This program is offered by the Virginia Department of Housing and Community Development.
In addition to being first-time homebuyers, applicants for this program must also be creditworthy, have an income at or under 80% of the area median income (which is also determined by location and household size), and complete homebuyer education and counseling.
Applicants must also put forth some amount from their own funds towards the home purchase, which varies depending on their income. Those with an income between 50% and 80% must put forth 1% of the sale price of the home, while those with an income lower than 50% must put forth $500.
Only the following property types are allowed: one-unit single family homes, two-unit homes as long as the borrower resides in one of the units, condominiums, townhomes, or manufactured homes. For manufactured homes, the house must have permanent utilities and be on owned or leased land.
Other programs in Virginia: