First-Time Home Buyer Guide: Hampton Roads, VA (2027)

To buy your first home in Hampton Roads, Virginia in 2027, work through seven steps in order: get your credit and cash ready, get a full pre-approval, pick a loan program (VA, FHA, conventional, USDA, or a Virginia Housing loan with a grant), sign with a buyer's agent, shop with real numbers by city, write an offer, then get through inspection, appraisal, underwriting, and settlement. The main loan programs let you put down 0% to 3.5%, not 20%, and the closing period after your offer is accepted typically lasts 30 to 45 days, according to Freddie Mac. This guide walks through each step with current loan rules, Virginia program limits, and local prices from Norfolk to Williamsburg.

It covers Virginia Beach, Norfolk, Chesapeake, Suffolk, Hampton, Newport News, Portsmouth, Williamsburg, James City County, York County, and Isle of Wight County, including service members and veterans using a VA loan benefit for the first time. For the full list of grants and how to apply, see our Virginia down payment assistance guide.

The biggest first-time buyer mistake in Hampton Roads is not picking the wrong house. It is getting pre-qualified instead of pre-approved, then losing the home you actually wanted.

Step 1: Get your finances ready (3 to 12 months before you buy)

You don't need perfect credit or a large savings account to buy your first home in Virginia, but you do need to know where you stand before a lender pulls your file. This is the cheapest part of the process, and the part most first-time buyers skip.

The credit score reality for first-time home buyers in Virginia

FHA allows a score as low as 580 with 3.5% down (500 to 579 with 10% down). VA sets no minimum score, so lenders set their own, and Fannie Mae dropped its fixed 620 minimum for loans run through its Desktop Underwriter system on November 16, 2025. Published minimums are only the floor. Lenders add their own "overlays" (Virginia Housing, for example, requires 620 for its FHA, VA, and USDA loans and 640 for conventional), and a lower score means a higher rate, which adds up over 30 years.

Free actions that help your score:

• Pull your reports from all three bureaus at AnnualCreditReport.com (free weekly) and dispute anything that isn't yours
• Pay credit card balances down well below each card's limit before the lender pulls credit
• Don't close old credit cards (it shortens your history and raises utilization)
• Don't apply for new credit until after closing

Our complete guide on building credit walks through the specific tactics that move scores before you apply for a mortgage.

How much cash you'll actually need to buy a home in Hampton Roads

Here is the cash picture on a $370,000 home, the median sold price across ten Hampton Roads cities in September 2026 (VaHome analysis of REIN MLS data, September 2026; see our Hampton Roads housing market report):

• Down payment: $0 (VA, or USDA in an eligible area), $11,100 (3% conventional), $12,950 (3.5% FHA), or $74,000 (20% conventional)
• Closing costs: about 2% to 5% of the price ($7,400 to $18,500), often partly offset by seller concessions or a grant
• Earnest money deposit (EMD): an amount you negotiate, held in escrow and credited to you at settlement. See what earnest money is and how it is protected
• Home inspection: paid out of pocket early in the contract; get two or three quotes
• Appraisal fee: charged by the lender and shown on your Loan Estimate (sometimes paid up front, sometimes at closing)
• Cash reserves after closing: at least one to two months of full mortgage payments (PITI) for surprises like a failed water heater

Understanding debt-to-income (DTI), the number lenders care about most

DTI is your total monthly debt payments (including the new mortgage payment) divided by your gross monthly income. Limits depend on the loan: Fannie Mae's automated underwriting allows up to 50%, and FHA and VA approvals also depend on compensating factors and, for VA, residual income. Before talking to a lender, add up your current monthly minimums on car loans, student loans, credit cards, and child support. That's your starting point, and the lower it is, the more home you can comfortably carry.

Step 2: Get pre-approved (not pre-qualified)

"Pre-qualified" usually means a lender ran your numbers without verifying them. "Pre-approved" means they pulled your credit and reviewed your pay stubs, W-2s, bank statements, and tax returns, so your letter carries weight with a seller. When two offers are close, the one with verified financing is usually the safer pick for the seller.

