Buying your first home should feel exciting, not overwhelming.
I remember how big this moment felt — and I know how many questions come with it. As an MRP-certified agent and military family member, I have guided first-time buyers through every step of the process, from pre-approval to handing over the keys. My approach is patient, educational, and focused on making sure you feel confident and informed at every turn. No question is too small, and no detail gets overlooked.
What are the steps to buying your first home?
The home buying process has a lot of moving parts, but it does not have to feel chaotic. Here is exactly what to expect, step by step, so you always know what comes next.
Get Pre-Approved
This is your starting point. A pre-approval letter tells you exactly how much a lender is willing to loan you based on your income, credit, and debts. It also shows sellers that you are a serious, qualified buyer — which matters in a competitive market. I can connect you with trusted local lenders who work with first-time buyer programs and VA loans, so you get the best rate and terms for your situation.
Find Your Agent
Having a dedicated buyer's agent means someone is in your corner from day one. Your agent negotiates on your behalf, spots potential issues before they become expensive problems, and guides you through contracts and deadlines. As a first-time buyer, having that knowledgeable advocate beside you makes all the difference — and there is no cost to you since the seller typically covers the buyer-agent commission.
Start Touring Homes
Once we know your budget and priorities, I will set up tours of homes that match. When you are walking through a property, look beyond the cosmetics — pay attention to the layout, natural light, storage space, the condition of the roof and HVAC, and how the home feels in context with the neighborhood. I will help you see past staging and spot both the positives and the things that might need attention down the road.
Make an Offer
When you find the right home, we will craft a competitive offer based on current market data, comparable sales, and the specific circumstances of the listing. Your offer will include earnest money (typically 1% to 3% of the purchase price in Virginia), key contingencies that protect you — financing, inspection, and appraisal — and terms that reflect your timeline. I handle the negotiation and counteroffers so you can focus on the excitement of moving forward.
Home Inspection
A licensed inspector will examine the home's structure, electrical, plumbing, HVAC, roof, and other systems — typically costing $350 to $600 depending on the size of the home. The inspection usually takes two to four hours, and I encourage you to attend so you can ask questions and see the home through a professional's eyes. If issues come up, I will help you negotiate repairs or credits before you move to the next step.
Appraisal
Your lender orders the appraisal to confirm the home's market value supports the loan amount. An independent appraiser visits the property and compares it to recent sales of similar homes in the area. This protects you from overpaying and protects the lender from loaning more than the home is worth. If the appraisal comes in low, we have options — including renegotiating the price, making up the difference, or walking away if you have an appraisal contingency.
Closing Day
This is the day you have been working toward. Bring a government-issued photo ID and be prepared to sign a stack of documents — it usually takes about an hour. Your closing agent will walk you through everything. You will wire your down payment and closing costs (or bring a cashier's check if required), and once the documents are recorded, you get the keys. I will be right there with you to make sure everything goes smoothly.
Have questions about the process? I would love to help. Call me at 804-803-1080 or visit ShannonsHomeList.com to get started.
Get in TouchWhat loan programs are available for first-time buyers?
There are more options than you might think — and many of them require far less money upfront than the 20% down payment most people assume is necessary. Here is a breakdown of the main programs available in Virginia.
VA Loans
Shannon's SpecialtyAvailable to eligible service members, veterans, and surviving spouses. VA loans offer zero down payment, no private mortgage insurance, and competitive interest rates. The VA funding fee ranges from 1.25% to 3.3% depending on your down payment and whether it is your first use, but it can be financed into the loan. Veterans with service-connected disabilities may be exempt from the funding fee entirely.
FHA Loans
Insured by the Federal Housing Administration, FHA loans are designed for borrowers who may have lower credit scores or smaller savings. You can qualify with a credit score as low as 580 and a down payment of just 3.5%. FHA loans do require mortgage insurance premiums (MIP) for the life of the loan in most cases, which adds to your monthly payment.
Conventional Loans
Conventional loans are not backed by the government and typically require a credit score of 620 or higher. First-time buyers can put as little as 3% down through programs like Fannie Mae's HomeReady or Freddie Mac's Home Possible. Private mortgage insurance (PMI) is required if you put down less than 20%, but it can be removed once you build 20% equity in your home.
USDA Loans
Backed by the U.S. Department of Agriculture, USDA loans offer zero down payment for eligible rural and suburban areas. Many of the communities I serve — including New Kent, Charles City, West Point, and parts of King William and Goochland — qualify for USDA financing. Income limits apply, and borrowers pay a guarantee fee instead of PMI.
