Virginia Housing Development Authority (VHDA) Programs:
Updated March 2026VHDA offers 30-year fixed-rate mortgages at competitive rates and down payment/closing cost assistance for first-time homebuyers (no primary residence in past 3 years, waived in targeted areas) through approved lenders. No statewide sales price limit; income limits vary by county (higher in targeted areas). Mandatory homebuyer education required. Verify current rates, income/purchase limits, and targeted areas at vhda.com/homebuyers or contact a VHDA-approved lender. Programs remain active with steady funding in 2026.
Virginia First-Time Homebuyer Mortgage Programs:
Eligibility: First-time homebuyers or those not owning in past 3 years (waived in targeted areas); low-to-moderate income.
Offerings: 30-year fixed-rate mortgages (FHA, VA, USDA, or conventional) with competitive below-market rates and low down payment options.
Requirements:
- Income ≤ county-specific limits (varies by household size; e.g., ~$120,000–$180,000+ in high-cost areas like Fairfax/Arlington; lower in rural counties—check VHDA income chart).
- Minimum credit score: 620+ (varies by loan type).
- Debt-to-income ratio typically ≤45% (up to 50% with compensating factors).
- Mandatory homebuyer education (free via VHDA-approved counselors or online courses).
Down Payment Assistance (DPA) Options:
VHDA DPA Grant: Up to 5% of purchase price (max ~$10,000–$15,000 depending on loan/program) as a grant (no repayment) or deferred second mortgage (0% interest; repayable on sale/refinance).
Forgivable DPA: Portions forgiven after occupancy period (e.g., 5–10 years in some cases).
Eligibility: Must pair with VHDA first mortgage; income-based; minimum buyer contribution often required.
Virginia Heroes Program:
Description: Enhanced DPA and rate benefits for teachers, firefighters, law enforcement, healthcare workers, military/veterans, and other public servants.
Eligibility: Qualify for standard VHDA mortgage + proof of eligible profession; income limits apply.
Local Programs (Examples):
County/city programs offer additional deferred/forgivable assistance—funding limited; verify local housing authorities or VHDA partners.
Richmond / Henrico County
Richmond Homebuyer Assistance Program: Up to $15,000+ deferred/forgivable for down payment/closing in city limits; income-based; counseling required—check richmondgov.com/housing.
Virginia Beach / Virginia Beach City
Virginia Beach Homeownership Assistance: Assistance through regional partners (often up to $10,000–$20,000 deferred) for low/moderate-income buyers; education required—see vbgov.com/housing.
Norfolk / Norfolk City
Norfolk Homebuyer Programs: Local grants/loans (up to $10,000–$15,000 deferred) for eligible first-time buyers—check local housing authority.
Additional Information:
- USDA Loans: 0% down in eligible rural Virginia areas; income limits apply.
- VA Loans: 0% down for eligible veterans/active-duty military.
- FHA Loans: 3.5% minimum down (580+ credit; 10% if below 580).
Virginia programs emphasize flexible DPA and targeted support—always confirm with a VHDA-approved lender or vhda.com. Seeking Agents® connects you with Virginia agents who understand these programs and compete to offer reduced commissions or added services—free for buyers/sellers!
View First-Time Home Buyer Programs for: Washington
Frequently Asked Questions
What first-time home buyer programs are available in Virginia?
Virginia buyers may have access to statewide assistance, regional programs, and federal financing options such as FHA, VA, and USDA loans. Program details vary depending on income, home location, and the participating lender.
What first-time home buyer programs are available in Virginia?
Virginia buyers may have access to statewide assistance, regional programs, and federal financing options such as FHA, VA, and USDA loans. Program details vary depending on income, home location, and the participating lender.
Who qualifies as a first-time buyer in Virginia?
Many Virginia programs define a first-time buyer as someone who has not owned a principal residence within the last three years. Some exceptions may apply depending on the assistance program and borrower status.
Who qualifies as a first-time buyer in Virginia?
Many Virginia programs define a first-time buyer as someone who has not owned a principal residence within the last three years. Some exceptions may apply depending on the assistance program and borrower status.
How much assistance can Virginia buyers get for a down payment?
Virginia assistance may help with down payment and sometimes closing costs through grants, forgivable aid, or loan-based support. The amount available depends on the program and your financial qualifications.
How much assistance can Virginia buyers get for a down payment?
Virginia assistance may help with down payment and sometimes closing costs through grants, forgivable aid, or loan-based support. The amount available depends on the program and your financial qualifications.
Do Virginia buyer programs require homebuyer education?
Many Virginia first-time buyer programs require a homebuyer education course before closing. These classes help buyers understand loan obligations, budgeting, and the financial side of ownership.
Do Virginia buyer programs require homebuyer education?
Many Virginia first-time buyer programs require a homebuyer education course before closing. These classes help buyers understand loan obligations, budgeting, and the financial side of ownership.
Should I use a Virginia agent familiar with buyer assistance programs?
Yes. A Virginia real estate agent with buyer-assistance experience can help you better match your financing to the right homes and move through the process with fewer surprises.
Should I use a Virginia agent familiar with buyer assistance programs?
Yes. A Virginia real estate agent with buyer-assistance experience can help you better match your financing to the right homes and move through the process with fewer surprises.