Buying a Home in Virginia | Churchill Mortgage

Here's what you need to know to get started if you’re looking at buying in The Old Dominion:

Average Home Prices in Virginia

As of April 2025, the median sale price for a single-family home in Virginia is $408,059.

Average home price:

Fairfax: $808,237
Alexandria: $682,126
Virginia Beach: $415,868
Richmond: $485,500
Lynchburg: $152,171

Source: zillow.com/home-values

Average Home Size in Virginia

The average size for a single-family home in Virginia is approximately 1,984 square feet.

Average home size:

Fairfax: 2,275 square feet
Grand Rapids: 1,883 square feet
Alexandria: 2,608 square feet
Richmond: 1,716 square feet
Lynchburg: 1,774 square feet

Source: https://fred.stlouisfed.org/

Virginia State Taxes

Virginia income tax is based on a progressive system, with rates ranging from 2% to 5.75% depending on income level,
Property taxes in Virginia are relatively low, with an average effective rate between 0.80% and 1.00%, though exact amounts can vary significantly by county or city.
Virginia’s state sales tax starts at 4.3%, but total rates can reach up to 7% with local surtaxes, impacting the cost of goods and services for residents.

More about this program

FHA loan covers 96.5% of the purchase price
Second lien covers 3.5% or 5% for down payment or closing costs
Minimum credit score: 600 (660 for manual underwriting)
No first-time buyer requirement
No max DTI with DU/LP approval
Homebuyer education required (Fannie Mae HomeView – free online)
Non-occupant co-borrowers allowed
Eligible properties: Single-family homes, duplexes (2 units), PUDs, condos (agency approved), townhomes, manufactured homes allowed (except single-wides)

More about this program

30-year fixed-rate conventional mortgage
Second lien offers up to 4% for down payment assistance
Max LTV/CLTV: 97% / 105%
Income limit: Up to 140% of area median income (AMI)
Minimum credit score: 660
DTI: Lesser of 50% or AUS approval
First lien acquired by Lakeview; second lien from an approved DPA provider
Eligible properties: Single-family detached or attached homes, single-family homes with accessory units (must be zoned single-family), PUDs and condominiums, rural properties (must be residential in nature)

How Much Should I Budget for Closing Costs in Virginia?

In Virginia, home buyers should expect to pay between 2% and 5% of the home’s purchase price in closing costs. The total amount depends on factors like your lender, the property location, and whether you’re paying points or escrow fees. On a $350,000 home, that could mean anywhere from $7,000 to $17,500.

You will receive your closing costs from your Home Loan Specialist in a Loan Estimate that you will receive after you apply for your home loan and in the Closing Disclosure document that is provided before your official closing day.

What Are the Most Popular Home Loan Types in Virginia?

Virginia home buyers can choose from a variety of mortgage options tailored to different needs. Here are the most common types:

Conventional Loans – Popular among first-time and repeat buyers with as little as 3% down and low mortgage insurance options.
FHA Loans – Backed by the Federal Housing Administration, these loans require just 3.5% down and are more flexible on credit scores.
VA Loans – Available to eligible veterans and active-duty service members with no down payment required.
USDA Loans – Designed for rural homebuyers, offering 100% financing and reduced mortgage insurance.
Adjustable-Rate Mortgages (ARMs) – Offer lower initial interest rates, ideal for buyers who plan to move or refinance within a few years.

How Can I Find a Trusted Local Virginia Realtor to Work With?

Churchill Mortgage's experienced Home Loan Specialists work closing with a network of trusted, local real estate agents across the state of Virginia. Just ask for a referral and we'll provide you with a professional who is committed to finding the right home for you.

How Do Schools Rank in Virginia?

Virginia is known for having one of the strongest public education systems in the country, with many school districts earning top marks for academic performance, graduation rates, and college readiness.

Fairfax County Public Schools is the largest district in Virginia and consistently ranks among the best in the nation.
Loudoun County Public Schools is praised for high test scores and a strong focus on STEM programs.
Arlington Public Schools offers one of the highest per-student spending rates and consistently ranks at the top for student achievement.
Falls Church City Public Schools, though small, is frequently ranked #1 in the state for overall performance.

For detailed school ratings, graduation rates, and test scores, check the Virginia School Quality Profiles.

For more info go to: Virginia Department of Education.

★ ★ ★ ★ ★

"Erik is so personable and so knowledgeable. He took the worry out of our project."

Lynne S.
Lynchburg, VA

★ ★ ★ ★ ★

"This is our third time using Steve and his team! Steve is extremely knowledgeable and is such a pleasure to work with. We look forward to our interactions with him and will continue to use him in the future!"

Erica T.
Midlothian, VA

★ ★ ★ ★ ★

"Thomas and the crew made our experience seamless and easy throughout the whole process. 5 stars all around."

John C.
Virginia Beach, VA

Glen Allen, VA

804-508-6541

Visit the Branch Website

2400 Old Brick Rd, Ste 123 Glen Allen, Virginia 23060

Herndon, VA

703-481-2291

Visit the Branch Website

505 Huntmar Park Dr. Ste 250

Alexandria, VA

703-481-2291

Visit the Branch Website

Alexandria, VA

Conforming and high balance allowed. Cooperative housing not eligible. Not all applicants will qualify. Not a commitment to lend. Other restriction or limitations to any program may apply.

This calculator is being provided for educational purposes only. The provided values for interest rates are examples only and do not reflect Churchill Mortgage Product terms & offers. The results are estimates that are based on information you provided and may not reflect Churchill Mortgage Product terms. The information cannot be used by Churchill Mortgage to determine a customer's eligibility for a specific product or service. All financial calculators are provided by a third-party and are not controlled by or under the control of Churchill Mortgage. Churchill Mortgage is not responsible for the content, results, or the accuracy of information.

These calculations are hypothetical examples designed to for illustration purposes only. Consult a Home Loan Specialist for more specific information regarding payments, terms, etc.

Sources:
https://www.attomdata.com/data/us-real-estate/wa/

As a responsible lender, Churchill Mortgage is committed to the principles outlined in federal and state lending laws ensuring all potential borrowers have access to the same information, services, and opportunities throughout the home loan process.

Key Takeaways for Virginia Home Buyers:

Average Home Prices in Virginia

Average Home Size in Virginia

Virginia State Taxes

How Much Can You Afford in Virginia?

Virginia Down Payment Assistance Programs

Essex + National Homebuyers Fund FHA Program

Lakeview National Community Lending Program

What do you qualify for?

Frequently Asked Questions

Reviews from Virginia Home Buyers

Virginia Branch Locations

Glen Allen, VA

Herndon, VA

Alexandria, VA

Churchill Loan Officers in Virginia