Virginia Real Estate & VA Homes for Sale | realtor.com® (2024)

FAQs

Is the best time to buy a house in Virginia? ›

Spring is the best season for a low-on-cash home buyer wanting to buy a house in Virginia. Sellers are easier to negotiate with because there are more homes for sale and fewer buyers.

To earn your real estate license in Virginia, you must be at least 18 years of age, complete 60 hours of approved education, pass the Virginia real estate salesperson licensing exam, complete fingerprinting and a background check, and apply for a state license.

What do I need to buy a house in Virginia? You'll need a good credit score and a low debt-to-income ratio (DTI) to buy a house in Virginia. It's also a good idea to make a down payment, as this makes you a less risky borrower.

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Additionally, Virginia's strong job market, coupled with its rich historical heritage and an abundance of natural beauty, makes it a particularly attractive state for potential homeowners.

Virginia Housing Market Overview

In June 2024, home prices in Virginia were up 6.5% compared to last year, selling for a median price. On average, the number of homes sold was down 10.4% year over year and there were 10,550 homes sold in June this year, down 11,768 homes sold in June last year.

This could include late mortgage payments, past bankruptcies or foreclosure. To qualify based on manual underwriting at Rocket Mortgage, you need a minimum median FICO^® Score of 640 or higher.

If the felony poses a valid threat to the integrity of the practice, the DPOR may choose to deny it. For example, a person with an extensive history of violent crimes may be denied while a person convicted of dealing drugs one time may be accepted.

The California real estate exam is challenging, but thousands of students from Chamberlin Real Estate School have passed it successfully. The exam is designed to ensure that only those who are fully prepared and knowledgeable about real estate can become licensed professionals.

Passing Score

You need to get at least 56 questions right on the national portion to pass and at least 30 correct answers to pass the state portion.

FHA loans are government-backed loans that are popular with first-time homebuyers since they only require a 3.5% down payment and have flexible eligibility requirements.

Does the VA give you money to buy a house? ›

VA helps Veterans, Servicemembers, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.

Virginia Housing's Closing Cost Assistance (CCA) grant reduces out-of-pocket expenses for first-time homebuyers (or those buying in a “Targeted Area”) seeking a VA loan or USDA loan.

According to Bankrate, Virginia makes the list of the Top 20 Best States to Retire In. You'll find several wonderful cities to settle down in, as well as an abundance of amazing retirement communities. One of the biggest benefits of retiring in Virginia is the outdoor recreation you can enjoy when living in the state.

If getting the lowest price possible is your main priority, consider searching for a home in November or December. There won't be as many houses to choose from compared to the spring and summer months, but you'll face less competition and a higher likelihood of purchasing a home below the asking price.

Winter is traditionally the slowest season for home sales and, as a result, it's the cheapest time to buy a home. There's usually less competition between buyers and sellers may be more willing to negotiate to make a sale since buyer interest is lower than it is in the spring.

And as you might imagine, recessions are a risky time to buy a home. If you lose your job, for example, a lender will be much less likely to approve your loan application. Even if a recession doesn't affect you directly, if your area is hard-hit, that could have a serious effect on the local real estate market.

Other Virginia first-time homebuyer loans

FHA loans: Loans insured by the Federal Housing Administration (FHA) have more lenient financial requirements than other loans. You can get an FHA loan with 3.5 percent down and a credit score as low as 580.