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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
- Housing counseling agencies – free or low-cost counseling services for buying, renting, defaults, foreclosures, credit issues and reverse mortgages
- Predatory lending – beware if you’re buying or refinancing your home; don’t become a victim of unfair lending practices
Buying a Home
Owning and Maintaining Your Home
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