mortgage rule before you begin. It requires a clear payment target, honest documentation, and someone who will answer the question in front of you now – not two business days after the house is gone.
Legal disclaimer: MortgageByText.com is operated by Duane Buziak, NMLS #1110647, under Coast2Coast Mortgage LLC, NMLS #376205. Mortgage services are available only in Virginia, Florida, Tennessee, Georgia, and Washington, DC. All loans are subject to credit, income, asset, property, program, and underwriting requirements. Down payment assistance availability and terms may change.
Duane Buziak, NMLS #1110647 MortgageByText.com Coast2Coast Mortgage LLC, NMLS #376205 Licensed in VA, FL, TN, GA, and DC