How to Buy a House in Virginia: Step-by-Step Guide
Follow these 10 steps to navigate the home buying process in Virginia. Note: Virginia requires an attorney at closing.
Check Your Credit Score & Finances
Review your credit report, calculate your debt-to-income ratio, and determine how much you can afford. Most lenders want a credit score of 620+ for conventional loans, or 580+ for FHA loans.
Get Pre-Approved for a Mortgage
Contact multiple lenders to compare rates and get a pre-approval letter. This shows sellers you're a serious buyer and tells you exactly how much you can borrow.
Virginia Note: The current FHA loan limit in Virginia is $472,030.
Find a Real Estate Agent
Work with a licensed Virginia real estate agent who knows your target area. Agents are regulated by the Virginia Real Estate Board.
Search for Homes & Make an Offer
Browse listings in Virginia where the average home price is $416,516. Homes typically stay on market for 30 days. When you find the right one, your agent will help you submit a competitive offer.
Get a Home Inspection
Hire a licensed home inspector to evaluate the property's condition. This typically costs $300-$500 and can save you from expensive surprises.
Secure Your Financing
Finalize your mortgage application, lock in your interest rate, and provide all required documentation to your lender. The lender will order an appraisal.
Get Homeowners Insurance
Shop for homeowners insurance in Virginia. Your lender will require proof of insurance before closing. Compare at least 3-4 quotes.
Review Closing Disclosure
You'll receive a Closing Disclosure at least 3 business days before closing. In Virginia, average closing costs are $16,054 (3.85% of the home price). Review every line carefully.
Close on Your New Home
Virginia requires an attorney to be present at closing. You'll sign all final documents, pay closing costs, and receive the keys to your new home.
Move In & File Your Homestead Exemption
Congratulations! After moving in, file for Virginia's homestead exemption (Up to $25,000 (varies by locality)) to reduce your property taxes.
Virginia Legal Quick Reference
Conveyance
General-warranty or special-warranty deed
Security
Deed of trust
Foreclosure
Non-Judicial
Attorney
Required
Seller Disclosure Requirements
Sellers must provide a disclosure statement that essentially tells buyers they are responsible for inspection. Sellers need not disclose property conditions except for specified issues (septic-system problems, prior meth labs, code violations, military air installations, stormwater facilities). Sellers must not conceal defects; buyers can cancel if disclosures are not delivered before signing.