What lenders ask you for

To get fully pre-approved you'll typically provide:

• Government-issued ID and Social Security number
• Most recent two years of W-2s (or 1099s/business returns if self-employed)
• Most recent two years of federal tax returns
• Most recent 30 days of pay stubs
• Most recent two months of bank statements (every page, even blank ones)
• Documentation of any large deposits in those statements
• Certificate of Eligibility (COE) for VA loans; your lender can usually pull this through VA's online system

Comparing lenders the right way

Talk to two or three lenders before picking one. Each must give you a Loan Estimate within three business days of your application. It is the standardized federal form that lets you compare rate, lender fees, points, and cash to close side by side. If you want a Virginia Housing grant, at least one of those lenders must be Virginia Housing-approved, because the grants only work with Virginia Housing first mortgages. Our directory of Hampton Roads mortgage lenders is a starting point.

Step 3: Pick the right loan program for your situation

The right loan depends on your savings, credit, VA eligibility, the address you buy, and how long you plan to stay. These five options cover most first-time buyers in Hampton Roads. For a deeper side-by-side, see our first-time home buyer loan programs comparison.

VA Loan: the first look for eligible service members and veterans

If you're an eligible service member, veteran, or surviving spouse, start with the VA loan. It requires no down payment and no monthly mortgage insurance, and with full entitlement there is no VA loan limit. The one-time funding fee is 2.15% of the loan for first use with less than 5% down (3.3% for later use), and it is the only fee you can finance into the loan. Veterans who receive VA disability compensation are exempt. VA does not cap the seller credits that pay your normal closing costs; it caps seller concessions (such as paying off your debts or prepaying your funding fee) at 4% of the home's reasonable value. Service members typically qualify after 90 continuous days of active duty. Our first-time VA loan buyer guide for Hampton Roads covers the COE, appraisal, and PCS timing in detail.

FHA Loan: the workhorse for buyers with smaller savings or lower credit

The FHA loan requires 3.5% down with a 580+ credit score (10% down with 500 to 579). The trade-off is mortgage insurance: an upfront premium of 1.75% of the loan, usually financed, plus an annual premium of 0.55% for most 30-year loans with less than 5% down. With under 10% down, the annual premium lasts for the life of the loan; with 10% or more down, it ends after 11 years. Many buyers use FHA to get in, then refinance to a conventional loan once they have about 20% equity. The 2026 FHA limit for a one-unit home is $757,850 in every Hampton Roads city (HUD).

Conventional 97: often the better deal when your credit is strong

A conventional loan with 3% down is available to first-time buyers, including through Fannie Mae's HomeReady and Freddie Mac's Home Possible, which have income limits. Private mortgage insurance (PMI) can be cancelled at your request once you reach 80% of the original value and ends automatically at 78%, under the federal Homeowners Protection Act. With strong credit, PMI can cost less than FHA's lifetime premium. The 2026 conforming limit is $832,750 for a one-unit home across Hampton Roads.

USDA Loan: only if the address is in an eligible area

The USDA guaranteed loan is zero down, with a 1.00% upfront fee and 0.35% annual fee for fiscal year 2027. The property must sit in a USDA-eligible area and household income limits apply. Most of the region's cities are not eligible: when we checked sample addresses on USDA's map on October 29, 2026, points in Virginia Beach, Chesapeake, Norfolk, Suffolk, Williamsburg, and York County were in ineligible areas, while points in Isle of Wight County, Gloucester County, Mathews County, and the Toano area of upper James City County were eligible. Always check the exact address on the USDA eligibility map before you fall in love with a house.

