First-time buyers
Your first purchase, explained before you're asked to decide
You do not need 20% down, and you do not need to guess. Here's what the process really requires in Hampton Roads.
Money
What you'll actually need
- Down payment: conventional programs start around 3%, FHA around 3.5%, and VA can be 0% for eligible service members and veterans
- Closing costs: typically 2–5% of the purchase price, sometimes partly negotiable with the seller
- Earnest money deposit: held in escrow and credited to you at closing
- Inspection and appraisal fees paid during the contract period
- Reserves after closing — moving, immediate repairs and the first few months of ownership
Qualifying
What lenders are looking at
- Stable documented income, including how bonus or BAH income is treated
- Debt-to-income ratio, which student loans and car payments affect more than people expect
- Credit history — score matters, but so do recent late payments and new accounts
- Sourced and seasoned funds; large unexplained deposits create delays
- A full pre-approval, not a soft pre-qualification, before you tour seriously
Avoidable
The mistakes we see most
None of these are about being inexperienced. They're about being unprepared for a specific moment.
Touring before pre-approval
You fall for a house you can't write on, or you delay an offer for three days while financing catches up. In a competitive situation those days decide it.
Budgeting to the maximum approval
The number a lender approves is not the number that leaves you comfortable. We build the search around your monthly payment tolerance, not the ceiling.
Ignoring flood and insurance costs
In Hampton Roads, flood zone and insurance quotes can change affordability meaningfully. We check before you're emotionally committed.
Waiving protections to win
There are smart ways to strengthen an offer and reckless ways. We'll tell you which is which for your risk tolerance.
Opening new credit mid-contract
New furniture financing before closing has killed real deals. Nothing new gets opened until you have keys.
Treating inspection as pass/fail
It's an information tool. The goal is understanding cost and risk, then negotiating from evidence.
No pressure
Ask us a first-time buyer question
You can talk to us long before you're ready to buy. Most of our first-time clients start the conversation six to twelve months out.
Talk to a person
Not sure which move comes first?
Tell us where you are and we will tell you the honest next step — even if that step is waiting.