Set your budget
A loan approval is a borrowing limit. These three figures set your own budget.
| Budget | What to include |
|---|---|
| Monthly housing | Loan payment, taxes, insurance, mortgage insurance if required, HOA or condo dues, utilities, and routine upkeep. |
| Purchase cash | Down payment, closing costs, and expenses paid before closing. Count the deposit once. |
| Savings after closing | Emergency savings, moving expenses, and money for repairs. |
Supporting detailExample: dividing $90,000 in savings
- You have $90,000 available.
- You set aside $30,000 for emergencies and $8,000 for moving.
- That leaves $52,000 for the purchase, including expenses paid before closing.
- Ask lenders to compare loans that fit both your cash budget and monthly payment.
Illustrative figures only. Ask for estimates for your property and loan.
Financing & representation
Compare lenders on costs, loan terms, and their ability to meet your timeline. Ask about Virginia Housing assistance early; eligibility and approved-lender requirements vary by program.2
Virginia requires a licensee engaged by a buyer to enter into a brokerage agreement before showing that buyer property. Read the services, duration, termination terms, and compensation provisions before signing.1
- Gather the income, asset, and identification documents your lender requests.
- Ask before opening credit, changing jobs, or transferring large sums while your loan is being approved.
Make tours count
Start with what is hard to change: the commute, layout, stairs, and driveway.
- Travel the commute at the time you expect to use it.
- Check parking, storage, natural light, noise, and outdoor space.
- Ask about the age of the roof, heating and cooling equipment, and any history of water intrusion.
For a condo or HOA home, read the resale certificate: the association’s required disclosure package. Look at fees, reserves, planned work, rules, and assessments before the applicable review deadline.5
Decide your offer limits
Agree on your maximum price and the cash you could contribute if the appraisal is below the offer. Also decide which inspection and financing protections you need. These terms affect your risk as much as the price.
| Term | Question to settle |
|---|---|
| Deposit | When is it due, who holds it, and when could you lose it? |
| Inspection | Can you negotiate repairs or cancel, and by what deadline? |
| Appraisal | What happens if the lender’s valuation is below the price? |
| Possession | When can you move in? Is the seller staying after closing? |
From contract to closing
Put inspection, loan, appraisal, association-review, and closing deadlines on one calendar. Schedule inspections promptly so there is time to understand findings and get estimates.
An inspection evaluates the home’s condition. An appraisal estimates value for the lender; it does not replace an inspection. Ask for specialists when the property calls for them.3
Have your settlement professional explain title exceptions and ownership questions. Keep negotiated repairs, credits, and timing changes in signed contract documents.
Prepare for closing
For most mortgages, you must receive the Closing Disclosure at least three business days before closing. Compare it with your Loan Estimate and ask about unexplained changes in the payment, fees, or cash due.4
- Confirm wiring instructions by calling the settlement company at an independently verified number.
- Use the final walk-through to check agreed repairs, included items, and possession arrangements.
- Keep copies of your loan, settlement, inspection, and warranty documents.
Your first year
Live in the home before committing to optional renovations. Start with urgent repairs and routine maintenance, then adjust your budget once you know the actual utility and upkeep costs.
Your next steps
Common questions
Do I need 20 percent down?
Not always. Ask lenders which loans you qualify for and compare the payment, insurance, fees, and cash left after closing.
Should I waive an inspection?
Understand exactly what you would give up before deciding. You may face repairs you cannot see during a tour; the contract determines your rights to inspect, negotiate, or cancel.
How do I choose between a condo and a detached home?
Compare the full monthly cost and the maintenance you would handle yourself. For a condo, include association finances and upcoming building work in that comparison.
Sources and dates
Published June 27, 2026. Source dates are listed below. Confirm transaction-specific requirements with the responsible provider.
View sources (5)
- 1Virginia General AssemblyVirginia Code § 54.1-2132: Licensees engaged by buyers ↗Source checked September 22, 2026
- 2Virginia HousingDown Payment Assistance Grant for Homebuyers ↗Source checked September 22, 2026
- 3Consumer Financial Protection BureauSchedule a home inspection ↗Source checked September 22, 2026
- 4Consumer Financial Protection BureauReview documents before closing ↗Source checked September 22, 2026
- 5Virginia Department of Professional and Occupational RegulationStandardized common-interest-community resale certificate guidance ↗Source checked September 22, 2026