Virginia Housing: the state's first-time buyer loans and grants

Virginia Housing (the state housing finance agency) makes its own FHA, VA, USDA, and conventional loans through approved lenders, and pairs them with three kinds of help. Terms below are from Virginia Housing's program guidelines, last revised August 2026:

• Down Payment Assistance (DPA) Grant: up to 2% of the price with a Virginia Housing conventional bond loan or 2.5% with an FHA bond loan. It is a true grant with no repayment. You still put in at least 1% of the price (a gift can count). First-time buyers only, unless you buy in a designated Area of Economic Opportunity.
• Closing Cost Assistance (CCA) Grant: up to 2% of the price toward closing costs, for Virginia Housing VA bond and USDA (Rural Development) bond loans. No repayment.
• Plus Second Mortgage: a 30-year fixed second loan for first-time or repeat buyers with a Virginia Housing FHA or conventional loan. It covers 3.5% (FHA) or 3% (conventional) of the price, rising to 5% or 4.5% with a 680+ credit score so part of your closing costs is covered too. It is a loan with its own monthly payment.
• Mortgage Credit Certificate (MCC): suspended. Virginia Housing stopped issuing new MCCs on May 1, 2023, so don't plan on this tax credit.

The two grants and the Plus Second cannot be combined with each other. For buyers in Hampton Roads, the grant income limits are $97,000 for households of one or two and $113,000 for three or more, with a $575,000 sales price limit; the standard bond loans allow $121,000 and $141,000 (effective August 1, 2026). Many Virginia Housing loans also require its free homebuyer education course; the online version takes about eight hours. Our down payment assistance guide covers eligibility and how to apply, and the official details live on Virginia Housing's homebuyer page.

Local down payment programs in Hampton Roads

Several localities offer HUD-funded HOME money to first-time buyers with household income at or below 80% of the area median. The programs run by the Hampton Roads Planning District Commission (HRPDC) all require approval before you ratify a contract, a Virginia Housing homebuyer education certificate, and a 1% contribution from you. Current terms from the official flyers and program pages:

• Chesapeake ("Call Chesapeake HOME", 2026-2027): up to $25,000 for down payment and closing costs. HRPDC.
• Portsmouth ("Come HOME to Portsmouth", 2026-2027): up to $25,000; household income must fall between 50% and 80% of the area median. HRPDC.
• Isle of Wight County ("Make Isle of Wight HOME", 2026-2027): up to $25,000. HRPDC.
• James City County, York County, Gloucester County, Poquoson, and Williamsburg ("You're HOME Hampton Roads", 2026-2027): 10% of the price up to $14,500. HRPDC.
• Norfolk: the Norfolk Redevelopment and Housing Authority's HOME program offers up to $40,000 to first-time buyers at or below 80% of area median income buying anywhere in Norfolk, and Homeward Norfolk offers up to $40,000 for incomes between 80% and 120% in Ingleside, Monticello Village, and Oakdale Farms.

Program money is limited and amounts are based on need, so contact the program early. We could not confirm a current city-run program on an official page for Virginia Beach, Hampton, Newport News, or Suffolk as of October 29, 2026; ask a Virginia Housing-approved lender what is open when you apply.

Loan Program	Min. Down	Min. Credit Score	Mortgage Insurance	Best For
VA Loan	$0	No VA minimum; lender sets it*	None (one-time funding fee 2.15% first use, can be financed)	Eligible service members, veterans, and surviving spouses
FHA Loan	3.5%	580 (3.5% down) / 500 (10% down)	UFMIP 1.75% + annual MIP (0.55% for most), life of loan with under 10% down	Lower credit, smaller savings, higher debt-to-income
Conventional 97	3%	No fixed DU minimum since Nov. 2025; lender sets it*	PMI, removable at 80% LTV on request, ends automatically at 78%	Strong credit, planning to stay long-term
USDA Loan	$0	Lender sets it*	1.00% upfront + 0.35% annual fee (FY 2027)	Buying in a USDA-eligible area (in our check: Isle of Wight, Gloucester, Mathews, upper James City County)
Virginia Housing	0–3.5% (1% minimum with DPA Grant)	620 (FHA, VA, USDA) / 640 (conventional)	Varies by underlying loan	Virginia buyers within income and price limits (DPA and CCA grants, Plus Second)

*Lenders apply their own minimums ("overlays") above the program rules. FHA MIP figures are for 30-year loans under $726,200 with less than 5% down (HUD Mortgagee Letter 2023-05). UFMIP = Up-Front Mortgage Insurance Premium. MIP = Mortgage Insurance Premium. PMI = Private Mortgage Insurance. LTV = Loan-to-Value ratio. DU = Fannie Mae's Desktop Underwriter. DPA = Down Payment Assistance. CCA = Closing Cost Assistance.

