Most first-time buyers I meet have never heard of these programs. Here's how they work, with real numbers.
Virginia Housing is the state's housing finance agency. It offers loans and grants built for first-time buyers, and you get them through a Virginia Housing approved lender. You don't apply to the state directly.
For most programs, a first-time buyer means you haven't owned and lived in a home in the past three years. Income and purchase price limits apply, and most programs require a short homebuyer education class.
Some grants are funded in rounds and can run out, and programs like the Community Heroes Grant open for limited windows during the year. Your lender confirms what's open right now.
Let's say you're buying a $250,000 home in Petersburg with an FHA loan.
That's a big difference. And we can also ask the seller to help with your closing costs in your offer, within your loan's limits.
This is a simplified example. Your lender will give you exact numbers based on your loan, price, and which programs you qualify for.
For Virginia Housing, a first-time buyer generally means you haven't owned and lived in a home as your main residence in the past three years. Some areas also allow repeat buyers.
No. The down payment assistance grant and closing cost grant are true grants that never have to be repaid. The Plus Second Mortgage is a loan, so it is repaid.
Some programs can be combined and some can't, and the rules change. Your Virginia Housing approved lender will tell you which ones you can stack.
Fill out my questionnaire and I'll connect you with a Virginia Housing approved lender who can tell you exactly which programs fit.
Program details from Virginia Housing.