Loans That Make Homeownership Affordable and Accessible
At Virginia Housing, we offer a variety of loans.
Why finding the right loan matters
We have a variety of loans for first-time homebuyers to help make owning a home more affordable. Finding the right loan is important for identifying your home options and planning your financial needs for the future.
If you are a repeat homebuyer, we may have a loan option for you too — be sure to ask a lender.
Get ready for homeownership
We want to help you be prepared as a future homeowner. Many of our loans require the completion of a free homebuying course.
Compare home loan options
Several kinds of loans — including some federal government loans — can be combined with Virginia Housing grants to reduce out-of-pocket costs for qualified first-time homebuyers. Here's an overview to help you discover available options.
Download our Home Loan Options booklet.
Program | Benefits | Features | |
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Closing Cost Assistance (CCA) Grant |
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Conventional Non-bond and bond |
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Conventional No Mortgage Insurance (No MI) Non-bond |
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Down Payment Assistance Grant (DPA) |
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Plus Second Mortgage |
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FHA (Federal Housing Administration) Non-bond and bond |
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USDA (Rural Housing Service) Non-bond and bond |
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VA (Veterans Administration) Non-bond and bond |
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*First-time homebuyer not required if purchasing in an Area of Economic Opportunity
**Virginia Housing Conventional non-bond and Virginia Housing Conventional No Mortgage Insurance do not require first-time homebuyer status or have sales price limits; however in combination with other Virginia Housing programs it may be a requirement. Virginia Housing’s Conventional Bond program has a first-time homebuyer requirement unless purchasing in an Area of Economic Opportunity as well as a sales price limit.
Understanding income, loan limits and sales price
In order to help first-time homebuyers, we've set up our loans to meet the needs of those who need them most. So, limits on your income or sales price will be a part of your loan eligibility.