The First-Time Homebuyer's Guide to Richmond, VA
- Steve Davis
- Aug 4
- 5 min read
Buying your first home can feel like everyone else got a handbook you never received. This guide is that handbook. Whoever you are and whoever you love, you're welcome here — and by the end of this you'll know exactly how the process works and what your first step looks like.
You're not alone if it feels daunting. Nationally, most first-time buyers say some part of the process felt difficult — and simply understanding how it works is consistently the #1 hurdle. Once you see the steps laid out, it's far more manageable than it looks.
The short version: 7 steps from “maybe someday” to keys in hand · $0 down is possible through some Virginia programs · and every buyer is welcome here, no exceptions.
How much home can I afford?
Probably more than you'd guess — and it rarely comes down to one big paycheck. Lenders weigh your income against your monthly debts, and if you buy with a partner or co-borrower — married or not — their income counts right alongside yours, as long as they're also on the loan. (A roommate's rent can help with the bills, but lenders generally don't count it to qualify you.)
So there's no magic salary you “have to” earn. Buying solo and buying together are both real, common paths to owning. The best next step is a quick, free chat with a lender to see your actual number — and I'm glad to connect you with mine.
How the homebuying process works
1. Get a feel for your budget
Look at what you comfortably earn, owe, and have saved. You don't need perfect credit or a huge down payment to start — just a realistic starting point.
2. Get pre-approved for a loan
Pre-approval is a lender's written estimate of what you can borrow — it makes your offers credible and shows your real price range. Not sure where to start? I have a short list of solid, trusted preferred lenders I recommend, and I'll connect you so this step is simple and pressure-free.
3. Team up with an agent who's in your corner
Your agent guides you through showings, offers, negotiation, and paperwork. As your buyer's agent, I'll explain up front how my compensation works and put it in writing — so there are never any surprises.
4. Tour homes & find “the one”
We'll narrow down what matters most — commute, space, style, budget — and go see places. Richmond has enormous range, from historic rowhomes to new builds.
5. Make an offer
When you find it, we put together an offer — price, timeline, and terms — and negotiate on your behalf. This part moves fast, which is why the earlier steps matter.
6. Inspection, appraisal & loan finalizing
Under contract, you'll have the home professionally inspected, the lender will appraise it, and your loan gets finalized. We review everything together so there are no surprises.
7. Settlement day 🎉
In Virginia, closing happens at “settlement,” handled by a real estate attorney (my preference). You sign, funds transfer, and you get the keys — you're a homeowner.
Down-payment help in Virginia — you may qualify for more than you think
Virginia Housing (the state's housing finance agency) runs programs designed for first-time and lower-down-payment buyers, which can include:
Down-payment assistance grants that don't have to be repaid
Closing-cost assistance
First-time homebuyer loans with flexible terms
A free homebuyer education course (genuinely useful, and required by some programs)
And it's not only the state: many lenders offer their own grants and programs to help with down payment and closing costs, too. It's always worth asking — my preferred lenders can walk you through what you qualify for.
Program terms change, so check current details at VirginiaHousing.com and ask a lender which ones you'd qualify for. “$0 down” options exist through certain loan types and assistance programs, depending on eligibility.
Quick answers to first-timer questions
How much do I really need for a down payment?
Less than most people think. Many loans allow 3–5% down, and some Virginia programs and loan types go as low as 0%. We'll match you to what fits your situation.
What are closing costs?
One-time fees to finalize the purchase — lender, title, and taxes — usually around 2–5% of the price. Some can be negotiated or offset by assistance programs.
Does my credit need to be perfect?
No. There's no magic number, and plenty of buyers qualify with average credit. A lender can tell you exactly where you stand and how to strengthen it.
How long does buying take?
Once you're under contract, closing often takes about 30–60 days. House-hunting itself varies — we'll set a pace that works for you.
Homebuying words, decoded
Pre-approval — A lender's written estimate of what you can borrow.
Earnest money — A good-faith deposit showing a seller you're serious; usually applied to your costs at closing.
Settlement (closing) — In Virginia, a real estate attorney (my preference) finalizes the sale — handling documents and funds. You can also use a settlement/title company - It's totally your choice. (We don't use escrow companies here.)
Contingency — A condition in your offer (like inspection or financing) that lets you back out safely if it isn't met.
Closing costs — One-time fees to finalize the purchase, separate from your down payment.
PMI — Private mortgage insurance, sometimes required with a smaller down payment — often removable later.
You're not doing this alone
When you work with me, you get a whole team behind you: my trusted preferred lenders to get you pre-approved quickly, a real estate attorney to close the sale the Virginia way, and the full backing of River Fox Realty — a respected RVA brokerage with over $1 billion in homes sold. I coordinate all of it, so you don't have to.
A note from Steve
Hi, I'm Steve — a Richmond REALTOR® with River Fox Realty. This city is home for me and my husband, and helping people find their own place in it is the best part of my job. Whatever your situation looks like, we'll build a plan around it. You're welcome here — fully, and without exception.
Want the printable version — plus my LGBTQ+ Relocation Supplement? Grab the free PDF to keep and share. One email, both guides, instantly.
⌂ Equal Housing Opportunity
Steve Davis · River Fox Realty · Licensed Real Estate Agent in the Commonwealth of Virginia. This guide is general information, not lending, legal, or tax advice. Loan and assistance program terms change — confirm current details with a licensed lender and Virginia Housing. All housing services are offered without regard to race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity.
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