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. 

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HOMEownership Down Payment & Closing Cost Assistance Program

Financial Assistance for Homebuyers in Virginia

With the goal of creating long-term, sustainable housing and growth in personal health for low-income families in the state, the Virginia Department of Housing and Community Development’s (DHCD) HOMEownership Down Payment & Closing Cost Assistance Program helps first-time homebuyers purchase decent homes. The program brings together a number of qualified HUD-certified mortgagors with outlined plans of being DPA providers and administering DHCD funds.

To participate in the HOME program, homebuyers must have eligible credit and fall at or below 80 percent of the area median income (AMI) proposed by HUD according to the size and location of the property. They must be first-time homebuyers who complete an HUD-certified homebuyer education course and receive homeownership counseling. If an applicant’s income falls between 50 and 80 percent of the AMI they are obligated to pay 1 percent of the sales price, and those with income lower than 50% must pay $500.

Additionally, there are some property guidelines that must be met as well:
  • Single-family property (one unit)
  • Two-unit property where one unit will be the principle residence of the purchaser and the second is a HOME rental unit
  • Townhouse homes
  • Condominiums
  • Manufactured homes; the manufactured housing must be connected to permanent utility hookups. The manufactured housing must be located on land that is owned by the manufactured housing unit owner, or on land for which the manufactured housing unit owner has a lease for a period at least equal to the applicable period of affordability. 

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.