First-Time Homebuyer Programs in Virginia

Virginia Housing (formerly VHDA) offers some of the most generous homebuyer assistance programs in the Southeast. The Virginia Housing Down Payment Assistance Grant provides 2 to 2.5 percent of the purchase price as a non-repayable grant for first-time buyers using conventional or FHA loans, while the Closing Cost Assistance Grant covers up to 2 percent for VA and USDA borrowers. The DHCD HOMEownership DPA program can provide up to 10 to 15 percent of the sales price for income-eligible buyers, and the SPARC program reduces mortgage interest rates by a full percentage point in participating communities.