Step 4: Hire a buyer's agent who works for buyers

The listing agent works for the seller. You want your own representation: a buyer's agent whose job is your interests. Virginia law (Va. Code § 54.1-2137) requires a written brokerage agreement before an agent provides brokerage services, and since August 17, 2024, under the national NAR settlement rules, MLS participants working with buyers must have a written agreement with you before touring a home. Read it carefully: know what you're agreeing to pay, how that fee can be covered (for example through a seller credit you negotiate), and what services you're entitled to.

For Hampton Roads specifically, look for a buyer's agent who:

• Is active in the market every month, so their sense of pricing is current
• Knows how to check a Norfolk or Virginia Beach address against FEMA flood maps before you offer
• Has closed VA loans if you're using one; there are appraisal and concession rules that matter
• Will pull comparable sales (recent comps) for you before you write an offer, not after
• Is available by text or phone the same day
• Is a member of REIN MLS (Real Estate Information Network), the regional MLS for Hampton Roads

Step 5: Shop smart in Hampton Roads (city-by-city pricing)

Hampton Roads is not one market. It is a group of cities and counties with different price points, tax rates, flood exposure, and commute times. Which city you buy in changes your monthly payment as much as which loan you pick.

City	Median Sale Price	Median Days on Market	Real Estate Tax Rate (FY 2026-27)	First-Time Buyer Notes
Portsmouth	$289,500	21	$1.24	Lowest median of the eight; highest tax rate. Local HOME grant up to $25,000; verify flood zone before offering
Hampton	$304,900	24	$1.14	Second-lowest median of the eight; waterfront areas need a flood check
Newport News	$309,950	28	$1.18	Mix of older and newer homes; check the school zone for each address
Norfolk	$331,000	21	$1.23	Check FEMA flood zone for any home near tidal water; NRHA grants up to $40,000
Suffolk	$395,000	31	$1.06	Most supply of the eight (4.0 months); some districts add a levy on top of the citywide rate
Chesapeake	$410,000	21	$1.01	2.6 months of supply; Call Chesapeake HOME grant up to $25,000
Williamsburg	$440,000	26	$0.62	Lowest tax rate in the region; HOA and condo fees are common
Virginia Beach	$442,500	17	$0.97	Largest market (502 sales in September 2026) and the fastest; tightest supply at 2.1 months

Median sold price and median days on market are September 2026 closings, VaHome analysis of REIN MLS data (residential sales only). Months of supply = homes for sale on October 29, 2026 ÷ September closings. Tax rates are real estate tax per $100 of assessed value for FY 2026-27 from each city's published rate; confirm on our city property records and tax lookup pages before closing. For more cities and monthly history, see the Hampton Roads market report; for neighborhoods, see our city-by-city neighborhood guide.

Three things first-time buyers under-research and regret later

• Flood zone. Many homes in Norfolk, Virginia Beach, Hampton, and Portsmouth sit in FEMA-mapped flood zones, and lenders require flood insurance there. Virginia's disclosure law puts the research on the buyer: the standard seller disclosure makes no representation about flood zones, though a seller who knows the home is a repetitive flood-loss structure must say so. Pull the address on the FEMA Flood Map Service Center and get an insurance quote before your inspection period ends. Our guide to checking flood zones in Norfolk and Virginia Beach shows how.
• School zone, not school district. All of Virginia Beach is "Virginia Beach City Public Schools," but the assigned elementary, middle, and high school varies by address, and it shows up on the listing detail. Compare zoned schools with the VaHome School Score.
• HOA fees. Common in newer subdivisions and condos across the region, and they can rise over time. Virginia law gives you a right to cancel after you receive the association's resale certificate: within the period your contract sets, or three days if it sets none (Va. Code § 55.1-2312). Read the budget and reserve figures in that certificate before the window closes.

