All About Buying a House in Richmond, VA

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Exploring Richmond, VA From North to South

Strongly considering a home purchase in Richmond? Congratulations! You've chosen a vibrant city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers from coast to coast and have the inside scoop on Richmond's housing scene.

Given all of Virginia's growth, Richmond homes aren't always easy to find at a comfortable price. Ongoing economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Richmond area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Richmond and its nearby areas still offer a wide range of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your dream house! When looking to buy a house in Richmond, consider how near or far away the home is from the places you visit most. If you can, test drive your route to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Traveling around Richmond will also give you an idea of why homes in west Richmond are priced differently than homes in east Richmond, where to find Richmond's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Richmond, but is your bank account? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe in keeping the dream of homeownership alive and try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in Virginia or somewhere else entirely. We support first-time homeowners and experienced homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Richmond.

Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Richmond. Then, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). It's okay if these numbers are educated guesses. Searching the web for Richmond averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Next, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, down payment requirements can differ depending on the loan type. Here's where it can help to get prequalified for a mortgage. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, take a good look at your credit. Credit history is an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and options are always a good thing!

It's Go Time! Buy a House in Richmond, VA

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But when you get to live in a stellar city like Richmond, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Richmond. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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