Virginia First-Time Homebuyer Calculator
First-time homebuyer costs in Virginia: $13,300 FHA down payment, $10,260 closing costs, 0.82% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for Virginia. Includes down payment, closing costs (2.7%), PMI (required below 20% down), property tax (0.82%), and homeowners insurance ($1,550/yr). Note: Virginia requires an attorney at closing. DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
Virginia homebuyer facts: Median price $380,000 | 20% down = $76,000 | FHA 3.5% down = $13,300 | Closing costs ~$10,260 | Property tax 0.82% | Attorney required at closing.
Frequently Asked Questions
How much do I need to buy a house in Virginia?
For Virginia's median home ($380,000): FHA minimum down payment is $13,300 (3.5%), plus $10,260 in closing costs. Total minimum: ~$23,560. With 20% down to avoid PMI: ~$86,260.
What are closing costs in Virginia?
Virginia closing costs average 2.7% of the home price, or about $10,260 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and required attorney fees. Transfer taxes are 0.25%.
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