Step 6: Make an offer that gets accepted

Your buyer's agent will pull comparable sales (recent closed prices for similar homes nearby) and walk through what to offer. Check how fast homes are moving in that city first: in September 2026 the median Virginia Beach home sold in 17 days, while Suffolk's took 31 (VaHome analysis of REIN MLS data). Where homes sit longer, you usually have more room to ask for repairs and seller credits.

An offer is more than a number. Sellers also weigh:

• Earnest money deposit (EMD): a larger deposit signals you're serious; it is credited to you at closing
• Financing type and strength: a full pre-approval and a lender the listing agent can reach quickly
• Closing date: matching the seller's preferred timeline carries real weight
• Inspection terms: a shorter inspection period can help in a competitive bid, but don't waive the inspection itself
• Seller concessions: asking for closing cost help is normal and allowed within loan limits (see the FAQ); a large request on top of a low price can sink an offer
• Home sale contingency: first-time buyers usually don't need one, which is itself an advantage over move-up buyers

If you are using an HRPDC HOME grant (Chesapeake, Portsmouth, Isle of Wight, or the Peninsula program), the program must approve you before you ratify a contract. Applying after you are under contract disqualifies you.

Step 7: Inspection, appraisal, and closing

The closing period, from accepted offer to keys, typically lasts 30 to 45 days (Freddie Mac). Your ratified contract sets the exact deadlines. Here is what happens, in order:

First one to two weeks: home inspection

You hire a home inspector who walks the home and produces a written report covering structure, roof, HVAC, electrical, plumbing, water heater, attic, and crawlspace. Attend at least the end of it. You then negotiate repairs, credits, or a price change within the inspection period in your contract. In older Hampton Roads housing, watch for crawlspace moisture, aging electrical panels and wiring, older HVAC systems, and salt-air corrosion near the water.

Within the first few weeks: appraisal

Your lender orders an independent appraisal to confirm the home is worth what you're paying. If it appraises low, you can renegotiate the price, bring the difference in cash, or, if your contract has an appraisal contingency, cancel and get your earnest money back.

Through closing: underwriting

The underwriter verifies every document, and the lender typically re-checks your credit and employment shortly before closing. During underwriting do not: open new credit cards, finance furniture, change jobs, deposit large unexplained sums, or co-sign for anyone. Any of those can blow up your loan in the final week. You will receive your Closing Disclosure at least three business days before closing; compare it with your Loan Estimate.

Closing week: final walk-through and closing

Walk through the home one last time, usually the day of or day before closing, to confirm it is in the agreed condition and negotiated repairs were done; use our final walk-through checklist. In Virginia a settlement agent runs the closing, often a title company or a real estate attorney, and Virginia law gives the buyer the right to choose the settlement agent (Va. Code § 55.1-1007). You sign, your funds and the loan are disbursed, and you get the keys. See our closing costs deep-dive for a line-item breakdown of your settlement statement.

Typical closing-cost line items in Virginia

• Lender fees: origination, underwriting, processing (on the Loan Estimate)
• Discount points: optional; 1 point = 1% of the loan amount to lower your rate
• Appraisal and credit report fees
• Title insurance: owner's policy (protects you, optional) and lender's policy (required)
• Settlement fee: charged by the settlement agent
• Recording fees and recordation taxes: Virginia's state recordation tax is 25 cents per $100 on the deed (Va. Code § 58.1-801), plus local recordation tax and tax on the deed of trust; by custom the buyer pays these, while the seller pays the grantor tax
• Prepaid items: escrow set-up for property taxes and homeowners insurance, plus interest from closing date to month-end
• Homeowners insurance: first year typically paid at closing
• Flood insurance: first year if required
• Loan-specific fees: VA funding fee, FHA upfront MIP, or USDA guarantee fee, usually financed

Rent vs. buy math for Hampton Roads

A simple rule of thumb: if you plan to stay less than three years, renting often wins, because buying and selling costs eat the equity you build. The longer you stay, the more buying tends to pay off, especially with a VA loan that skips the down payment and monthly mortgage insurance.

