Understanding Home Financing

For most buyers, financing is one of the most important parts of buying a home. We're not lenders, but we can help you understand the basics and connect you with trusted local loan officers who can give you personalized advice.

Start With Pre-Approval

A pre-approval tells you how much a lender is willing to lend based on your income, credit, and assets. It helps you shop in the right price range and shows sellers you're a serious buyer. We recommend getting pre-approved before you start touring homes.

Common Loan Types

There are several types of home loans, each with different requirements. Common options include:

• Conventional loans – not backed by the government; down payment options vary.
• FHA loans – government-backed loans that can be helpful for some buyers.
• VA loans – available to eligible veterans, service members, and some surviving spouses.
• USDA loans – for eligible properties in qualifying rural areas, which may include parts of the region.

A lender can tell you which programs you may qualify for. You may also ask about down payment assistance programs, such as those offered through Virginia Housing.

Costs Beyond the Down Payment

Plan for closing costs, an earnest money deposit, home inspection, appraisal, homeowners insurance, and property taxes. Your lender will provide a Loan Estimate that lays out expected costs so you can compare options.

Tips for a Smooth Loan Process

• Avoid opening new credit or making big purchases before closing.
• Keep your pay stubs, bank statements, and tax documents handy.
• Respond quickly to lender requests.
• Talk to your lender before changing jobs.

Talk to a Lender

Rates, programs, and requirements change, so a licensed lender is the best source for advice on your situation. We're happy to introduce you to local lenders we trust.

Want a lender recommendation? Contact us and we'll connect you with someone who can help.