Can You Afford to Buy a Home?
Deciding to buy a home is a big decision, and paying for one takes planning. Virginia Housing offers a variety of grants and loans to help make your first home more affordable, while also reducing the amount of time it takes to save for a down payment. Our eligibility tool can help you discover which Virginia Housing loans are right for you.
Grant and Loan Options
Down Payment Assistance Grant
Virginia Housing’s Down Payment Assistance Grant provides qualified first-time homebuyers with funds for their down payment that they will not need to pay back.
Closing Cost Assistance Grant
The Closing Cost Assistance Grant reduces out-of-pocket expenses for borrowers who are applying for a Rural Housing Service (RHS) or Veterans Affairs (VA) loan. This grant will never require any repayment, and it can also be paired with a Mortgage Credit Certificate.
Virginia Housing offers a variety of 30-year fixed-rate loans. Some require zero down payment; some allow for lower credit scores and all can be paired with a Mortgage Credit Certificate to help reduce federal income taxes.
Virginia Housing Plus Second Mortgage
If you are a first-time homebuyer who does not qualify for a grant due to income limits, you may qualify for our Plus Second Mortgage, eliminating the need for a down payment. This loan is paired with an eligible Virginia Housing first mortgage and may assist with your closing costs.
Military and Veteran Programs
Virginia Housing has dedicated resources for service members and veterans. They include education classes, accessibility grants for disabled veterans and more.
Mortgage Credit Certificates
When buying your first home, a Mortgage Credit Certificate (MCC) can reduce the amount of federal income tax you owe each year. An MCC is a dollar-for-dollar credit against your federal income tax liability that could save you thousands of dollars.