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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.
What you save with 804Mortgage
No commitment required. Credits are applied as interested party credits at closing, subject to lender approval and applicable limits.
Everything you are worried about, solved
Most first-time buyers come to us with the same three fears. Here is why they are more manageable than you think.
“I don't have enough saved.”
You need as little as 3% down on a conventional loan. On a $350,000 home that is $10,500. 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 ten minutes, and tells you exactly where you stand.
“It all feels too complicated.”
That is why your lender and agent are on the same team. One person to call. One conversation. We have done this hundreds of times, and we would love to help you.
How buying your first home works here
Five steps from “I think I want to buy” to handing you the keys, with real people available at each one.
Apply free
Ten 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 will 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. Nothing gets dropped between two separate teams.
Close and save
Your Bundle & Save credit is applied at closing, to closing costs or to buy down your rate.
Buy what you want. Save thousands.
Buy your home through our in-house real estate team and half the buyer-agent commission comes back to you at closing. On a $350,000 home that is about $5,250. On a $450,000 home, about $6,750. Financing through 804Mortgage is optional and is not a condition of the credit.
| Home price | Commission at 3% | Your credit |
|---|---|---|
| $275,000 | $8,250 | $4,125 |
| $350,000 | $10,500 | $5,250 |
| $425,000 | $12,750 | $6,375 |
| $500,000 | $15,000 | $7,500 |
Which loan is right for you?
Most first-time buyers qualify for one of three. We show you all of your options, then help you pick the one that costs you least over time.
Conventional loan
3% down. Minimum down payment, 620 credit score. The loan most of our first-time buyers use. No upfront mortgage insurance premium, and competitive rates for strong credit.
Learn about conventional loansVA loan
$0 down. No down payment, no mortgage insurance. The best mortgage in America for those who qualify.
Check VA eligibilityFHA loan
3.5% down. Minimum down payment, 580 credit score. A strong option if your credit is below 620 or your savings are limited. We show you how it compares to conventional, side by side.
Learn about FHA loansNot sure which fits your situation? Call (804) 593-0344 and we will tell you in under five minutes.
Why most of our first-time buyers choose conventional
FHA gets a lot of press for being the first-timer loan. Conventional is often the better deal. Here is how we think about it.
PMI goes away. FHA mortgage insurance does not.
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 five to seven years that difference adds up to thousands.
3% down is often enough
First-time buyers with a 620 credit score or better can put as little as 3% down, which is $10,500 on a $350,000 home. Pair that with your Bundle & Save credit and the out-of-pocket gets manageable.
We show you both. You decide.
If your credit is below 620, FHA may be the right call and we will 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. It is removed automatically once you reach 20% equity.
Debt-to-income ratio
Your total monthly debt payments divided by your gross monthly income. Lenders typically want this under 43% to 50%. Lower is better.
Annual percentage rate
Your interest rate plus fees, expressed as a yearly percentage. More useful than the rate alone when you compare lenders, because it is the true cost of borrowing.
Escrow account
Your lender collects property taxes and homeowner's insurance monthly, holds the money, and pays those bills when they come due. Your payment includes them.
Discount points
Optional upfront fees paid to permanently lower your interest rate. One point is 1% of the loan. Your Bundle & Save credit can be used to buy points.
Interested party credits
Money put toward your closing costs by someone with a financial interest in the sale, such as a seller concession or your Bundle & Save commission credit.
What Richmond first-time buyers say
From anxious to closed, in their own words.
Common questions
Straight answers, no runaround.
How much do I need for a down payment as a first-time buyer in Virginia?
What credit score do I need to buy a home in Virginia?
What is Bundle & Save and how much can I get back?
What are closing costs and how much should I budget?
How fast is the pre-approval process?
What is PMI and can I avoid it?
How do I know whether to choose a conventional or an FHA loan?
Do I have to use 804Mortgage's real estate agents?
Find out what you actually qualify for
Pre-approval is free, takes about ten minutes, and tells you exactly where you stand. No commitment, no pressure, and a straight answer from a local team that has done this hundreds of times.
Or call (804) 593-0344