VHDA Down Payment Assistance Grant
Financial Assistance for Homebuyers in Virginia
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.
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 assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Virginia
HOMEownership Down Payment and Closing Cost Assistance Program
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.
VHDA Down Payment Assistance Grant
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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