For first-time homebuyers, the financial hurdles of homeownership can feel overwhelming. Fortunately, Virginia offers two powerful tools to reduce upfront costs and make homeownership more accessible.
Both programs offer flexible gap financing to first-time homebuyers earning up to the approved area median income limits (AMI). The programs help homebuyers purchase homes that are safe, decent and accessible. The down payment assistance comes as a deferred loan, requiring the homebuyer to live in the home as their primary residence for a set period of time. No payments or interest accrue during this time.
- The HOMEownership Down Payment and Closing Cost Assistance program (DPA) provides assistance to first-time homebuyers at or below 80 percent of the area median income (AMI) An income eligible homebuyer may receive up to 10 percent or 15 percent (within the established approved areas by DHCD) of the sales price, plus up to $2,500 for closing cost. The maximum assistance is $40,000.00.
- The Virginia Pilot Down Payment Assistance Program provides assistance to first-time homebuyers up to 60% of the area median income (AMI). An income eligible homebuyer may receive up to $50,000.00.
Qualifications
For more information on the qualifications, click here.
Persons seeking DPA Assistance
Assistance can be accessed through local DPA providers that provide these services on a regional basis. For a list of local DPA providers, check out the DPA Local Provider Contact List.
