Buying a Home Starts with a Plan

You don’t always need 20% down to buy a home. Some conventional loans allow as little as 3% down, FHA loans offer down payments as low as 3.5%, and eligible VA borrowers may qualify with no down payment. Your options depend on the loan program and your financial situation. A lender can help you understand what you qualify for and how much to budget for both your down payment and closing costs.

Your monthly mortgage payment includes principal and interest, plus property taxes and homeowners insurance if collected through an escrow account. Mortgage insurance may also apply, depending on your loan.

When buying in Coastal Virginia or Northeast North Carolina, it’s also important to budget for any HOA or condo dues, usually paid separately, and flood insurance where needed. We’ll help you review these expenses with your lender and insurance provider so you understand the overall cost of the home you’re considering.

Closing costs are expenses associated with completing your home purchase, separate from your down payment. They can include lender fees, appraisal fees, title and settlement services, prepaid insurance, and initial escrow deposits.

A general budgeting range is 2%–5% of the purchase price, but your total depends on your loan, property, and location. For buyers in Coastal Virginia and Northeast North Carolina, we’ll review estimates with your lender before submitting an offer. We can also discuss requesting a seller contribution toward eligible costs, subject to negotiation and loan limits.

Your credit score is one factor lenders consider when determining your mortgage eligibility and interest rate. Higher scores generally help you qualify for more favorable terms, but your loan type, down payment, and overall financial situation also matter.

A lower score doesn’t automatically rule out buying a home. We can connect you with a lender who serves Coastal Virginia and North Carolina to review your options and help you understand your next steps.