This Down Payment Assistance Grant is generously offered by the Virginia Housing Development Authority. Because this is a grant, it does not need to be paid back.
Between 2% and 2.5% of the purchase price of a house is given to qualified applicants that are utilizing an eligible mortgage program.
Only first-time homebuyers are eligible; however, an exception can be made for those purchasing in a specified target area.
Individuals cannot have a credit score lower than 620 if they’re utilizing an FHA loan, or 660 for a Fannie Mae No MI loan, or 640 for a Fannie Mae Reduced MI loan. Further, individuals cannot have a DTI higher than 45%. There are also specified household income limits that have to be met.
Only primary residences are applicable for this grant, and the individual must keep using the house as their primary residence for at least one year.
Finally, all individuals must complete homebuyer education (unless the house is in a target area location) and counseling.
Other programs in Virginia: