From Nervous to Noteworthy: How to Financially Prepare for Your First Hampton Roads Home

by Davina Hughes

From Nervous to Noteworthy: How to Financially Prepare for Your First Hampton Roads Home

If you’ve been staring at Zillow listings from your apartment couch thinking, “One day…” — I need you to hear me — that “one day” might be closer than you think. And no, I’m not here to pressure you. I’m here to get you ready so when opportunity knocks, you don’t just answer, you open the door, wave it in, and pour it coffee.

Hampton Roads in 2025 is giving first-time buyers a gift. Prices are climbing — but not at the wild pace of a few years ago. Inventory is up 23% year-over-year, meaning you actually have choices now. Homes are still selling in about 18–22 days, so you can’t sleep on them, but you’re also not in the chaos of 20 offers by lunchtime.

That’s the sweet spot. But here’s the truth: no matter how good the market is, you won’t win if you’re not prepared financially. So let’s break down exactly how to go from nervous to noteworthy — in other words, from “I’m not sure if I can buy” to “I just closed on my first home.”

Step 1: Get Real About Your Numbers

Before you start scrolling for shiplap walls and updated kitchens, you need to know where you stand financially. That means:

Check your credit score. In most cases, 620 is the minimum for conventional loans, but the higher, the better. If you’re close, there are ways to nudge it up quickly — like paying down revolving debt or fixing errors on your report.
Understand your debt-to-income ratio. Lenders look at the percentage of your monthly income that goes toward debt payments. Ideally, you want to be under 43% — but the lower, the better for your buying power.
Know your monthly budget. Don’t just focus on the maximum you can qualify for. Think about what feels comfortable. You’re going to want to live after you buy the house, not just pay for it.

I tell people all the time — you don’t even know yet what a lender will say. Stop assuming it’s a “no” before you’ve had a real conversation.

Step 2: Save Beyond the Down Payment

Yes, the down payment is important — but it’s not the whole story. A lot of first-time buyers get so focused on hitting the magic number that they forget the extras.

In Hampton Roads, you may be able to buy with as little as 3–5% down through certain loan programs, especially if you’re using VA or FHA loans. But you’ll still need:

Closing costs (about 2–5% of the purchase price)
Home inspection and appraisal fees
Moving expenses
New homeowner costs (lawn equipment, blinds, small repairs)

The last thing you want is to spend all your cash on closing day and then panic when the first “surprise” expense pops up.

Step 3: Get Pre-Approved (Not Just Pre-Qualified)

This is where nervous turns into noteworthy. A pre-qualification is basically a conversation. A pre-approval is a commitment from a lender, based on them actually looking at your income, credit, and assets.

Why does it matter?

You know exactly what you can afford — no guessing.
Sellers know you’re serious — and in a market where homes still sell in three weeks or less, that matters.
You can move fast when you find “the one.”

When you’re pre-approved, we’re not wasting time looking at homes you can’t get. We’re focused and ready to act.

Step 4: Understand Your Loan Options

Not every mortgage is the same, and the “best” loan for you depends on your situation:

FHA Loans: Low down payment, flexible credit requirements. Great for first-timers.
VA Loans: No down payment for eligible veterans and service members. Hampton Roads has a huge military population, so this is a game-changer.
Conventional Loans: Best if you have strong credit and can put more down.
VHDA (Virginia Housing Development Authority): State programs that can help with down payment assistance.

The right loan can save you tens of thousands over the life of your mortgage.

Step 5: Plan Past the First Home

Here’s where we zoom out. This isn’t just about getting your keys. It’s about using this first home as a stepping stone. When you buy in a stable-but-rising market, you build equity — and that equity is your launchpad to your next property.

That’s the move from first-time buyer to move-up queen or king — which I talk about in my post From First-Time Buyer to Move-Up Queen (or King): Why 2025’s Market Could Be The Sweet Spot.

Step 6: Build a Dream Team

Buying a home isn’t a solo sport. You need:

A lender who can move fast and explain everything without talking over your head.
A real estate agent (hi 👋) who knows Hampton Roads inside and out, negotiates like it’s an Olympic sport, and genuinely wants what’s best for you.
A home inspector you can trust to tell you the truth about what you’re buying.

When you’ve got the right team, you can handle anything the process throws at you — from inspection surprises to last-minute lender curveballs.

Step 7: Expect the Emotional Rollercoaster

I call real estate 100% therapist work. There will be highs (getting your offer accepted) and lows (inspection day surprises). The key is to have someone in your corner reminding you that one bump in the road doesn’t end the journey.

Local Hampton Roads Market Facts for First-Timers in 2025

Median Price (May 2025): $368,900 — up 4.7% YoY
Average Days on Market: 18–22 days
Inventory: Up 23% from last year
Best Areas for First-Time Buyers: Hampton, Portsmouth, parts of Chesapeake — more affordable than Virginia Beach or Norfolk, but still great for commuting.

FAQs for First-Time Hampton Roads Buyers

Q: Should I wait for interest rates to drop?
A: Waiting for rates to drop could mean missing out on equity growth. You can always refinance later.

Q: How much do I need for closing costs?
A: Plan for 2–5% of your purchase price. Sometimes we can negotiate seller help with these.

Q: How fast can I buy?
A: With a strong pre-approval, you could be in your new home in 30–45 days.

From Nervous to Noteworthy: How to Financially Prepare for Your First Hampton Roads Home

by Davina Hughes