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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.


Loan First-time Homebuyers Credit Scores Income Limits Sales Price Limits Compatibility with Other Programs
Down Payment Assistance Grant ✓* 620 - 660 depending on the loan program
Closing Cost Assistance Grant ✓* 620
Virginia Housing Plus Second Mortgage ✓* 620 - 680 depending on the loan program
Mortgage Credit Certificate ✓* N/A
Virginia Housing Conventional N/A** 640 N/A**
Virginia Housing Conventional No Mortgage Insurance N/A** 660 N/A**
Federal Housing Administration ✓* 620
Rural Housing Service (RHS), USDA ✓* 620
Veterans Administration (VA) ✓* 620
Virginia Housing Loan Combo ✓* 620 - 680 depending on the loan program

*First-time homebuyer not required if purchasing in an Area of Economic Opportunity


**Virginia Housing Conventional and Virginia Housing Conventional No Mortgage Insurance do not require first-time homebuyer or have sales price limits; however in combination with other Virginia Housing programs it may be a requirement.



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

 

What if you need to sell your home?

If you used an MCC when buying your home, you may owe a federal recapture tax. This tax is a one-time occurrence and is based on your income and the home's appreciation. 

Learn more