How to buy your first home in Northern VirginiaSix blocks and eight steps, one tap at a time. Updated November 5, 2026.

1. 1

   Your paycheck

   Lenders count your pay before taxes, divided by 12. Two buyers can add both paychecks. Steady pay is the foundation everything else stands on.

2. 2

   Your credit score

   A number from 300 to 850 that shows how you pay bills. FHA loans start at 500 (10% down) and 580 (3.5% down); most lenders want 620 for a conventional loan. Pay on time, keep card balances low, and skip new cards before you buy.^3,4

3. 3

   Debt-to-income

   Your monthly debts plus the new home payment, divided by your monthly pay. 36% is comfortable; 43% is a common FHA line; an automated approval can reach 50%.^4,5

4. 4

   The place

   The median townhouse sold for $647,000 and the median house for $935,000 across Northern Virginia, from $465,000 in the City of Manassas to $1,215,000 in Falls Church for a townhouse.¹

5. 5

   Down payment

   On a $647,000 townhouse: 3% is $19,410, 3.5% is $22,645, 20% is $129,400, one-time. Under 20% down, a conventional loan adds PMI each month. Virginia Housing’s grant can add 2% to 2.5% of the price, never repaid, if you qualify. In Northern Virginia a loan up to $1,249,125 is a regular “conforming” loan; a bigger one is a jumbo loan.^2,7,8,11

6. 6

   Cash to close

   On settlement day you pay the down payment, Virginia’s recordation taxes, title insurance and settlement fees, the first year of insurance and a few months of tax, plus the lender’s fees from your Loan Estimate. All one-time.¹²

7. 7

   Every month

   Loan payment (principal and interest), property tax, insurance, mortgage insurance and HOA dues, each month. The guide uses today’s national average rate, live.^13,14

1. Save and build credit. Pay on time, keep card balances low, save every month.
2. Get pre-approved. A lender checks your pay, credit and debts. Your Loan Estimate comes within 3 business days of applying.⁹
3. Take the free class. Virginia Housing’s homebuyer class is online and free; most grant programs ask for it.¹¹
4. Shop with an agent. Tour homes in your price range and compare them.
5. Make an offer. Your earnest money deposit goes with the offer and counts toward your down payment at settlement.
6. Inspection and appraisal. An inspector checks the home; the lender’s appraiser checks the value.
7. Final approval. Your Closing Disclosure arrives at least 3 business days before closing. Compare it with your Loan Estimate.¹⁰
8. Settlement: get the keys. Sign, pay your cash to close, and the home is yours.

Paying cash? Six stops: save the full price, show proof of funds, shop, offer, inspect (an appraisal is optional), and settle. Cash buyers skip the credit and debt-to-income checks, and still pay Virginia’s taxes, title and settlement. In Northern Virginia, 14.5% of buyers paid cash, 66.6% used a conventional loan, 11.9% a VA loan and 4.4% an FHA loan.¹