First-Time Home Buyer Toolkit for Hampton Roads

Buying your first home in Norfolk, Virginia Beach, Chesapeake, Suffolk, Hampton, or Newport News? This toolkit walks you through the down-payment programs, lender options, and closing-cost help available specifically to Virginia first-time buyers — without the military VA-loan focus you'll see on most local sites.

VHDA: Virginia's first-time buyer down-payment grant

Virginia Housing (formerly VHDA) is the state agency that helps first-time buyers cover down payments and closing costs. Their two flagship programs:

• Down Payment Assistance Grant (DPA) — Up to 2.5% of the purchase price toward your down payment. Doesn't need to be repaid. Income limits apply (typically up to 80–115% of area median income, depending on county and household size).
• Closing Cost Assistance (CCA) Grant — Up to 2% of loan amount, layered on top of DPA. Combined, you can often close on a $300K Hampton Roads home with under $3,000 out of pocket.

FHA loans: 3.5% down with flexible credit

The Federal Housing Administration insures mortgages with as little as 3.5% down and accepts credit scores in the low 580s. For Hampton Roads, the 2026 FHA loan limit is the standard one-unit conforming limit — verify your specific city's limit with HUD before locking. FHA borrowers pay an upfront mortgage insurance premium (1.75% of the loan, financed) plus annual MIP for the life of the loan in most cases.

FHA pairs cleanly with VHDA — the down-payment grant covers your 3.5%, and the closing-cost grant covers most of your fees. That's the combo we see used most often by buyers under $400K in Hampton Roads.

Conventional loans (3% down for first-time buyers)

Fannie Mae's HomeReady and Freddie Mac's Home Possible programs allow 3% down conventional loans for first-time buyers within income limits. Lower mortgage insurance than FHA (and PMI drops off at 20% equity, unlike FHA's lifetime MIP). Better long-term math if your credit is 680+ and you can afford a slightly higher down payment.

Virginia first-time buyer tax credit

Virginia's Mortgage Credit Certificate (MCC) program gives qualifying first-time buyers a federal tax credit equal to 10% of mortgage interest paid each year — capped at $2,000 annually. That's a direct dollar-for-dollar reduction in your federal tax bill, every year, for as long as the loan is in place. Worth $20,000–$50,000 over the life of a 30-year mortgage. Apply through your lender alongside your loan.

What's the realistic path to closing in Hampton Roads?

1. Pull your credit — get a free report at annualcreditreport.com. Anything below 620 needs cleanup before applying.
2. Talk to a Virginia Housing-approved lender — only certain local lenders process VHDA loans. We can refer you.
3. Get pre-approved — a 30-minute call with the lender, then a 1–2 day turnaround on a pre-approval letter you can attach to offers.
4. Tour homes with a buyer's agent — buyer's agents are paid by the seller in most VA transactions. Tom & Dariya represent buyers across Hampton Roads at no out-of-pocket cost to you.
5. Make an offer — competitive offers in Hampton Roads' tight markets often need to come in within 5 days of listing. Pre-approval + buyer's agent makes this fast.
6. Inspection & appraisal — 7–10 days of due diligence after offer accepted.
7. Closing — usually 30–45 days from accepted offer.

More civilian buying tools

• Walkable neighborhoods in Hampton Roads
• Commute times to Hampton Roads major employers
• Investor toolkit — rental property analysis