Hopeful first-time home buyers in Virginia have access to state programs that can help them make a down payment, pay closing costs or qualify for a home loan. For more than 50 years, Virginia Housing (formerly Virginia Housing Development Authority, or VHDA) has worked with lenders throughout the state to make homeownership a reality for thousands of residents.

Virginia Housing highlights and eligibility requirements

Virginia Housing programs offer first-time home buyers in Virginia helpful benefits, including down payment grants and federal tax breaks.

Program highlights

  • Down payment and closing cost assistance grants.

  • A conventional loan with 3% down and no mortgage insurance.

  • Offers government-backed loans (some with zero down payment) that can be combined with other Virginia Housing grants and loans.

Eligibility

  • Required credit score varies by loan or grant program; lowest is 620.

  • Haven’t owned and occupied a home in the past three years (except in certain areas).

  • Maximum income and loan limits vary depending on a home’s location and if you’re combining with a grant.

  • The home must be your primary residence.

  • Many loans require applicants to complete a free homeownership education class.

Talking to a lender, preferably at least a couple, will get you started. Lenders affiliated with Virginia Housing know all the ins and outs and can help you navigate the process. Why talk to more than one? Because terms, interest rates and even customer engagement can vary from lender to lender. It’s satisfying to find someone you like to work with who also looks out for your best interests.

Visit VirginiaHousing.com for program details, or use its online lookup tool to find a Virginia Housing lender by ZIP code.