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Making Housing More Affordable for Virginians

 

With our variety of loans for both first-time and repeat homebuyers, you can help Virginians find the loan that’s right for them.

 

Helping homebuyers prepare for homeownership

Ensuring homebuyers are prepared to be future homeowners is critical, which is why many of our loans require the completion of a free homebuyer’s course.

 

Homebuyer Education


Compare home loan options

When paired with our specialty programs, Virginia Housing home loans are created to reduce out-of-pocket costs for qualified first-time homebuyers. Here’s an overview to help you discover available options.

Program Benefits Features
Closing Cost Assistance (CCA) Grant
  • Could eliminate funds needed for closing
  • No repayment required
  • First-time buyer required
  • Grant is a true gift
  • Can be paired with other non-Virginia Housing assistance


Down Payment Assistance Grant (DPA)
  • Reduces funds needed for a down payment
  • No repayment required 
  • Reduces monthly housing payment
  • 1% down payment
  • Grant is a true gift
  • Can be paired with other non-Virginia Housing down payment
  • First-time buyer required


FHA ( Federal Housing Administration)
  • FHA insured
  • Low down payment
  • Liberal credit qualifying
  • As low as 1% down with Virginia Housing DPA Grant
  • 3.5% downpayment
  • Credit scores as low as 620
  • Eligible for Virginia Housing's DPA Grant
  • Eligible for Virginia Housing's Plus Second Mortgage


USDA (Rural Housing Service)
  • USDA guaranteed
  • $0 required for eligible rural properties
  • Lower monthly payments
  • 100% financing
  • Low mortgage insurance
  • Eligible for Virginia Housing's CCA grant


VA (Veterans Administration)
  • VA guaranteed
  • $0 down payment required for eligible veterans
  • Liberal credit qualifying
  • 100% financing
  • Credit scores as low as 620
  • Eligible for Virginia Housing's CCA grant


Virginia Housing Conventional
  • Low 3% down payment required
  • Affordable monthly payment
  • Helps existing homebuyers “move up”
  • As low as 1% down with Virginia Housing DPA grant
  • Could help to reduce existing mortgage payment
  • 97% maximum financing
  • Lowest mortgage insurance requirements
  • Available for first-time and repeat buyers
  • Eligible for Virginia Housing Plus Second Mortgage
  • Eligible for Virginia Housing’s DPA grant  (restrictions apply)
  • Available for limited cash-out transactions as well as purchases
  • 640 minimum credit score
Virginia Housing Conventional No Mortgage Insurance (No MI)
  • Low 3% down payment required
  • Affordable monthly payment
  • Helps existing homebuyers “move up”
  • As low as 1% down with Virginia Housing DPA grant
  • Could help to reduce existing mortgage payment
  • Monthly payment is lower than other government/conventional loan programs
  • 97% maximum financing
  • No monthly mortgage insurance requirement
  • Available for first-time and repeat buyers
  • Eligible for Virginia Housing Plus Second Mortgage
  • Eligible for Virginia Housing DPA grant  (restrictions apply)
  • Available for limited cash-out transactions as well as purchases
  • Low payments can qualify for larger home
  • 660 minimum credit score


Virginia Housing Plus Second Mortgage
  • Eliminates funds needed for a down payment
  • Helps to keep total mortgage payment affordable
  • Could eliminate funds needed at closing
  • Increases homeownership for first-time and specific repeat buyers
  • Higher income limits assist buyers who don’t qualify for grant funds
  • 0% down payment
  • Second mortgage is a 30-year fixed rate
  • Qualified homebuyers can borrow 1.5% more than the sales price
  • Eligible for first-time buyers and repeat buyers purchasing in Areas of Economic Opportunity
  • Virginia Housing standard income limits apply
  • First-time buyer required

* Assumes that the property remains a principal residence, the Virginia Housing loan is still outstanding, and there is an actual federal tax liability.

  • Forms, Guidelines And Documents

    Understand our lending process through these reference materials.

    Learn More 

Contact Us

 

Homeownership Originations
Toll Free: 800-227-8432
Local: 804-783-6725
Homeownership@VirginiaHousing.com
Underwriting@VirginiaHousing.com


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