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Learn about our Mortgage Relief Resources

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
Closing Cost Assistance (CCA) Grant
  • Could eliminate funds needed for closing
  • No repayment required
  • Grant is a true gift
  • Can be paired with other non-Virginia Housing assistance
  • First-time buyer required


Conventional
   Non-bond and bond
  • Low 3% down payment required
  • Affordable monthly payment
  • Helps repeat homebuyers “move up” (non-bond only)
  • 97% maximum financing
  • Lowest mortgage insurance requirements
  • Eligible for limited cash-out transactions (non-bond only)
  • Eligible for Virginia Housing Plus Second Mortgage
  • Eligible for Virginia Housing’s DPA grant (bond only)
  • 640 minimum credit score
Conventional No Mortgage Insurance (No MI)
   Non-bond
  • Low 3% down payment required
  • Affordable monthly payment
  • Helps repeat buyers “move up” (non-bond only)
  • 97% maximum financing
  • No monthly mortgage insurance requirement
  • Eligible for Virginia Housing Plus Second Mortgage
  • Available for limited cash-out transactions
  • 660 minimum credit score


Down Payment Assistance Grant (DPA)
  • Reduces funds needed for a down payment
  • No repayment required 
  • Reduces monthly housing payment
  • 1% down payment
  • Grant is a true gift
  • Can be paired with other non-Virginia Housing down payment
  • First-time buyer required


Plus Second Mortgage
  • Eliminates funds needed for a down payment
  • Helps to keep total mortgage payment affordable
  • Could eliminate funds needed at closing
  • Increases homeownership for first-time and repeat buyers
  • Higher income limits assist buyers who don’t qualify for grant funds
  • 0% down payment
  • Second mortgage is a 30-year fixed rate
  • Qualified homebuyers can borrow 1.5% more than the sales price
  • Eligible for first-time buyers and repeat buyers
  • Virginia Housing standard income limits apply
FHA (Federal Housing Administration)
   Non-bond and bond
  • FHA insured
  • Low down payment
  • Liberal credit qualifying
  • Helps repeat buyers "move up" (non-bond only)
  • 3.5% downpayment
  • Credit scores as low as 620
  • Eligible for Virginia Housing's DPA Grant (bond only)
  • Eligible for Virginia Housing's Plus Second Mortgage


USDA (Rural Housing Service)
   Non-bond and bond
  • USDA guaranteed
  • $0 required for eligible rural properties
  • Lower monthly payments
  • Helps repeat buyers "move up" (non-bond only)
  • 100% financing
  • Credit scores as low as 620
  • Low mortgage insurance
  • Eligible for Virginia Housing's CCA grant (bond only)


VA (Veterans Administration)
   Non-bond and bond
  • VA guaranteed
  • $0 down payment required for eligible veterans
  • Liberal credit qualifying
  • Helps repeat buyers "move up" (non-bond only)
  • 100% financing
  • Credit scores as low as 620
  • Eligible for Virginia Housing's CCA grant (bond only)


*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.

Learn more