Build your comparison from the full monthly cost of owning, what lenders call PITI:

• Principal: paying down your loan balance (forced savings)
• Interest: the cost of the money
• Taxes: property taxes, divided into monthly escrow
• Insurance: homeowners and (if required) flood, divided into monthly escrow

Example, using September 2026's $370,000 regional median and Freddie Mac's 7.24% average (week of October 29, 2026) as a stand-in for your actual quote: an FHA loan with 3.5% down and the upfront premium financed runs about $2,476 a month in principal and interest, plus about $164 in monthly MIP. Property tax on a $370,000 assessment adds about $299 a month in Virginia Beach or $379 in Norfolk at FY 2026-27 rates. Add your homeowners insurance quote, any flood insurance and HOA dues, and a maintenance budget (1% of the home's value a year is a common rule of thumb). Compare that total to your rent, remembering that part of every payment builds equity.

Common first-time home buyer mistakes in Hampton Roads

• Touring homes before getting fully pre-approved. You'll either fall for something out of reach or miss the right house because you can't act fast enough.
• Maxing out the pre-approval. Qualifying for $475,000 doesn't mean your budget can comfortably carry that payment plus taxes, insurance, HOA, and maintenance.
• Skipping the inspection on a "great deal." Older homes can hide wiring, crawlspace, roof, and HVAC problems that cost far more than the inspection.
• Ignoring property taxes and flood insurance. At the same price, a Norfolk home carries about 27% more real estate tax than a Virginia Beach home ($1.23 vs. $0.97 per $100), before any flood coverage.
• Signing a contract before applying for a local grant. The HRPDC-run HOME programs require approval before you ratify a contract, so apply first.
• Making credit changes during underwriting. Don't finance furniture, co-sign anything, or apply for a store card until after closing.
• Waiving the appraisal contingency without a backup plan. If you waive it and the home appraises $20,000 low, you owe that gap in cash or risk your earnest money.
• Not shopping lenders. Get two or three Loan Estimates, whoever referred the lender.
• Overlooking total cost of ownership. Lawn care, pest treatment, gutter cleaning, HVAC service, and HOA dues add up fast.

Tax benefits of owning a home in Virginia

Owning can unlock federal tax benefits that renters don't get, but only if you itemize or sell at a gain:

• Mortgage interest deduction: interest on up to $750,000 of acquisition debt is deductible if you itemize (IRS Publication 936)
• State and local tax (SALT) deduction: property taxes plus state income taxes, capped at a combined $40,000 ($20,000 married filing separately) under the 2025 tax law, reduced for higher incomes but not below $10,000 (IRS Topic 503)
• Capital gains exclusion on sale: single filers can exclude up to $250,000 of gain ($500,000 married filing jointly) on a main home you owned and lived in for 2 of the last 5 years
• Mortgage Credit Certificate: not available for new buyers; Virginia Housing suspended the program on May 1, 2023

The 2026 standard deduction is $16,100 for single filers and $32,200 for married couples filing jointly (IRS Rev. Proc. 2025-32); the 2027 amounts had not been published as of October 29, 2026. With a deduction that size, many first-time buyers won't itemize, so talk to a tax professional before counting on a tax break.

First-Time Home Buyer FAQ: Hampton Roads, Virginia

How much money do I really need to buy a house in Hampton Roads?

On a $370,000 home (the September 2026 regional median), an FHA buyer needs $12,950 for the 3.5% down payment plus closing costs of roughly $7,400 to $18,500, part of which the seller can pay. A Virginia Housing DPA Grant on an FHA bond loan could cover up to $9,250 of the down payment if you qualify, leaving at least 1% ($3,700) from you. An eligible VA buyer can put $0 down and negotiate for the seller to pay closing costs. Either way, budget for the inspection, the earnest money deposit (credited back at closing), and one to two months of payments in reserves.

What credit score do I need to buy my first home in Virginia?

FHA allows 580 with 3.5% down. VA has no minimum of its own, and Fannie Mae removed its fixed 620 minimum for automated approvals in November 2025, but individual lenders set their own floors; Virginia Housing requires 620 for FHA, VA, and USDA loans and 640 for conventional. Higher scores get better rates. See our full breakdown of credit score requirements by loan type.

Is the VA loan really worth it if I'm a first-time buyer?