Virginia Housing (VHDA) Programs
Down Payment AssistanceVirginia Housing offers several programs designed to help first-time buyers overcome the biggest hurdle — the down payment and closing costs. Their Down Payment Assistance Grant provides up to 2.5% of the purchase price and does not need to be repaid. They also offer Closing Cost Assistance of up to 2%. Most Virginia Housing programs require completion of a HUD-certified homebuyer education course and have income and purchase price limits.
Closing Cost Assistance
Beyond Virginia Housing's programs, there are additional local and national down payment and closing cost assistance programs available in Virginia. These can include employer-assisted housing programs, local government grants, and nonprofit programs. The key is to plan ahead — many of these programs require pre-qualification before you start your home search. I can help you identify which programs match your situation.
What should first-time buyers know before they start?
A few key facts that can save you money, stress, and surprises as you move through the process.
You Don't Need 20% Down
One of the biggest myths in home buying. VA loans require zero down, FHA loans need just 3.5%, and conventional loans can go as low as 3%. On a $350,000 home, that is the difference between needing $70,000 and needing $12,250 — or nothing at all with a VA loan. The key is choosing the right loan program for your situation.
PMI Isn't Permanent
If you put down less than 20% on a conventional loan, you will pay private mortgage insurance (PMI) — but it is not forever. Once you reach 20% equity through payments or appreciation, you can request PMI removal. On FHA loans, mortgage insurance works differently and may last the life of the loan depending on your down payment amount. We will review your options.
Your Agent's Commission
In a typical transaction, the seller pays the compensation for both the listing agent and the buyer's agent. Under recent industry changes, buyer-agent compensation is now part of the negotiation and will be clearly outlined in your buyer-agent agreement before you tour any homes. I will walk you through exactly what to expect so there are no surprises.
Hidden Costs Beyond the Mortgage
Your monthly payment is just one piece of the picture. Homeowners insurance ($1,200 to $2,500+ per year in Virginia), property taxes (which vary by county but typically run 0.8% to 1.2% of assessed value), HOA fees if applicable, and ongoing maintenance (budget 1% to 2% of your home's value annually) all add to your housing costs. I help you understand the full picture before you commit.
Don't Make Big Financial Changes
Once you start the buying process, avoid opening new credit accounts, making large purchases, changing jobs if possible, or moving large sums of money between accounts. Lenders re-check your credit and finances before closing, and significant changes can delay or derail your loan approval. Keep things steady until you have the keys in hand.
First-time buyers with military service
As a Navy veteran's wife and Military Relocation Professional, I work with military first-time buyers every day. The VA loan is one of the most powerful homeownership benefits you will ever receive — and it pairs perfectly with buying your first home. Here is what you need to know.
Call Shannon — 804-803-1080VA Loan Entitlement
Your VA loan entitlement is the amount the VA guarantees to your lender. Most first-time military buyers have full entitlement, which means you can borrow up to the conforming loan limit ($803,750 in most Virginia counties for 2025) with zero down. If you have used your entitlement before and still have a VA loan, you may have bonus or reduced entitlement — a VA-experienced lender can confirm exactly what you have available.
Using BAH to Calculate Affordability
Your Basic Allowance for Housing (BAH) can be counted as income when qualifying for a mortgage. This is a significant advantage for military buyers — BAH rates in the Richmond area range from roughly $1,500 to $2,800+ per month depending on rank and dependents, and that allowance can cover a substantial portion of your mortgage payment. We will factor your BAH into your budget from day one.
PCS Timing and Home Buying
PCS orders come with tight timelines. Starting your home search 60 to 90 days before your report date gives you the best window to find the right home, negotiate, and close without feeling rushed. I offer remote video tours and can coordinate inspections, appraisals, and closing logistics so your home is ready when you arrive. For families relocating from out of state, beginning three to four months out is ideal.
VA Loan vs. Conventional — Side by Side
Ready to take the first step?
Buying your first home is a big milestone — and you do not have to do it alone. I am here to answer your questions, walk you through every step, and make sure you feel confident from start to finish.
Common questions from first-time buyers
Have questions? Let's talk.
Whether you are just starting to think about buying or you are ready to make an offer, I am here to help. Call me at 804-803-1080 or reach out online — no question is too small.