First-Time Home Buyer Guide for the 757 — Everything You Need to Know

Buying your first home is one of the most exciting — and most overwhelming — experiences of your life. I've been guiding first-time buyers through this process for 25 years, and I hold the ABR (Accredited Buyer's Representative) designation specifically because I believe buyers deserve a dedicated advocate who understands their unique needs.

This guide covers everything you need to know about buying your first home in Hampton Roads.

Step 1 — Understand Your Budget Before You Fall in Love

The biggest mistake first-time buyers make is shopping for homes before they know what they can actually afford. Here is how to establish your real budget:

The Pre-Approval Process - Contact 2–3 lenders and get pre-approved (not just pre-qualified) - Pre-approval requires: pay stubs, W-2s, bank statements, and a credit check - Pre-approval gives you a real number — and makes your offer competitive - **In Hampton Roads, sellers will not take your offer seriously without a pre-approval letter**

What You Can Afford vs. What You Should Spend Lenders will often approve you for more than you should comfortably spend. A good rule of thumb: your total housing payment (mortgage + taxes + insurance) should not exceed 28% of your gross monthly income.

Down Payment Options for First-Time Buyers in Virginia - **VA Loan:** 0% down (for eligible veterans and active duty military) - **USDA Loan:** 0% down (for eligible rural areas — some parts of Suffolk and Isle of Wight qualify) - **FHA Loan:** 3.5% down (minimum 580 credit score) - **Conventional:** 3–5% down (with PMI until 20% equity) - **Virginia Housing (VHDA):** Down payment assistance programs available for first-time buyers

Step 2 — Find the Right Agent (This Is Free for Buyers)

Working with a buyer's agent costs you nothing — the seller pays the commission. But not all buyer's agents are equal. You want someone who:

• Knows the specific neighborhoods you're interested in
• Has experience with your loan type (especially VA loans)
• Will tell you when a home is overpriced or has red flags
• Negotiates aggressively on your behalf
• Is available when you need them — Hampton Roads moves fast

As an ABR-certified agent, I represent buyers exclusively in transactions and I'm committed to your interests, not the seller's.

Step 3 — Know the Hampton Roads Market

Hampton Roads is a unique market shaped by the military, the port, and the waterfront lifestyle. Key things to know:

Pricing by City (2026 Approximate Medians) | City | Median Price | Best Value Areas | |------|-------------|-----------------| | Virginia Beach | $375,000 | Kempsville, Princess Anne | | Norfolk | $290,000 | Larchmont, Ghent, Wards Corner | | Chesapeake | $355,000 | Deep Creek, Western Branch | | Hampton | $245,000 | Buckroe, Phoebus, Fox Hill | | Newport News | $255,000 | Denbigh, Kiln Creek | | Portsmouth | $235,000 | Churchland, Cradock | | Suffolk | $340,000 | Harbour View, Bennetts Creek |

What to Expect in a Competitive Market - Well-priced homes receive offers within 7–14 days - Multiple offer situations are common in the $280,000–$400,000 range - Be prepared to move quickly — I will alert you the moment a home matching your criteria hits the market

Step 4 — The Home Search

Once you're pre-approved and working with me, here's how the search works:

1. Define your must-haves vs. nice-to-haves — be honest about what you truly need 2. Set up automatic alerts — I'll configure the MLS to notify you instantly when matching homes hit the market 3. Tour homes efficiently — I'll schedule showings back-to-back so you can compare in real time 4. Take notes and photos — after seeing 10+ homes, they start to blur together

Step 5 — Making an Offer

When you find the right home, speed matters. Here's what goes into a strong offer:

• **Price** — based on comparable sales, not list price
• **Earnest money** — typically 1% of purchase price; shows you're serious
• **Contingencies** — financing, inspection, and appraisal are standard; I'll advise on which to include
• **Closing date** — flexible closing dates can make your offer more attractive
• **Personal letter** — in some situations, a brief letter to the seller can tip the scales

Step 6 — Under Contract: What Happens Next

Once your offer is accepted:

1. Home inspection (Days 1–10): A licensed inspector examines the home thoroughly. I attend every inspection with my clients. 2. Appraisal (Days 10–20): Your lender orders an appraisal to confirm the home's value. 3. Loan processing (Days 1–30): Your lender verifies all your financial information. 4. Final walkthrough (Day before closing): We confirm the home is in the agreed condition. 5. Closing day: You sign documents, funds are transferred, and you get the keys.

Step 7 — Closing Costs

First-time buyers are often surprised by closing costs. In Virginia, expect to pay:

• **Loan origination fees:** 0.5–1% of loan amount
• **Title insurance:** $800–$1,500
• **Recording fees:** $100–$200
• **Prepaid items:** First year homeowner's insurance, property tax escrow
• **Total:** Typically 2–3% of purchase price

Pro tip: You can negotiate for the seller to pay some or all of your closing costs — especially in a slower market or when the home has been sitting.

Ready to Start Your Home Search?

I'd love to be your guide through this process. First-time buyers are some of my favorite clients — there is nothing quite like handing someone the keys to their first home.

Call or text me at 757-287-5478, email me at [email protected], or fill out the contact form on this site. Let's find your first home together.