First-Time Home Buyer Loans in Broadway, VA

There is no single first-time buyer loan. Instead, first-time buyers in Broadway can choose among conventional, FHA, VA and USDA financing, often paired with homebuyer education and assistance programs from the Virginia housing finance agency. The right mix depends on your income, savings, credit and the home you want, and programs vary by borrower, property and investor. A short conversation with a lender can narrow the field quickly.

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Call to speak with a licensed loan officer about first-time home buyer loans in Broadway. Programs vary by borrower, property and investor.

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Renting vs. buying in Broadway

36%Renter households

$1,100Median gross rent

$284,300Median home value

904Purchase loans in Rockingham County (2024)

36% of households in Broadway rent their home. The median gross rent is $1,100 a month, and the median owner-occupied home is valued at $284,300. Lenders closed 904 purchase loans in Rockingham County in 2024.

Start With a Budget You Can Live With

Renters are used to a single monthly check. Owners juggle several costs: principal and interest, property taxes, homeowners insurance, possibly mortgage insurance and association dues, plus repairs that used to be the landlord's problem. Building a budget that includes all of them prevents surprises later.

Pull your credit reports from all three bureaus and dispute errors early. Pay down revolving balances where you can, and avoid opening new accounts or financing large purchases while you shop. Track where your closing funds will come from, because lenders will want a paper trail for large deposits that land in your account.

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Start your application in a few minutes. A licensed loan officer reviews it and follows up with your options.

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Prefer to talk first? Call (888) 912-6746. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.

Pre-Approval and Homebuyer Education in Broadway

A pre-approval means a lender has reviewed your credit, income, assets and debts and issued a letter stating the loan amount you may qualify for, subject to final underwriting and an appraisal. Sellers and agents take offers more seriously when one is attached. It differs from a prequalification, which is usually based on what you report without documents.

Many assistance programs and some loan types require a homebuyer education course before closing. These classes, often available online or through HUD-approved housing counseling agencies, cover budgeting, the loan process and life as an owner. Even when the course is optional, it can help you spot problems before they cost you.

Who this tends to fit

You want to take a homebuyer education course before you buy
You have not owned a principal residence in several years and may count as a first-time buyer again
You want to understand what happens between an accepted offer and closing
You are deciding among FHA, conventional, VA and USDA financing
You need help toward the down payment or closing costs

Local offices and Virginia rules to know

Virginia's state housing finance agency is Virginia Housing. Its homebuyer programs include Conventional first mortgage (bond and non-bond), FHA first mortgage (bond and non-bond), VA first mortgage (bond and non-bond). These programs work through participating lenders and have their own eligibility rules. See our Virginia first-time buyer programs guide.

Down Payment Assistance and State Programs

Every state has a housing finance agency, and many offer first-time buyer programs that pair a mortgage with help toward the down payment or closing costs. Assistance may come as a grant, a forgivable second loan or a deferred loan that is repaid when you sell or refinance. Some cities, counties and nonprofits run their own programs too.

These programs usually have income limits, purchase price caps, education requirements and occupancy rules, and the details change often. Funding can run out. Ask a lender whether it is approved to offer your state agency's programs, and read the repayment terms on any assistance carefully before you accept it.

Before you call

Copies of your credit reports and a list of any errors to dispute
A monthly budget that includes taxes, insurance and maintenance
Two recent pay stubs and your last two W-2s or tax returns
A list of must-haves and nice-to-haves for your first home
A homebuyer education certificate if you have already finished a course

Questions Broadway borrowers ask about first-time home buyer loans

How long does it take to go from offer to closing?

Timelines vary with the loan type, the appraisal, the title search, any repairs and how quickly documents come back. Your purchase contract sets a target closing date, and your lender and agent work backward from it. Respond to document requests quickly, avoid new credit and keep your employment steady to help things move. No lender can promise a closing date before underwriting is complete.

What is down payment assistance?

Down payment assistance is help from a state housing finance agency, local government or nonprofit toward your down payment or closing costs. It may be a grant, a forgivable loan or a deferred loan repaid later. Programs usually carry income limits, price caps and education requirements, and funding can be limited. Ask a participating lender which programs you may be eligible for and how each one is repaid.

Should I wait until my credit is better before buying?

Sometimes a few months of work makes a meaningful difference, and sometimes you may already qualify for a program that fits. A lender or HUD-approved housing counselor can review your credit and tell you what would help most, such as paying down card balances or correcting errors on your reports. Get that feedback before deciding to wait, so you spend your effort on the right things.

What closing costs should a first-time buyer expect?

Closing costs can include lender charges, appraisal and credit report fees, title insurance, recording fees, prepaid interest and initial deposits for property taxes and homeowners insurance. Your Loan Estimate lists them within days of applying, and your Closing Disclosure confirms the final figures before you sign. Some assistance programs and seller concessions can help cover these costs, depending on the program and your contract.

Talk to a licensed loan officer

Get answers about first-time home buyer loans for a home in or around Broadway. Subject to credit approval; programs vary.