For an eligible borrower, usually yes: no down payment, no monthly mortgage insurance, and seller credits can cover your normal closing costs. The funding fee (2.15% of the loan for first use with less than 5% down) is the main cost, it can be financed, and it is waived for veterans receiving VA disability compensation. Browse VA-loan-friendly homes in Hampton Roads.

How long does it take to buy a home in Hampton Roads?

Plan on a few weeks to a few months of shopping, then a closing period that typically lasts 30 to 45 days after your offer is accepted (Freddie Mac). Credit repair and saving can add months before that, which is why Step 1 starts 3 to 12 months out.

Can the seller really pay my closing costs in Virginia?

Yes, within each loan's limits. On a conventional loan, seller contributions are capped at 3% of the price with less than 10% down, 6% with 10% to 25% down, and 9% with more than 25% down (Fannie Mae). FHA allows up to 6%. VA does not limit seller payment of normal closing costs, and caps additional concessions at 4% of the home's reasonable value. Build the request into your offer.

Should I buy a new build or a resale home?

New construction comes with builder warranties and modern systems, but the base price often excludes upgrades you'll want, and the builder's preferred lender isn't always the best deal. Resale homes offer established neighborhoods and mature trees, but you take on the age of the systems. Match it to your timeline and risk tolerance; our guide to buying new construction in Hampton Roads covers the builder side.

What's the property tax rate in Hampton Roads cities?

For FY 2026-27, real estate tax rates per $100 of assessed value are $0.62 in Williamsburg, $0.97 in Virginia Beach, $1.01 in Chesapeake, $1.06 in Suffolk (some districts add a levy), $1.14 in Hampton, $1.18 in Newport News, $1.23 in Norfolk, and $1.24 in Portsmouth. Rates reset each July 1, so confirm the current rate with the city before you close.

Do I need a real estate attorney in Virginia?

No. Virginia closings are run by a settlement agent, which may be a title company or an attorney, and you have the right to choose it. You can hire your own attorney to review the contract if you want extra eyes, but it's not required.

What is PITI and why does it matter for first-time buyers?

PITI stands for Principal, Interest, Taxes, and Insurance, the four parts of your full monthly mortgage payment. Lenders qualify you on PITI (plus mortgage insurance and HOA dues), not just principal and interest, and your real cost of owning is PITI plus HOA and maintenance. Compare that to your rent, not the principal-and-interest figure on a rate quote.

Can I use a VA loan more than once?

Yes. VA restores your entitlement if you sell the home and pay off the loan, if a qualified veteran assumes the loan and substitutes their entitlement, or, one time only, if you pay off the loan and keep the home. You may also have remaining entitlement for a second VA loan, which can matter on a PCS move.

Sources & further reading

• Virginia Housing: Programs for first-time home buyers (DPA Grant, CCA Grant, Plus Second Mortgage guidelines last revised August 2026; income and sales price limits effective August 1, 2026)
• Virginia Housing: Mortgage Credit Certificate program status
• HRPDC: 2026-2027 Chesapeake HOME program, Portsmouth, Isle of Wight, and James City, York, Gloucester, Poquoson and Williamsburg flyers
• Norfolk Redevelopment and Housing Authority: Homeownership programs
• U.S. Department of Veterans Affairs: VA home loan types and funding fee and closing costs
• HUD: Buying a home (FHA, programs, counseling) and FHA mortgage limits lookup
• HUD Mortgagee Letter 2026-11: alternative credit scores (effective January 1, 2027)
• Fannie Mae Selling Guide: Interested party contributions
• USDA Rural Development: Property eligibility map
• Freddie Mac: Primary Mortgage Market Survey and closing costs guide
• FEMA: Flood Map Service Center
• CFPB: Understanding the Loan Estimate
• AnnualCreditReport.com: Free credit reports from all three bureaus
• IRS Publication 936: Home Mortgage Interest Deduction
• HUD: Find a housing counselor

Figures in this guide are as of October 29, 2026 unless another date is shown. Loan limits, fees, grant amounts, and program rules change; always confirm current details with your lender, the issuing agency, and your buyer's agent before relying on any number.