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Real estate prices have been rising in the Old Dominion state, which can often put home buyers under pressure. Luckily, if you’re a first-time buyer in Virginia, there’s plenty of help available. That ranges from advice and home buyer education courses to cash grants or loans to help you out with your down payment.
If your score falls between 500 and 580, you’ll need to make closer to a 10% down payment. Even with a credit score requirement, FHA loans are one of the easiest federal programs to qualify for. So if you’re hoping to buy your first home in Virginia, here’s a rundown of the various state-sponsored first-time homebuyer assistance programs, as well as eligibility requirements and how they work. Qualified first-time home buyers in Virginia can receive a grant of up to 2.5% of the purchase price.
APPLICATION AND SELECTION PROCESS
We applied with other lenders but had been turned down, but Smart mortgage worked with us so we can have our dream home! Our lender Jon, walked us through the process and was very helpful in answering questions promptly. Jon always kept in daily communication with us, so there were no surprises!
Assistance can be accessed through local DPA providers that provide these services on a regional basis. For a list of local DPA providers, check out the DPA Local Provider Contact List. From finding the loan that's right for you to closing on your new home, we're here to help you through the homebuying process.
$258,000* Price Subject to Approval
Through ANSP, the City and its non-profit partner, Rebuilding Together Alexandria, acquire and fully renovate distressed properties, and offer these homes for sale to income-eligible, first-time homebuyers. Whether you’re thinking ofsettling down in Charlottesville,buying a home in Blacksburg, or looking to retire in a Virginia city suburb, there is no shortage of housing options in Virginia. But wherever you decide to set down roots, be sure to take advantage of the array of first-time buyer assistance programs that Virginia has to offer. Richmond provides free credit counseling services and homebuyers’ education courses. If you need down payment or closing cost assistance, you may be able to qualify for a $10,000 loan that’s forgivable as long as you use your home as your primary residence.
If you prefer to learn at your own pace, choose an online course that offers all of the elements of our in-person class. On average, expect the course to take around eight hours to complete. We offer virtual sessions that address frequently asked questions about homebuying. Session participants have the opportunity to ask questions through the webinar chat box. We offer in-person classes that cover all aspects of the homebuying process.
Eligibility requirements for the Conventional and No Mortgage programs
The down payment assistance programs that are listed here are a sample of what is available for homebuyers in Virginia. This can be your starting point as you search for the right program for your family. Roanokeprovides first-time homebuyers with a down payment assistance program that provides up to $8,000 to cover the lump sum deposit in the homebuying process. The cash is provided in a zero interest deferred payment loan that’s forgiven after five years. Families in a low-income household who areready to move to Harrisonburgshould connect with the Harrisonburg Redevelopment and Housing Authority for a helping hand.
Submit your completed application along with all required documents. FTHB unit purchasers agree to abide by the following covenant provisions. In order to complete a homeownership packet, please answer the questions below. Carmen Chai is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris.
Qualified homebuyers can credit up to 10 percent of their annual mortgage interest paid against their year-end tax liability. The tax credit is allowable every year for the life of the original loan until the loan is paid off or refinanced. Just as with the standard USDA loan, qualified applicants do not have to provide any down payment and homes must be in rural areas. The Home Possible® mortgage from Freddie Mac meanwhile requires just a 3% down payment, which is why you might see it referred to as a 97% LTV loan.
With the VHDA version, homebuyers can qualify for low monthly payments, low mortgage insurance and a discounted federal tax bill in addition to 100% financing. Virginia’s standard income and purchase price limits apply. You can secure a home loan if you’re a first-time or repeat homebuyer.
You may be eligible for advice, educational courses, mortgages, and down payment assistance programs . The latter are often delivered through a local provider run by your city, county, or a nonprofit in your area. Once your homebuyer education completion certificate is verified, a counselor will be assigned, and an appointment will be scheduled.
Browse the topics to the right to learn more about the programs and services we offer. The FHA Loan is the type of mortgage most commonly used by first-time homebuyers and there's plenty of good reasons why. This program lets buyers get a single loan with just one closing. NACA’s Achieve the Dream events in 2022 were an outstanding success. We had over 50,000 homebuyers attend these four and five day face-to-face one stop homeownership events.
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