VHDA

We can offer down payment assistance financing in Virginia, made possible through Virginia Housing (VHDA).  VHDA offers conventionalFHA, USDA, and VA loan programs.

VHDA requires an online homeownership class…register via this link.

You don’t need to be a first time buyer…you just cannot have owned real estate within three years. The minimum credit score required is 640 for conventional financing and for FHA and VA it is 620.  If you meet the income limits, then you can receive a grant of 2% of the sales price.  For a household of 1-2, that income cap is $137,000.  For a household of 3+, it is $160,000.



If your income exceeds these limits, you may still be eligible for a loan of 3%-5% of the sales price.  The income cap for a down payment assistance loan for a 1-2 person household is $162,000, or for a household of 3+ it is $189,000.

For both the grant and loan program, you must contribute at least 1% of the sales price towards your home purchase.

If your income is under 80% of area median income ($120,320), you can also receive a discount on the mortgage insurance cost with a conventional loan.

Ready to pre-qualify?

Questions?  Reach out to me at 240-479-7658 or ajaffe@firsthome.com