Closing Cost Assistance Grant Information for Lenders

The Closing Cost Assistance Grant helps reduce out-of-pocket expenses.

To receive a Closing Cost Assistance Grant, a homebuyer must:

• Be a qualified first-time homebuyer or repeat buyer purchasing in Areas of Economic Opportunity
• Have a bond Rural Housing Service (RHS) or Veterans Affairs (VA) loan from Virginia Housing
• Have a household income within Virginia Housing’s income limits
• Be within Virginia Housing’s sales price / loan limits

This grant may be worth up to 2% of the home’s purchase price. Funds must be applied to closing costs, to include discount points, prepaid items and the upfront Rural Housing Service (RHS) guarantee fee or the Veterans Affairs (VA) funding fee. The grant does not require repayment, and having it may improve the homebuyer’s purchase offer.