First Time Homebuyer Programs in Virginia
Virginia offers a variety of programs through the Virginia Housing Development Authority (VHDA) to assist first-time homebuyers. These programs provide financial assistance, competitive mortgage options, and valuable resources to make homeownership attainable.
VHDA Loan Program
The VHDA Loan Program offers affordable fixed-rate mortgages for first-time and repeat buyers.
- Provides 30-year fixed-rate loans with competitive interest rates.
- Available for FHA, VA, USDA, and conventional loans.
- Income and purchase price limits apply based on location and household size.
Down Payment Assistance Grant
The Down Payment Assistance Grant helps buyers with upfront costs.
- Provides grants of up to 2.5% of the home’s purchase price.
- No repayment required, making it a true grant.
- Must be used with a VHDA loan product.
Mortgage Credit Certificate (MCC) Program
The MCC Program provides significant tax benefits for eligible homebuyers.
- Allows a federal tax credit of up to $2,000 annually.
- Can be combined with VHDA loan programs for additional savings.
- Eligibility includes income and purchase price limits.
Virginia’s first-time homebuyer programs are designed to make homeownership more accessible and affordable. Explore these options to find the perfect fit for your needs and take the first step toward owning your dream home in the Old Dominion State.