How Much Money Do You Really Need to Buy Your First Home in the DMV?

One of the first questions most first-time homebuyers ask when searching for a mortgage lender in the DMV is how much money they actually need to buy a home. Many buyers assume they must save a 20% down payment, which can feel impossible in Northern Virginia, DC, or Maryland.

The truth is that most first-time buyers do not put 20% down. In the DMV, many buyers successfully purchase homes with significantly less upfront cash by using loan programs designed for first-time homebuyers. The key is understanding what costs actually matter and planning for them early.

When buying a home, there are three main financial components to consider:

• Down payment

• Closing costs

• Monthly payment

Each plays a role, but none should be looked at in isolation. Down payment requirements vary based on loan type, and some programs allow as little as 3 to 5% down. In certain cases, buyers may also qualify for assistance programs that help reduce closing costs.

What often trips buyers up is relying on rough estimates or online calculators. These tools rarely account for:

• DMV-specific factors like property taxes

• HOA fees

• Loan program eligibility

This is why working with a local mortgage lender in Northern Virginia, DC, or Maryland is so important.

At the Jolene Moore Team at CrossCountry Mortgage, we help first-time homebuyers understand their true cash-to-close number early in the process. Instead of guessing, we walk through realistic scenarios so buyers know exactly what to expect before they start touring homes.

Buying your first home in the DMV doesn’t require perfection or years of saving. It requires clarity, preparation, and guidance from a lender who understands this market.

If you’re a first-time buyer in the DMV, knowing your real numbers early can help you move forward with confidence instead of uncertainty.