Richmond VA · First-Time Buyers
Your first Richmond house, start to keys.
Nobody hands you the order of operations. Here it is: what happens when, what it costs at each step, where Virginia does it differently, and the four places first-time buyers in this market actually lose money.
Reviewed 2026-09-06 · By Miles Agee, Realtor®
Before You Look
Pre-approval is not pre-qualification
A pre-qualification is a lender's opinion after you told them your numbers. A pre-approval is a lender's decision after they pulled your credit and looked at documents. In a market where a good listing can draw several offers, a listing agent reads one of those as a real buyer and the other as a maybe.
Get the pre-approval before the first showing, not after you fall for a house. The two weeks you spend on it are two weeks you are not competing.
The Money
What you actually need in cash
Down payment is the number everyone talks about. It is not the only one, and for most first-time buyers it is not the one that breaks the deal.
- Earnest money deposit, delivered days after ratification, typically about one percent of the purchase price. It is credited to you at closing, and it is genuinely at risk if you walk outside your contingencies.
- Home inspection, paid out of pocket at the time of inspection, generally in the several hundred dollar range depending on square footage and add-ons like radon or sewer scope.
- Appraisal, ordered by the lender and usually paid up front.
- Closing costs, which in Virginia include lender fees, title insurance, recordation, and prepaid taxes and insurance. Ask your lender for a Loan Estimate early, because that document is standardized and comparable across lenders.
Virginia Specifics
Three things that work differently here
Virginia is an attorney-optional, title-company-normal closing state, and most Richmond closings settle at a title company rather than a lawyer's office.
Virginia is a caveat emptor state on residential resale. The seller is not obligated to volunteer defects the way sellers in some states are. That puts real weight on your inspection and on what you negotiate after it.
Virginia Housing runs first-time buyer loan programs and down payment assistance, and the eligibility rules and assistance amounts change. Check the current terms directly at virginiahousing.com rather than trusting a number in an article, including this one.
The Offer
Price is one of six terms
First-time buyers argue about price and then lose to an offer that was not higher. What moves a seller is usually the whole shape of the deal: the closing date against their next move, the size of the earnest money, whether financing is conventional or government-backed, how long the inspection window runs, and whether there is an appraisal gap.
An appraisal gap clause says you will cover some amount of the difference if the home appraises below contract. It is a real risk and it is real cash. Understand the number before you sign it, not while your agent is on the phone with the listing side.
Where It Goes Wrong
The four expensive mistakes
- Buying the house instead of the block. Finishes are replaceable. The street is permanent, and in Richmond the difference between two blocks a hundred feet apart is real.
- Skipping or rushing the inspection to win. In a caveat emptor state that is the most expensive way to save money.
- Opening a credit line between ratification and closing. New debt can move your debt-to-income ratio and kill an approval days before settlement.
- Ignoring the locality. Richmond City at $1.20 per $100 assessed versus Henrico at $0.83 is about $139 a month on a $450,000 assessment. That is payment capacity you could have spent on the house.
The Sequence
How to buy your first home in Richmond, Virginia
The order matters more than the speed. Each step gates the next one, and doing them out of sequence is what creates the scramble.
- 01
Get pre-approved
Pick a lender, submit documents, and get a written pre-approval with a credit pull behind it. Ask for a Loan Estimate so you can compare lenders on standardized numbers.
- 02
Pick the zone before the house
Decide which part of the metro fits your commute, your budget, and your tax tolerance. Drive it at the hour you would actually be driving it.
- 03
Tour with a buyer agent
Sign a buyer representation agreement and understand how your agent is compensated. Since 2024, buyer agent compensation is negotiated in writing up front rather than assumed from the listing.
- 04
Write the offer
Negotiate price alongside closing date, earnest money, financing type, inspection window, and any appraisal gap. Know your walk-away number before you submit.
- 05
Ratify and deliver earnest money
Once both sides sign, deliver the earnest money deposit within the contract deadline. Missing that deadline is a default.
- 06
Inspect and negotiate repairs
Order the general inspection immediately and add radon or sewer scope where the age and location warrant it. Negotiate inside the contingency window, not after it closes.
- 07
Clear the appraisal and underwriting
The lender orders the appraisal. Answer underwriting requests same day, and open no new credit lines until after settlement.
- 08
Final walkthrough and settlement
Walk the home shortly before closing to confirm condition and agreed repairs, then settle at the title company. Bring a government ID and wired funds arranged directly with the settlement agent by phone.
Common Questions
Questions people actually ask
How much do I need for a down payment in Richmond, VA?
It depends entirely on the loan. Conventional loans can go as low as three percent for qualified first-time buyers, FHA is 3.5 percent, and VA and USDA loans can require nothing down for eligible borrowers. Virginia Housing also runs first-time buyer programs with down payment assistance. Terms change, so confirm current eligibility at virginiahousing.com and with your lender rather than relying on a published figure.
How much is earnest money in Virginia?
It is negotiated, not fixed, and around one percent of the purchase price is common in the Richmond market. It is credited back to you at closing. It is genuinely at risk if you terminate outside your contract contingencies, which is why the inspection and financing windows matter.
Does Virginia require an attorney at closing?
No. Virginia permits closings to be conducted by licensed settlement agents, and most Richmond area residential closings settle at a title company. You can retain an attorney if you want one.
Is Virginia a caveat emptor state?
Yes for residential resale. Sellers are generally not obligated to disclose known defects the way sellers in disclosure states are, and Virginia uses a residential property disclosure statement that puts the duty of inquiry on the buyer. Practically, that raises the stakes on your home inspection.
How long does it take to buy a house in Richmond?
From ratified contract to closing, 30 to 45 days is typical for a financed purchase, and cash can close faster. The part that varies most is the search itself, which can run anywhere from one weekend to many months depending on price point and how specific your requirements are.
Who pays the buyer's agent in Virginia?
It is negotiated. Since the 2024 changes to how agent compensation is handled, buyers sign a written buyer representation agreement stating what their agent is paid, and whether the seller contributes toward that is a term of the deal rather than an assumption. Commissions are not set by law and are always negotiable.
Keep Reading
The rest of the shelf
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Take the seven-question zone quiz to narrow eighteen zones to three, or text Miles and walk through your specific numbers before you talk to a lender.
This guide is general information, not legal, tax, or lending advice. Tax rates, loan program terms, and market figures are current as of 2026-09-06 and change regularly. Verify locality tax rates with the assessor, loan terms with your lender and virginiahousing.com, and market data with current MLS records before making decisions. School information should be verified through Niche, GreatSchools, or the official school district. Real estate commissions are negotiable and are not set by law. Miles Agee is a licensed Virginia Realtor, license 0225249973, on the OneSouth Realty team at Samson Properties. MAMS does not steer clients by race, color, religion, sex, familial status, national origin, disability, or any other protected class.