Guides & Frameworks Library

These are the topics that come up over and over with buyers, sellers, and relocating military families across Hampton Roads. Jump to what's relevant to you, or read straight through.

First-Time Buyer Programs & Down Payment Assistance

Virginia Housing offers a Down Payment Assistance (DPA) Grant for qualified first-time buyers (and repeat buyers purchasing in designated Areas of Economic Opportunity) — it's a true grant that never has to be repaid, and it's paired with an eligible Virginia Housing loan. There's also a Closing Cost Assistance (CCA) Grant for buyers using an eligible RHS or VA loan, covering up to 2% of the purchase price toward closing costs — also non-repayable.

Eligibility generally depends on household income limits, sales price/loan limits, and completing a Virginia Housing-approved homebuyer education course. Program details and availability change, so the right move is confirming current terms with an approved lender before you get attached to a number.

Related: Buyer Hub · Closing Costs

Source: Virginia Housing (virginiahousing.com), Down Payment Assistance Grant & Closing Cost Assistance Grant program pages

VA Loan Eligibility & Reusing Your Benefit

Yes, you can use your VA loan benefit more than once. There's no lifetime limit on how many times you can use it — what matters is how much entitlement you have available. Basic entitlement covers loans up to $144,000; most buyers today rely on bonus (second-tier) entitlement, which can let you hold two VA loans at once without selling the first home, as long as you qualify for both payments.

When you sell a VA-financed home and pay off the loan, your entitlement is automatically restored — no application needed. If you keep the home (as a rental, for example) but pay off the loan in full, you may be able to apply for restoration separately.

Funding fee: for a first-time VA loan use, the funding fee is roughly 2.15% of the loan with less than 5% down, dropping to 1.5% with 5%+ down and 1.25% with 10%+ down. On subsequent uses, the fee is higher with less than 5% down (around 3.3%) but the same as first-use once you put down 5% or more. Veterans receiving VA disability compensation are typically exempt from the fee entirely.

If your VA appraisal comes in low: the Tidewater Initiative lets your agent submit additional comparable sales within 48 hours before the appraiser finalizes value. If the value still comes in low, a formal Reconsideration of Value (ROV) can be requested afterward with supporting market data.

Related: Military & Relocation Hub

Sources: U.S. Department of Veterans Affairs funding fee schedule; VA loan industry guides (Veterans United, Military.com, The Federal Savings Bank) on entitlement and Tidewater/ROV processes. Confirm current fee and entitlement figures with your VA lender before writing an offer.

Flood Insurance & Risk Basics

Hampton Roads is a coastal region, and flood zone designation, elevation, and proximity to water can meaningfully change what a home costs to insure and own long-term. FEMA flood maps assign properties to zones (some requiring flood insurance if you have a federally backed mortgage), and FEMA's Risk Rating 2.0 pricing methodology weighs a property's specific flood risk rather than just its zone label.

Before writing an offer on a home you're unsure about, it's worth pulling the FEMA flood zone designation and, if relevant, asking about an elevation certificate — both affect whether insurance is a minor cost or a major one.

Source: FEMA Flood Map Service Center and Risk Rating 2.0 program overview (fema.gov)

Rent vs. Buy

The right answer depends less on "renting is wasting money" logic and more on your specific timeline. Buying makes the most financial sense when you plan to stay long enough to cover closing costs (typically 2-5% of the purchase price to buy, plus selling costs later) through equity growth and avoided rent increases. A useful rule of thumb: the shorter your expected stay, the more renting's flexibility tends to win; the longer you'll stay, the more buying's equity-building tends to win — assuming a market that isn't actively declining.

For military families on a 2-3 year tour, this calculation should also weigh resale demand in the specific neighborhood and whether you'd rent the home out if orders come before you're ready to sell.

Related: Military & Relocation Hub

Buy Now vs. Wait

Waiting for rates to drop can backfire if home prices or competition rise enough to offset the savings — and rate drops often bring more buyers off the sidelines, which can mean more competition, not less. The more reliable approach is separating what you can control (your budget, your timeline, your must-haves) from what you can't (where rates go next), and buying when the first list works for your life rather than trying to perfectly time the second.

If you're on a fixed timeline — a lease ending, a baby coming, a PCS date — that timeline usually matters more than a rate forecast no one can guarantee.

Closing Costs Breakdown

Buyers in Virginia typically budget 2-5% of the purchase price in closing costs — loan origination, appraisal, title insurance, recordation tax, and prepaid escrow items like homeowners insurance and property tax. Sellers typically pay agent commissions plus their own closing costs and any negotiated concessions.

VA loans allow sellers to contribute up to 4% of the purchase price toward the buyer's closing costs as a concession, separate from the VA funding fee. FHA allows up to 6%; conventional loans allow 3% with under 10% down and up to 6% with 10%+ down. In a competitive market, asking for a large concession can weaken an offer's competitiveness — worth discussing before you write one.

Related: First-Time Buyer Programs · VA Loan Guide

Step-by-Step: The Buying Process

1. Get pre-approved so you know your real budget and financing type
2. Define your must-haves: commute tolerance, home type, flood-risk tolerance, timeline
3. Tour homes and evaluate condition, not just finishes
4. Write a competitive offer — price, terms, contingencies, and timeline all matter
5. Negotiate, get your home inspected, and work through any repair requests
6. Appraisal and final loan underwriting
7. Final walkthrough and closing

Step-by-Step: The Selling Process

For the full strategy on pricing, staging, and prep, see 7 Ways to Get More Than Your Home Is Worth. At a high level:

1. Get a strategy session and pricing analysis before you do any prep work
2. Handle decluttering, repairs, and curb appeal (see the prep checklist)
3. Professional photos, MLS listing, and marketing launch
4. Showings and offer review — negotiating multiple offers if you get them
5. Buyer's inspection and appraisal
6. Closing and handoff