The Virginia Housing Development Authority (VHDA) offers the Down Payment Assistance (DPA) Grant in order to help individuals get out of the renters trap. They realize that many people who are able to make their monthly mortgage payments, don’t always have enough money saved for a down payment.

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VHDA Down Payment Assistance Grant

Financial Assistance for Homebuyers in Virginia

The Virginia Housing Development Authority (VHDA) offers the Down Payment Assistance (DPA) Grant in order to help individuals get out of the renters trap. They realize that many people who are able to make their monthly mortgage payments, don’t always have enough money saved for a down payment.

Available Assistance
This DPA grant is a gift that provides potential homebuyers with 2 to 2.5 percent of the purchase price to help make their dreams of homeownership come true. It can only be used with eligible VHDA, which include VHDA Fannie Mae (both the No MI and Reduced MI purchase programs), VHDA FHA (including FHA-CHR), and the VHDA Conventional Bond-CHR. However, the DPA grant cannot be used in conjunction with other down payment assistance programs (including FHA Plus).

Eligibility Requirements
  • All applicants must be first-time homebuyers (those who have not owned and occupied a primary residence in the previous 3 years), unless they are purchasing a home in what is considered a Target Area.
  • Applicants must meet the minimum credit score requirements; 620 for an FHA loan, 660 for a Fannie Mae No MI, and 640 for a Fannie Mae Reduced MI.
  • An applicant’s debt-to-income ratio must not exceed 45 percent.
  • Applicants’ household income must fall under the program limits. The income must include earnings for all household members, regardless of whether they are borrowers or non-borrowers on the title.
Property Guidelines
The home being purchased must serve as the applicant’s primary residence, and he/she must reside there for at least one year.

Homebuyer Education
All applicants are required to attend and complete a homebuyer education course, unless the home being purchased is in a Target Area. They must complete a VHDA course, HUD Approved Counseling Agency course, or Fannie Mae Framework course prior to approval. The Homebuyer Education Certificate is valid for 2 years. 

Down Payment Grants in Virginia

HOMEownership Down Payment & Closing Cost Assistance Program helps first-time homebuyers purchase decent homes in Virgina. With this program, the Virginia Department of Housing and Community Development creates long-term, sustainable housing for low-income families. 

The Virginia Housing Development Authority (VHDA) offers the Down Payment Assistance (DPA) Grant in order to help individuals get out of the renters trap. They realize that many people who are able to make their monthly mortgage payments, don’t always have enough money saved for a down payment.

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