Are you thinking of buying your first home in Virginia? Need information on the programs available to you to help with the down payment and closing costs? The state of Virginia provides programs and incentives for its residents who are first time home buyers and meet certain requirements. It will be well worth your time to educate yourself about the various programs that are available to you.
The Virginia Housing Development Authority exists to help Virginians achieve one of life’s fundamental dreams: having a place to call home. VHDA is a self-supporting, not-for-profit organization created by the Commonwealth of Virginia in 1972, to help Virginians attain quality, affordable housing. VHDA provides mortgages, primarily for first-time homebuyers and developers of quality rental housing. They offer loan programs tailored for first-time homebuyers as well as homeowners who want to buy in Areas of Economic Opportunity. To get complete details of the programs offered, please visit Virginia first time home buyer grant programs.
Here is the contact information for the Virginia Housing Development Authority:
Virginia Housing Development Authority
Homebuyer Department
601 S. Belvidere Street
Richmond, VA 23220
Toll Free: 800-227-8432
Local: 804-783-6725
email: vhdacomm@vhda.com
Local Programs Through Virginia for First Time Home Buyers
In addition to the grant programs described above, the U.S. Department of Housing and Urban Development provides home buyer assistance and grants in every state. There are multiple grant programs designed specifically for people that meet certain requirements, such as grants for people with disabilities so they can continue to live independently at home. It is worth visiting HUD’s website to see what assistance is currently available. For your convenience, simply go to this website.
Here is the contact information for the HUD office in Virginia:
Richmond Field Office
600 East Broad Street
3rd Floor
Richmond, VA 23219-4920
Phone: (804) 822-4805
Fax: (804) 822-4984
There are also these local programs:
Arlington County Moderate Income Purchase Assistance Program (703) 486-0626
MIPAP provides assistance to qualified first-time homebuyers of up to 25% of the purchase price towards the purchase of a home in Arlington. MIPAP assistance comes in the form of a deferred payment, no interest rate second trust loan. The MIPAP loan can cover all closing costs not paid by the seller (including pre-pays), up to a maximum of three discount points (to reduce the interest rate on the first trust mortgage), and a portion of the down payment.
Property eligibility/other requirements:
- Property must be located in Arlington County
- Eligible Property Types:
Single-family Properties (i.e. detached, duplex, townhouse)
Multi-family properties (i.e. condominiums, cooperatives) - Maximum purchase price: $362,790
- Maximum loan amount: $90,700
- Minimum down payment: 1% of the purchase price
Loudoun County Down Payment and Closing Cost Assistance Program (DPCC) (703) 777-0389
Down Payment / Closing Cost Assistance Program (DPCC)
First-time homebuyers purchasing a home either through the Affordable Dwelling Unit (ADU) program or purchasing an existing market rate home can borrow up to 10% of the sales price or $25,000, whichever is less, at 5% interest. This loan (used for the down payment and closing costs) is in the form of a second trust, payable over a 30 year period with the first three years of payments deferred and interest free.
Funding is limited and available on a first-come / first-served basis. Applicants must currently live and/or work in Loudoun County for a minimum of six months. Gross annual household incomes must fall within 30% to 70% of the Area Median Income. The current eligible income range is $32,250 through $75,250 regardless of family size. For additional eligibility requirements, terms and conditions, please refer to the Program Information located here.
If you wish to apply for this program, please proceed to the online application. Please note: you will need the information on the DPCC Checklist to complete the application.
Norfolk HOME Program (757) 623-1111
First-time Homebuyer Definition
The term “first-time homebuyer” means an individual and his or her spouse who have not owned a home during the 3-year period prior to purchasing a home with down payment and closing cost assistance, except that any individual may not be excluded from consideration as a first-time homebuyer on the basis that one or more of the following exceptions apply:
- Exception A – The individual is a displaced homemaker* (see definition of displaced homemaker) that, while a homemaker, owned a home with his or her spouse or resided in a home owned by a spouse.
- Exception B – The individual Is a single parent** (see definition of single parent) that, while married, owned a home with his or her spouse or resided in a home owned by the spouse.
- Exception C – The individual owns or owned, as a principal residence during such 3-year period, a dwelling unit whose structure is either (i) not permanently affixed to a permanent foundation in accordance with local or other applicable regulations, or (ii) not in compliance with State, local, or model building codes, or other applicable codes, and cannot be brought into compliance with such codes for less than the cost of constructing a permanent structure.
Portsmouth The Center for Community Development Affordable Housing for First Time Homebuyers (FTHB) (757) 399-0925
The Center for Community Development (CCDI) has been creating safe, affordable housing for First Time Homebuyers since 1991. To date a total of 71 houses have been either newly built or rehabilitated.
In late 1996, under the directions of CCDI�s Chief Operating Officer, Mr. Bruce AsBerry, the housing department underwent makor internal changes. By offering a greater quality of construction, providing adequate square footage and desirable amenities, the organization now attracts a much wider economic and social range of Qualified Buyers.
Since 1997, fifty (50) homes have been completed by CCDI for Homebuyers; forty (41) rehabilitations and nine (9) new constructions for a total of over 170 housed citizenry. This contribution tot he tax base represents a total real estate value of $5,00,105, with an average Affordable Housing sales price of $83,000 per home. CCDI customers range from retired elderly couples, to single parent schoolteachers and Naval Shipyard workers.
Richmond Direct Homeownership Assistance Plus (DHAP) (804) 354-0641
Richmond Keystone Program Direct Homeownership Assistance (DHA) (804) 354-0641
The City seeks to increase home ownership and neighborhood stability through new
housing construction on formerly abandoned vacant lots, through the sale of such
newly constructed homes, through the rehabilitation and sale of vacant houses and
through rehabilitation assistance to owner-occupied housing for low and moderate
income households. To help ensure homeownership affordability, Richmond uses
some program funds for down payment assistance and principal reduction
assistance. The City provides for necessary capital improvements through capital
improvement dollars.
Outside of the NiB program, the City uses remaining funds to address the housing
needs of low and moderate income households citywide. We use funds to help lowand
moderate-income homeowners finance maintenance repairs or substantial home
renovations that would help to maintain safety and increase energy efficiency and
functionality in older homes. This provision helps to fulfill the needs of not only the
low- to moderate-income homeowner, but also the elderly homeowner, where, in
both cases, homeowners often delay investing in necessary maintenance due to the
expense involved in repairing or renovating their homes.
