Are you a first-time homebuyer in Virginia? This comprehensive guide is your essential resource, offering specialized assistance programs and valuable information exclusively tailored for residents of the Commonwealth. Explore a variety of programs, including down payment assistance and favorable mortgage options, designed to make homeownership more attainable. Start your exciting journey towards owning a home in Virginia today.
State-Wide Programs
| Program | Assistance Offered | Who Should Apply | Assistance Type |
|---|---|---|---|
| Up to 10% (15% in some areas) of sales price used for down payment assistance and an additional $2500 for closing costs | First time homebuyers that can meet income requirements | Grant | |
| Up to $4,000 in down payment assistance | First time homebuyers that can meet income requirements | Matches your savings 8:1 | |
| Up to 2.5% of the home sales price that can be used for down payment assistance | First time homebuyers that can meet credit score requirements | Grant | |
| Reduces up to 10% in mortgage interest that you pay into federal taxes for the life of your loan | First time homebuyers that can meet income requirements and buying properties under 2 acres | Tax credit |
Regional Programs
| County/Region | Program | Assistance Offered | Who Should Apply | Assistance Type |
|---|---|---|---|---|
| Arlington | Up to 25% of the home sale price that can be used for down payment assistance | First time homebuyers | Deferred loan with a 0% interest rate | |
| Chesterfield | Up to $14,000 in down payment and closing costs assistance | First time homebuyers that can meet income and credit score requirements and buying within Chesterfield county | Not specified | |
| Goochland | Up to $14,000 in down payment and closing costs assistance | First time homebuyers that can meet income and credit score requirements and buying within Goochland county | Not specified | |
| Hampton Roads Region | Downpay ment and closing cost assistance - amount not specified | First time homebuyers or homebuyers that are single parents, schoolteachers, retirees, counselors, police officers, active military and Naval Shipyard workers | HOME funds | |
| Hanover | Up to $14,000 in down payment and closing costs assistance | First time homebuyers that can meet income and credit score requirements and buying within Hanover county | Not specified | |
| Henrico | Downpay ment and closing cost assistance - amount not specified | First time homebuyers | HOME funds | |
| Henrico | Up to $14,000 in down payment and closing costs assistance | First time homebuyers that can meet income and credit score requirements and buying within Henrico county | Not specified | |
| Loudoun | Up to $25,000 in down payment and closing costs assistance | First time homebuyers that can meet income requirements | Loan with a 5% interest rate | |
| Powhatan | Up to $14,000 in down payment and closing costs assistance | First time homebuyers that can meet income and credit score requirements and buying within Powhatan county | Not specified |
City Programs
| City | Program | Assistance Offered | Who Should Apply | Assistance Type |
|---|---|---|---|---|
| Alexandria | Up to $50,000 in down payment and closing costs assistance | Resident first time homebuyers that can meet income requirements and buying within the city limits of Alexandria | Loan | |
| Bristol | Up to $10,000 in down payment and closing cost assistance | First time homebuyers that can meet income requirements | Second loan | |
| Chesapeake | Downpay ment and closing cost assistance - amount not specified | First time homebuyers that can meet income requirements | Deferred second loan with a 0% interest rate | |
| Colonial Heights | Up to $14,000 in down payment and closing costs assistance | First time homebuyers that can meet income and credit score requirements and buying within the city of Colonial Heights | Not specified | |
| Hopewell | Up to $14,000 in down payment and closing costs assistance | First time homebuyers that can meet income and credit score requirements and buying within the city of Hopewell | Not specified | |
| Newport | Down payment and closing cost assistance: up to $10,000 for a single family residence or up to $40,000 for new construction | First time homebuyers that can meet income requirements | Forgivable, deferred second loan with a 0% interest rate | |
| Norfolk | Up to $20,000 in down payment and closing costs assistance | First time homebuyers that can meet income requirements and buying within the areas of Ingleside, Monticello Village, and Oakdale Farms | Deferred second loan with a 0% interest rate | |
| Norfolk | Up to $40,000 in down payment and closing costs assistance | First time homebuyers that can meet income and savings requirements | Deferred second loan with a 0% interest rate | |
| Portsmouth | Up to $65,000 in down payment and closing costs assistance | First time homebuyers that can meet income requirements | Deferred second loan with a 0% interest rate | |
| Richmond | Up to $14,000 in down payment and closing costs assistance | First time homebuyers that can meet income and credit score requirements and buying within the city of Richmond | Not specified | |
| Richmond | Up to $14,000 in down payment and closing costs assistance | Any homebuyer that can meet income and credit score requirements and buying within the areas of Church Hill North, Church Hill Central, Blackwell, Carver/ Newtowne West, Swansboro, Bellmeade, Highland Park | Not specified | |
| Virginia Beach | Up to 25% of the home sale price that can be used for down payment assistance | Any homebuyer that is currently employed by the city of Virginia Beach and can meet income requirements | Deferred second loan with a 0% interest rate |
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