Virginia Down Payment Assistance Programs
If you live in the Commonwealth of Virginia, you can potentially receive grants to pay for closing costs and down payments for a home loan. The Virginia Housing Development Authority, established in 1972, raises money in capital markets – not from taxpayers – to help Virginians with lower incomes buy a home, make homes accessible for older adults or people with disabilities, and finance community revitalization.
Virginia Housing offers down payment and closing cost assistance grants. The down payment grants can be used with FHA or conventional loans, whereas the closing cost grants can be used with USDA and VA loans. For additional help, both programs can be paired with a mortgage credit certificate (MCC), a nonrefundable tax credit that reduces your federal tax bill.
Virginia Down Payment & Closing Cost Assistance
Whether you need down payment assistance or closing cost assistance, Virginia Housing has loan options available for each grant. To access these particular loans, you must complete a free class for homebuyers that can be taken in person or online. It’s available in both Spanish and English. To find a class right now, click here.
Virginia Down Payment Assistance Grant Qualifications
To qualify for the Virginia Down Payment Assistance Grant, you need to:
- Be a first-time homebuyer.
- Be a repeat buyer buying a home in one of Virginia’s Areas of Economic Opportunity.
- Have an FHA or Conventional / Conventional No MI loan from Virginia Housing.
- Your household income must be within Virginia Housing’s income limits.
- The house you buy must be within Virginia Housing’s sales price and loan limits.
Virginia Closing Cost Assistance Grant Qualifications
To qualify to receive a Closing Cost Assistance Grant in the Commonwealth of Virginia, you need to pass this criterion:
- Be a first-time homebuyer.
- Be a repeat buyer buying a home in one of Virginia’s Areas of Economic Opportunity.
- Have a Rural Housing Service (RHS) loan from Virginia Housing.
- Have a Veterans Affairs (VA) loan from Virginia Housing.
- Your household income must be within Virginia Housing’s income limits.
- The house you buy must be within Virginia Housing’s sales price and loan limits.
The Closing Cost Assistance Grant and Down Payment Assistance Grant are true grants that never need to be repaid. They can also be paired with other non-Virginia Housing assistance from other charities or federal programs.
How can I get the most help?
Borrowers can qualify for grants even with a higher income, home sales price, and loan limits when they look for homes in Areas of Economic Opportunity. If you need a larger home and don’t mind relocating, finding a new house in these spots can give you a great deal with the specs you need in your future home.
Virginia Homeowner Education Classes
Since Virginia Housing wants future homeowners to be successful, it requires borrowers to complete a free homebuying course to access its special loan options that can use the free grants for closing costs or down payments. The class is free and can be taken online or in person.
Closing Cost Help in Virginia
Isn’t it amazing that so much Virginia closing cost and down payment help is available? We wish you the best of luck on your homebuying journey. If you ever have any questions about what it looks like to buy a new construction home or to learn the basics of buying a home, contact us.