First-Time Homebuying Success in Fredericksburg
Purchasing a home is a dream for so many across the Commonwealth. It’s a path to stability, flexibility and generational wealth. At Virginia Housing, we offer a variety of loans for first-time homebuyers to help make owning a home more affordable, including low-interest loans and down payment assistance grants for those who qualify.
Our resources are at work across the Commonwealth, and recently, a Fredericksburg family utilized those valuable programs to purchase a newly renovated three-bedroom, two-bathroom, single-family home complete with updated appliances and a landscaped yard. Assistance from Virginia Housing was a key piece of making the dream of homeownership a reality.
Fern and Michael combined multiple resources to purchase their first home, including a Virginia Housing bond loan and a Virginia Housing Plus Second Mortgage, which is a loan to cover down payment and, in some cases, closing costs (you can read more about both products here). The couple also received a reduced rate mortgage and participated in Virginia Housing’s Homebuyer Education program and HUD housing counseling.
Virginia Housing relies on strong partnerships across the Commonwealth, and access to these resources for the couple came through Central Virginia Housing (CVH), a partner agency that helps residents find affordable housing in Stafford, Spotsylvania, Fredericksburg, Caroline and King George counties. CVH also provided Fern and Michael with a 1% mortgage rate reduction through the Sponsoring Partnerships and Revitalizing Communities (SPARC) program, a Virginia Housing grant program run through localities and partner agencies across the Commonwealth.
Josie Ramos, the HUD counseling program manager at CVH, pointed to Fern and Michael’s story as a great example of how Virginia Housing collaborates with local organizations to help communities and their residents.
At Virginia Housing, we work to help both homebuyers and renters on their housing journey. To set yourself up for success by using our programs, start with our Housing Essentials, your one-stop shop for information about homebuying and renting.