A first time home buyer in Henrico County needs a clear order of operations more than a perfect plan: budget, credit, loan program, pre-approval, cash to close, offer, closing. A mortgage broker in Henrico VA, such as Duane Buziak (NMLS #1110647), compares loan programs from multiple wholesale sources on your behalf instead of offering one shelf of products. Duane has been helping families find their new homes since 2014, and this guide follows the path he walks with buyers in Glen Allen, Short Pump, Lakeside and Tuckahoe. Before you start, gather a rough monthly budget, your recent pay stubs and tax documents, and a list of questions.
Written by Duane Buziak, NMLS #1110647 | Coast2Coast Mortgage LLC NMLS #376205
Step 1: Set a Monthly Payment Budget Before You Browse Listings
Start with the payment you can live with, not the highest price a calculator will approve. Your all-in monthly housing cost has four parts: principal and interest, property taxes, homeowners insurance, and any HOA dues. Mortgage insurance (PMI on conventional loans, MIP on FHA loans) is added when your down payment is small.
Henrico taxes are a local variable you can pin down. Check the current real estate tax rate on the Henrico County real estate tax page and confirm it as of 2026. For illustration only, a rate of $0.87 per $100 of assessed value on a $375,000 home works out to about $3,263 a year, or roughly $272 a month. Verify the rate before you rely on that figure.
Next, understand debt-to-income ratio (DTI): your total monthly debt payments, including the new mortgage, divided by gross monthly income. Many programs look near 43% as a reference point, though some allow more. Suppose you earn $6,500 a month. At 43%, total debts can reach about $2,795. A $450 car payment and a $300 student loan payment take $750 of that, leaving about $2,045 for housing instead of $2,795. Paying off a car loan can add more buying power than a bigger down payment.
Mistakes to avoid:
- Ignoring HOA dues. Communities around Wyndham, Twin Hickory and Lakeside-area neighborhoods often carry them, and they count toward your DTI.
- Forgetting maintenance. Older Tuckahoe homes can be charming, but roofs, HVAC systems and plumbing may need attention sooner. Set aside a monthly repair cushion.
Step 2: Check Your Credit and Gather Your Documents
Pull your free reports at annualcreditreport.com and read every account. Dispute errors with the bureau in writing, because corrections can take weeks. Until closing, do not open new credit cards or finance a car, and avoid large cash deposits you cannot document, since underwriters ask for the source of any unusual deposit.
Collect these items now so you are not scrambling later:
- Two years of W-2s or tax returns (self-employed buyers should expect to add profit and loss statements and more years of returns)
- Pay stubs covering the last 30 days
- Two months of bank statements, every page
- A government-issued photo ID
- Letters explaining any gaps in employment or large deposits
Many first-time buyers worry that checking rates will damage their score. A hard credit pull, which many lenders require just to give you a quote, can. Duane Buziak offers a NoTouch Credit Pull, a soft pull used for pre-qualification, so you can see where you stand without a hit to your score. A hard pull comes later, once you choose a program and move toward a formal application.
If your score is lower than you hoped, say so early. A broker can often map a plan, such as paying down a card balance before the pull, that moves you into a better pricing tier.
Step 3: Choose the Loan Program That Fits a First-Time Buyer
You do not need 20% down. Terms below are as of October 2026, so verify them before you commit.
- Conventional: as little as 3% down on eligible first-time buyer programs, with PMI that can be removed once you build enough equity. The 2026 baseline conforming limit is $806,500, per FHFA.
- FHA: 3.5% down with a 580 credit score or higher, per the HUD.gov FHA 203(b) page. It includes an upfront and an annual mortgage insurance premium.
- VA: 0% down for eligible veterans and service members, as described on VA.gov. Active-duty and retired households in the Richmond area, including those tied to Defense Supply Center Richmond, should check eligibility first.
- VHDA first-time buyer options: Virginia Housing offers down payment help and loan products with income and price limits that change, so confirm current limits on vhda.com.
A broker matters most when your file is not textbook: a thin credit history, a smaller down payment, variable income, or a score just under a pricing cutoff. Duane Buziak shops hundreds of wholesale lenders, so if one program prices your file poorly, another may fit. A single-shelf lender can only offer what is on its own shelf.
| Feature | Duane Buziak/Coast2Coast | Single-shelf lender | Why It Matters |
|---|---|---|---|
| Loan program access | Compares programs from many wholesale sources | Offers only its own products | Unusual credit, down payment or income may price better elsewhere |
| Credit pull for pre-qualification | NoTouch Credit Pull (soft pull) | Often a hard pull to quote | Shopping should not lower your score |
| Pricing check | Invites a Dare to Compare against any other quote | Quote stands alone with one source | You can verify you are not overpaying |
| Local presence | Office at 4860 Cox Rd, Glen Allen, near Innsbrook | May be remote or out of the area | Face-to-face help and local market knowledge |
Step 4: Get Pre-Qualified and Then Pre-Approved
These two terms are not interchangeable. Pre-qualification is a quick estimate of what you might borrow, based on information you provide. Pre-approval means a broker has reviewed and verified your documents, and it gives you a letter stating a loan amount and program. In busy Short Pump and Glen Allen submarkets, sellers and listing agents expect that letter with an offer.
Here is how it works with Duane Buziak at 804-212-8663:
- You call or apply online and share your income, debts, savings and target price range.
