Buying a home in Virginia Beach, Virginia

As of January 1, 2026, the FHA limit for a one-unit home in the City of Virginia Beach is $757,850 and the conforming limit for Fannie Mae and Freddie Mac loans is $832,750, per HUD’s FHA Mortgage Limits lookup. HUD lists the median sale price for the Virginia Beach-Chesapeake-Norfolk area at $630,000 on the same record.

Those two limits decide which loan a purchase fits. Above the FHA limit, an FHA loan is off the table for that home. Above the conforming limit, the loan is a jumbo. Buying two to four units and living in one raises both limits, as the table shows.

Virginia Housing is the state housing finance agency. It lists a down payment assistance grant and a loan and grant combination for first-time buyers, along with a second mortgage option and a grant for people in certain professions, and each is reached through an approved lender rather than by applying to the agency. Its pages do not promise funds are available at any given moment, so check them for the current status.

The amounts and income limits are the agency’s to set. What a lender can do is tell you early whether your file fits a program and structure the mortgage around it.

The City Treasurer bills real estate tax in two installments, due December 5 and June 5, and moves a due date that falls on a weekend or City holiday to the next business day. Most lenders collect it monthly in an escrow account and pay those bills for you.

The City has no general exemption for a buyer who lives in the home. Its relief programs are run by the Commissioner of the Revenue for seniors and permanently and totally disabled owners, with a separate exemption for disabled veterans, so check the City’s tax relief pages to see whether one fits.