How do you buy a house step by step? Set a budget, check your credit, and get pre-approved. Then hire a buyer’s agent, tour homes, and make an offer with earnest money. Inspect the house, let the lender appraise it and finish underwriting, review your Closing Disclosure, and sign at settlement. In Richmond, contract to keys usually takes about 30 to 45 days.
by Daniel Yoon | eXp Realty | Richmond, Virginia
This is the order I walk my buyers through, whether it’s a first condo in Scott’s Addition or a family home in Chesterfield. Each step sets up the next one, so skipping ahead usually costs time or money later.
The steps at a glance
| Step | What you do | Typical timing |
|---|---|---|
| 1. Budget | Pick a monthly payment you’re comfortable with | Before you talk to lenders |
| 2. Credit and loan type | Check your scores and choose a loan program | 1 to 2 weeks |
| 3. Pre-approval | Apply with 2 to 3 lenders and compare Loan Estimates | A few days |
| 4. Agent | Interview agents and sign a written buyer agreement | Before touring |
| 5. Search and tour | Narrow neighborhoods and tour homes | A few weeks to a few months |
| 6. Offer | Write terms, price, and earnest money | 1 to 3 days per offer |
| 7. Inspection and appraisal | Inspect, negotiate repairs, appraise | Roughly the first 2 weeks under contract |
| 8. Final approval and closing | Clear conditions, review the Closing Disclosure, sign | Rest of the contract period |
Timing is an estimate from my own transactions. Your contract dates, lender, and loan type set the real schedule.
1. Set a budget you’re comfortable with
Start with the payment, not the price. Add up take-home pay, current debts, childcare, savings goals, and the costs of owning: property taxes, homeowners insurance, HOA dues, and maintenance. A lender will tell you the most you can borrow. That number isn’t always the one you want to live with.
For reference, Fannie Mae’s automated underwriting allows a total debt-to-income ratio up to 50%, and manually underwritten loans are generally capped at 36%, or up to 45% with strong credit and reserves (Fannie Mae Selling Guide B3-6-02). Many buyers feel more comfortable well below the maximum. My affordability guide walks through the full payment math for Richmond.
2. Check your credit and pick a loan type
| Loan | Minimum down payment | Credit score guideline | Good fit for |
|---|---|---|---|
| Conventional | Varies by program | 620 minimum (Fannie Mae) | Buyers with solid credit and some savings |
| Fannie Mae HomeReady | As low as 3% (Fannie Mae) | Program rules apply | Income-eligible buyers with limited cash |
| FHA | 3.5% | 580 for maximum financing (FDIC summary) | Buyers rebuilding credit |
| VA | None in most cases (VA.gov) | Set by the lender | Eligible veterans and service members |
First-time buyers should also look at Virginia Housing. Its Down Payment Assistance Grant doesn’t have to be repaid, for qualified buyers with an eligible Virginia Housing loan who meet the income and price limits. My first-time buyer programs guide covers the state and local options.
3. Get pre-approved, and shop more than 1 lender
A prequalification is a quick estimate. A pre-approval means the lender has reviewed your documents and credit, which makes your offer stronger (CFPB). Gather recent pay stubs, W-2s or tax returns, 2 months of bank statements, and ID before you apply.
Comparing lenders won’t wreck your credit. Mortgage credit checks within a 45-day window are recorded as a single inquiry, per the Consumer Financial Protection Bureau. Once you apply, each lender must give you a Loan Estimate within 3 business days (CFPB), so you can compare rates, points, and fees line by line. For the full checklist, see my pre-approval guide.
4. Choose a buyer’s agent and sign a written agreement
In Virginia, an agent has to have a written brokerage agreement with you before providing brokerage services. The agreement must have a definite end date, or it ends 90 days after signing (Va. Code § 54.1-2137). It also spells out how your agent is paid, so read that part closely and ask questions. Look for someone who knows the neighborhoods you’re considering, answers quickly, and explains the trade-offs on each house honestly.
