<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1955936548054264&amp;ev=PageView&amp;noscript=1">
States-Banner-Virginia

Key Takeaways for Virginia Home Buyers:

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.

How Much Can You Afford in Virginia?

Ideal
Monthly Payment:
$750.00

affordability graph legend
$750.00
$1050
$1350

Mortgage Questions?
Churchill has Answers!

Are you buying a home or refinancing?

Where are you planning to buy a home?

Please Select a State

When are you planning to buy a home?

What is your timeline?:

What is your full name?

Please Enter a Name
Please Enter a Last Name

What is your email address?

Please Enter a Valid Email Address
  We won't share your information.

Next, we need to verify a phone number.

Enter a Valid Phone Number
Please Select a Message Type

Enter your phone number and we'll text you a 6-digit security code to verify it's you. Standard texting and data rates may apply. Message frequency may vary. Text the word HELP to 615-488-4941 for more information. You can opt out by responding STOP at any time. For more information, read our Privacy Policy, Mobile Policyand Terms & Conditions..

Enter the 6-digit code sent to your device.

 Code sent to +1234567890

Finally, how did you hear about us?

Please Select an Option

By submitting this form, I/we agree to your Privacy Policy, Email and Mobile Policy, Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive SMS text messages sent by an automatic telephone dialing system. Message and data rates may apply. Message frequency may vary. Text the word HELP to 615-488-4941 for more information. You can opt out by responding STOP at any time. For more information, read our Privacy Policy, Mobile Policyand Terms & Conditions. Consent to these terms is not a condition of purchase.

Your answer will NOT negatively affect your mortgage application. Your answer does not mean the Lender or Other Loan Participants agree to communicate or provide documents to you in your preferred language. However, it may let them assist you or direct you to persons who can assist you. Language assistance and resources may be available through housing counseling agencies approved by the U.S. Department of Housing and Urban Development. To find a housing counseling agency, contact one of the following Federal government agencies. U.S. Department of Housing and Urban Development (HUD) at (800)569-4287 or www.hud.gov/counseling

Es probable que su transacción de préstamo hipotecario suceda en inglés. Por medio de esta pregunta, solicitamos información para determinar si existen comunicaciones disponibles a su servicio, en su idioma preferido. Sírvase tener en cuenta: posiblemente NO hay comunicaciones disponibles en su idioma preferido.

Thank You!

Thank you for choosing Churchill Mortgage to help you with your home loan needs!

Our team is already hard at work connecting you with your Home Loan Specialist. Rest assured that we've received your request and will be in touch with you shortly.

social proof logos

Already working with someone at Churchill?

Find Your Home Loan Specialist

Please Select a Loan Officer

Virginia Down Payment Assistance Programs

National Homebuyers Fund FHA Program

This down payment assistance program helps buyers get into a home with little to no upfront cost, offering up to 101.5% financing through an FHA first mortgage and a second lien.

purchase-g-radio
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)

National Community Lending Program

This program supports low- to moderate-income buyers with down payment assistance and flexible financing to make homeownership more accessible.

purchase-g-radio
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
  • 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)

Churchill Mortgage is an approved lender for these down payment assistance programs. Contact us today to see if you qualify!

Frequently Asked Questions

Check our FAQs for responses to our most popular questions from Virginia Home Buyers.

Cash 1
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.

Bank
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.

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

Churchill Mortgage's experienced Home Loan Specialists work closely 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.

 
Search 3
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.

Reviews from Virginia Home Buyers

★ ★ ★ ★ ★

"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

4.9 / 5

gold star gold star gold star gold star gold star

Top Rated Loan Advisors Across the U.S.

Served over 100,000+ happy homeowners!

ramseytrusted-sig-logo_3491f689-ff96-41e5-aebe-117eca068dd6

Read More Reviews on Google!

Virginia Branch Locations

Glen Allen, VA

804-508-6541

Visit the Branch Website

2400 Old Brick Rd, Ste 123 Glen Allen, Virginia

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

Churchill Loan Officers in Virginia

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.