Virginia First-Time Home Buyer Programs of 2023

Updated
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Written by Abby Badach Doyle
Lead Writer
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Edited by Johanna Arnone
Assistant Assigning Editor
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Hopeful first-time home buyers in Virginia have access to state programs that can help them make a down payment, pay closing costs or qualify for a home loan. For more than 50 years, Virginia Housing (formerly Virginia Housing Development Authority, or VHDA) has worked with lenders throughout the state to make homeownership a reality for thousands of residents.

Virginia Housing highlights and eligibility requirements

Virginia Housing programs offer first-time home buyers in Virginia helpful benefits, including down payment grants and federal tax breaks.

Program highlights

  • Down payment and closing cost assistance grants.

  • A conventional loan with 3% down and no mortgage insurance.

  • Offers government-backed loans (some with zero down payment) that can be combined with other Virginia Housing grants and loans.

Eligibility

  • Required credit score varies by loan or grant program; lowest is 620.

  • Haven’t owned and occupied a home in the past three years (except in certain areas).

  • Maximum income and loan limits vary depending on a home’s location and if you’re combining with a grant.

  • The home must be your primary residence.

  • Many loans require applicants to complete a free homeownership education class.

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