Every time I renew my rental agreement in Centreville, I find myself pondering a similar question: which is more advantageous in the long run, continuing to pay rent or buying a home now? The median sale price in Fairfax County for the last three months (up to May 2026) is around $813,000 (Redfin, Fairfax County). Since individual statistics for Centreville are often not compiled separately, it is realistic to gauge based on county-wide figures, and it should be noted that actual listing prices can vary depending on the neighborhood and school district.

Calculating how much to prepare for a down payment based on this price makes the answer clearer. A 3.5% down payment would be $28,455, 5% would be $40,650, 10% would be $81,300, and 20% would be $162,600. FHA loans are available with a minimum credit score of 580 for a 3.5% down payment, while a score between 500 and 579 requires a 10% down payment. Conventional loans can start at 3% for first-time homebuyers or those with an area median income of 80% or less, but generally hover around 5%. The dividing line here is PMI. If you put down less than 20%, private mortgage insurance (PMI) is required, while putting down 20% or more waives it. While a lower down payment reduces initial burden, it's important to consider that PMI will be added to the monthly payment.

The Virginia Housing HOMEownership down payment and closing cost assistance program is also worth considering. If you meet the income requirements, you can receive assistance of up to 10 to 15% of the purchase price without repayment obligations, and an additional $2,500 for closing costs. The Virginia Housing Plus Second Mortgage allows you to cover 3 to 5% with a second mortgage, effectively lowering your cash burden. A lower down payment does not automatically reduce approval rates, but a larger loan amount will increase both monthly payments and DTI, which directly impacts the approval process.

Another factor influencing approval rates is credit score and DTI. As of July 2026, the average 30-year fixed mortgage rate is 6.6% (Freddie Mac PMMS), and by credit score ranges, those with scores above 780 have a rate of 6.59%, those in the 760s have 6.66%, the 740s have 6.75%, and the 700s have 6.91%. A 40-point difference in score can affect the rate by more than 0.3 percentage points, so keeping credit card balances low for a few months before applying can change your rating. According to the Consumer Financial Protection Bureau (CFPB), a back-end DTI of 43% or less is the baseline for a Qualified Mortgage, while a front-end housing cost ratio of 28% or less is ideal. The effective property tax rate in Fairfax County is $1,122.50 per $100,000, or 1.1225% (Fairfax County FY2026 tax rate), and this burden is often overlooked in DTI calculations.

Centreville is frequently mentioned as a neighborhood preferred by Korean families due to its school district. You can refer to metrics like GreatSchools or Niche for school district ratings, but since school boundaries change frequently, it's advisable to verify the actual assigned school for a given address before purchasing. Neighborhoods with good school districts often have listing prices that are higher than the county average, so it's wise to set a more generous down payment target accordingly.

During the mortgage approval process, sudden large amounts of money coming in and out of accounts are also scrutinized. If you are filling your down payment with help from parents or family, you need to document the gift with a gift letter and proof of funds. If your account balance suddenly increases right before closing, it could delay the review process, so it's better to organize fund transfers in advance. If you are coming from another state, Virginia also imposes personal property tax on vehicles, so this should be factored into your budget.

Getting pre-approved makes the subsequent process much smoother. Prepare stable income documentation with pay stubs and tax returns, and it's best to avoid making decisions that could affect your credit status, like taking out a new car loan or changing jobs, until after closing. It's also helpful to leave enough reserves for living expenses for 2 to 3 months after closing for both the review and actual residency. If you are weighing rent against buying, it seems practical to first calculate the down payment size and monthly payment, and then check your credit score and DTI. This article is not investment or legal advice, and it's recommended to consult with a loan advisor or real estate professional before finalizing any contracts.