5. Search and tour with a short list of neighborhoods
Richmond’s housing stock changes block by block. Here’s a rough guide to what you’ll find:
| Area | Typical housing | Worth knowing |
|---|---|---|
| The Fan and Museum District | Early 1900s row homes and townhomes | Older systems; walkable; street parking |
| Church Hill and Union Hill | Historic row homes, some renovations and infill | Condition varies a lot house to house |
| Scott’s Addition | Condos and lofts in converted buildings | HOA dues and rules matter |
| West End and Short Pump | Suburban single-family and townhomes | Henrico schools; newer subdivisions |
| Midlothian and Chesterfield | Suburban single-family, plenty of new construction | Chesterfield schools; longer drives downtown |
| Mechanicsville and Hanover | Single-family on larger lots, new communities | Some homes on well and septic |
Tour at least a handful of homes before your first offer so you can calibrate what the money buys. In September 2026, the metro single-family median was $450,000 and homes sold in a median 26 days (CVR MLS), so you usually have a little time to think, but not weeks.
6. Make an offer
Your offer covers price, earnest money, financing, contingencies, closing date, and any seller help with closing costs. Earnest money goes into escrow and is credited at closing. My earnest money guide explains how much buyers typically put down and when it’s at risk.
7. Inspect the home and get the appraisal
Schedule the inspection right away so you have time to get repair quotes inside your contingency period. Add radon, sewer scope, or a structural engineer when the house calls for it. The lender orders the appraisal. If it comes in low, you can renegotiate, bring more cash, challenge it, or cancel if your contract allows. My home inspection guide covers what to test and how to negotiate repairs.
8. Final approval and closing
Underwriting clears the last conditions. Don’t open new credit, change jobs, or move large sums of money until after closing. You’ll receive your Closing Disclosure at least 3 business days before closing (CFPB). Compare it with your Loan Estimate and ask about anything that changed.
In Virginia, the buyer usually pays the recordation tax on the deed: 25 cents per $100 of price or assessed value, whichever is greater, under Va. Code § 58.1-801, plus a local tax of up to 1/3 of that amount under § 58.1-3800. Wire your funds only after you’ve confirmed the instructions by phone with your settlement agent, then sign and get your keys.
FAQ
Getting pre-approved takes a few days, and the search can take weeks or months. Once you’re under contract, closing usually takes about 30 to 45 days, depending on your loan, the appraisal, and the date written into the contract. Cash purchases can close faster.
Yes. A pre-approval tells you what you can borrow and shows sellers you’re a serious buyer. Most Richmond listing agents expect a pre-approval letter with an offer. Shop 2 or 3 lenders, since mortgage credit checks within 45 days count as 1 inquiry.
2 or 3 is a good number. Ask each for an official Loan Estimate, which they must provide within 3 business days of your application. Compare the rate, points, lender fees, and cash to close on the same loan amount and program.
Yes. Virginia law requires a written brokerage agreement before an agent provides brokerage services. It must have a definite end date, or it ends after 90 days. Read how your agent is paid and what happens if you want to end the agreement.
It depends on the loan. Fannie Mae’s minimum for most conventional loans is 620, and FHA allows maximum financing, 3.5% down, at a 580 score. VA lenders set their own minimums. Higher scores usually get better rates.
Buyers usually pay lender fees, title insurance, settlement fees, prepaid taxes and insurance, and the recordation tax on the deed, which is 25 cents per $100 at the state level plus a local tax of up to 1/3 of that. Your Loan Estimate lists them.
Only if your contract gives you that right. With an inspection contingency, you can usually negotiate repairs or cancel within the stated period. Without one, backing out can cost you your earnest money. Read the contingency language before you sign.
Start with a plan
If you’re thinking about buying in the next year, a 30-minute call can save you weeks. We’ll talk budget, loan options, and which neighborhoods fit, and I’ll connect you with lenders who close loans here every month. Book a time at cal.com/danielyoon or call 804-896-2694.
General information, not legal or lending advice. Loan rules and program limits change. Confirm details with your lender and settlement agent.