First-Time Homebuyer · Richmond, VA
Buying Your First Home Doesn't Have to Be This Stressful.
804Mortgage is Richmond’s only team where your lender and REALTOR® are the same people. One conversation, one process – and thousands back at closing through Bundle & Save.
Everything You’re Worried About - Solved.
Most first-time buyers come to us with the same three fears. Here’s why they’re more manageable than you think.
“I don’t have enough saved.”
You need as little as 3% down on a conventional loan — on a $350k home, that’s $10,500. And your Bundle & Save credit can offset thousands in closing costs on top of that.
“I don’t know if I’ll qualify.”
Most buyers qualify for more than they think. Conventional loans start at a 620 credit score. Pre-approval is free, takes 10 minutes, and tells you exactly where you stand.
“It all feels too complicated.”
That’s why your lender and agent are on the same team. One person to call. One conversation. We’ve done this hundreds of times, and would love to help you!
How Buying Your First Home Works at 804Mortgage
Five steps from “I think I want to buy” to handing you the keys – with real humans available every step.
Apply Free
10 minutes online or on the phone. No credit pull required just to get started.
Get Pre-Approved
We issue your pre-approval letter fast. You’ll know your exact budget and be ready to make competitive offers.
Shop With an 804 Agent
Our in-house REALTORS® know Richmond. Shopping with us also unlocks Bundle & Save.
Make an Offer
Your lender and agent work in real time. No dropped balls between two separate teams.
Close & Save
Your Bundle & Save credit is applied at closing — to closing costs or to buy down your rate.
First-Time Buyer? Buy What You Want. Bundle & Save Thousands.
Get back thousands of dollars when you buy your home through 804Mortgage’s in-house real estate team. When you do both mortgage and real estate with us, we give you 50% of the buyer-agent commission back at closing. On a $350,000 home, that’s $5,250 back. On a $450,000 home, $6,750 back. No other Richmond lender offers this.
See the Bundle & Save Math
Based on a 3% buyer-agent commission. Your savings applied as Interested Party Credits at closing.
Which Loan Is Right for You?
Most first-time buyers qualify for one of three loan types. We’ll show you all your options — and help you pick the one that costs you least over time.
Conventional Loan
The loan most of our first-time buyers use. No upfront mortgage insurance premium and competitive rates for strong credit.
Learn About Conventional Loans →VA Loan
The best mortgage in America for those who qualify. Zero down, no mortgage insurance, competitive rates.
Check VA Eligibility →FHA Loan
A strong option if your credit is below 620 or savings are limited. We’ll show you how it compares to conventional side by side.
Learn About FHA Loans →Not sure which fits your situation? (804) 461-3343 — we’ll tell you in under 5 minutes.
Why Most of Our First-Time Buyers Choose Conventional
FHA gets a lot of press for being “the first-timer loan” — but conventional is often the better deal. Here’s how we think about it.
PMI Goes Away. FHA MIP Doesn’t.
On a conventional loan, PMI drops off automatically at 20% equity. On most FHA loans, mortgage insurance stays for the life of the loan. Over 5–7 years, that difference adds up to thousands.
3% Down Is Often Enough
First-time buyers with a 620+ credit score can put as little as 3% down — $10,500 on a $350k home. Pair that with your Bundle & Save credit and your out-of-pocket gets very manageable.
We Show You Both. You Decide.
If your credit is below 620, FHA may be the right call and we’ll say so. Every buyer gets a side-by-side comparison of every program they qualify for — monthly payment, total cost, and break-even.
Plain-Language Mortgage Glossary
The terms that trip up every first-time buyer — explained in one sentence each.
Private Mortgage Insurance
A monthly fee added to your payment when you put less than 20% down on a conventional loan — automatically removed once you hit 20% equity.
Debt-to-Income Ratio
Your total monthly debt payments ÷ your gross monthly income. Lenders typically want this under 43–50%. Lower is better.
Annual Percentage Rate
Your interest rate plus fees, expressed as a yearly percentage. More useful than just the rate when comparing lenders — the true cost of borrowing.
Escrow Account
Your lender collects property taxes and homeowner’s insurance monthly, holds the funds, and pays those bills when due. Your payment includes these.
Discount Points
Optional upfront fees paid to permanently lower your interest rate. One point = 1% of the loan. Your Bundle & Save credit can be used to buy points.
Interested Party Credits
Money contributed toward your closing costs by a party with a financial interest — like a seller concession or your Bundle & Save commission credit.
What Richmond First-Time Buyers Are Saying
From anxious to closed — in their own words.
First-Time Homebuyer — Common Questions
Straight answers. No runaround.
Ready to Find Out What You Actually Qualify For?
Pre-approval is free, takes about 10 minutes, and tells you exactly where you stand. No commitment. No pressure. Just a straight answer from a local team that’s done this hundreds of times.
No credit pull required to start. Results typically same business day. NMLS #1904162 · Licensed in Virginia.
804Mortgage is a licensed mortgage lender (NMLS #1904162) operating in the Commonwealth of Virginia. All loans subject to credit approval, property appraisal, and lender qualification requirements. Interested Party Credits are subject to lender approval and applicable loan program limits. Bundle & Save savings represent 50% of the buyer-agent commission returned as Interested Party Credits at closing; buyers do not receive cash back. Savings figures are illustrative estimates based on a 3% buyer-agent commission and may vary. This is not a commitment to lend. Equal Housing Lender. 804 Home Sales Team operates under Swell Real Estate Co. (804) 461-3343.