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HomeBank LoanVirginia First-Time Homebuyer Packages | The Lenders Community

Virginia First-Time Homebuyer Packages | The Lenders Community


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HOMEownership Down Payment & Closing Cost Assistance Program

The down payment assistance is provided in the form of a grant with a mandatory “affordability period” for the applicant to continue to occupy the house as their primary residence.  An income-eligible homebuyer may receive up to 10% or 15% (within the established approved areas by DHCD) of the sales price, plus up to $2,500 to pay for the cost of closing. Read more

Requirements

  • Must be a first-time homebuyer (have not owned a home within the last 3 years)
  • Complete a homebuyer education course
  • Household income does not exceed eighty percent (80%) of the area median income (AMI)
  • 1% of the funds must come from the borrower

The HOME program specifically requires

  • Total family household income cannot exceed 80 percent of the area median income
  • Supportive services including preliminary homebuyer services
  • Program funds must be offered on a first-come, first-served basis
  • Assisted housing and associated costs cannot exceed 95% of the area median home sales price established by HUD

Program Contact

Dawn Scott dawn.scott@dhcd.virginia.gov

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Statewide and Regional Programs

Regional and Local Organizations

Hampton Roads Area

Southwest Virginia Area

Eastern Shore

Shenandoah Valley Area

Northern Virginia Suburbs

Fredericksburg Area

Petersburg Area

Richmond Area

Roanoke Valley Area

Charlottesville Area

Danville Area

Getting Started

Buying a Home

Owning and Maintaining Your Home

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