- A NoTouch Credit Pull gives a soft-pull view of your credit, with no impact on your score.
- You send the documents from Step 2, and they are reviewed for gaps or conditions that would slow things down later.
- You get a pre-approval letter naming the loan amount and program, which your agent attaches to offers.
Ask for a letter that matches your real comfort level, not only your maximum. If approval reaches $420,000 but your Step 1 budget points to $375,000, shop at $375,000.
Mistake to avoid: treating the letter as a guarantee. It is not a commitment to lend. The final loan still depends on a satisfactory appraisal, a clean title, final underwriting and no changes to your job, credit or finances before closing.
Step 5: Calculate Your Real Cash to Close (Worked Example)
This illustration uses assumptions, not a quote. Suppose you buy a $375,000 Henrico home with an FHA loan in October 2026, using an illustrative 6.50% rate on a 30-year term. Verify FHA premiums as of today with HUD.
- Down payment at 3.5%: $13,125
- Base loan: $361,875
- Upfront MIP at 1.75%, financed: $6,333, for a total loan of $368,208
- Principal and interest: about $2,327 a month
- Taxes at an illustrative $0.87 per $100: about $272 a month (verify the rate on the Henrico real estate tax page as of 2026)
- Homeowners insurance, assumed at $1,500 a year: $125 a month
- Annual MIP, assumed at 0.55%: about $169 a month
- Estimated total: about $2,893 a month
Now closing costs. Using assumed figures: lender fees, credit report and appraisal $2,400; title and settlement $2,200; recording and transfer charges $600; first-year homeowners insurance paid in advance $1,500; 15 days of prepaid interest $983; and an initial escrow deposit of three months of taxes and insurance, $1,191. That is about $8,874. Add the $13,125 down payment and cash to close is roughly $21,999, with your earnest money deposit credited toward it.
Escrow means your servicer collects taxes and insurance monthly and pays them for you. Seller credits can reduce cash needed, and FHA permits seller contributions up to a limit (6% of price, as of October 2026; verify). Duane Buziak can also structure no-out-of-pocket closing options in some cases, through seller credits or lender credits, in exchange for adjusting rate or price. Ask what the trade-off costs you over time.
Step 6: Shop Henrico Neighborhoods and Make an Offer
Run each area through your Step 1 budget. Short Pump offers newer construction and shopping, but often higher prices and HOA dues. Glen Allen and the Innsbrook corridor balance commute access to I-295 and I-64 with a mix of townhomes and single-family homes. Lakeside offers established streets with a distinct local feel. Tuckahoe has mature trees and older homes, with the maintenance trade-off from Step 1. Compare property tax, HOA and commute for each, and look up current prices from a sourced, dated report instead of relying on anecdotes.
Spend a Saturday morning at Deep Run Park and another at Dorey Park. Walking the trails and watching how a neighborhood sounds on a weekday evening tells you more than a listing photo.
Hire a local buyer’s agent, then decide the offer components together:
- Price: anchored to recent comparable sales, not only the list price.
- Earnest money: a deposit that signals commitment and is typically credited at closing.
- Contingencies: inspection and appraisal protect you; financing protects you if the loan falls through.
- Closing date: match it to your rate lock and the seller’s needs.
Mistake to avoid: waiving the inspection to look stronger without understanding the risk. You could inherit a failing roof or foundation problem with no leverage to negotiate. If you want to compete, shorten the inspection window or raise the repair threshold instead.
If the appraisal comes in low, you generally have four options: ask the seller to lower the price, bring extra cash to cover the gap, dispute the appraisal with better comparable sales, or walk away if your contingency allows.
Step 7: Lock Your Rate, Clear Underwriting, and Close
A rate lock holds your interest rate for a set period, commonly 30 to 60 days. Lock once you have a signed contract, and choose a period that covers your closing date with a few days of cushion. If closing slips past the lock, you may pay an extension fee or face the current market rate, so ask about extension costs first. When your Loan Estimate arrives, compare it with another quote line by line. Duane Buziak invites that Dare to Compare challenge.
During underwriting:
- Answer every condition request within a day or two.
- Do not finance furniture, a car or anything else new.
- Keep your down payment funds in place, since money that has not been in your account for roughly two months often needs documentation.
- Tell your broker before any job change.
Under federal rules, you must receive your Closing Disclosure at least three business days before closing. See the CFPB Closing Disclosure page. Compare it to your Loan Estimate and ask about any change.
Closing day checklist:
- Photo ID
- Certified funds, or a wire whose instructions you verified by phone with a known number
- A final walk-through within a day or two before signing
- A folder for your signed documents, kept permanently
In your first year, confirm any tax relief or exemption you qualify for with Henrico County, check your first tax bill against your escrow account, and review the escrow analysis your servicer sends to make sure the monthly payment still matches reality.
Your Next Move Toward Owning in Henrico County
The next step is a conversation, not a commitment. Call Henrico Mortgage by Duane Buziak at 804-212-8663 for a no-credit-impact pre-qualification and a payment plan built on the numbers in Step 1.
Your dream home in Henrico County is closer than you think: discover exactly what you can afford with our credit-safe pre-qualification process that protects your score while unlocking your options. Get pre-qualified today and take the first step toward homeownership with a local mortgage expert who understands your community.
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