June 27, 2023
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Virginia
Virginia Down Payment Assistance (DPA) Programs
Located in the southeastern United States, Virginia is the 10th state in the Union. It borders the Atlantic Ocean and stretches from the Chesapeake Bay to the Appalachian Mountains.
The state’s capital is Richmond and the largest city is Virginia Beach. With a population of more than 8.5 million people, Virginia boasts a homeownership rate of 67.4% (2022-U.S. Census Bureau).
DPA programs across the country continue to make homeownership possible for many. Below is a list of programs available in the state of Virginia. Also, combining programs may be possible, so be sure to inquire.
In this article
Virginia Department of Housing and Community Development
Virginia Housing Development Authority
Newport News Redevelopment & Housing Authority
Center for Community Development
Hampton Roads PDC (Planning District Commission)
Norfolk Redevelopment & Housing Authority
Suffolk Redevelopment and Housing Authority
James City County Office of Housing & Community Development
Chesapeake Redevelopment & Housing Authority
City of Falls Church Housing & Human Services
Loudoun County Housing & Community Development
Prince William County Housing & Community Development
Arlington County Housing Division
Fairfax Housing & Community Development
Petersburg Redevelopment and Housing Authority
Roanoke Redevelopment & Housing Authority
Virginia Department of Housing and Community Development (DHCD)
HOMEownership Down Payment Assistance Program (DPA)
“The HOMEownership Down Payment and Closing Cost Assistance program (DPA) provides flexible gap financing for first-time homebuyers at or below 80 percent of the area median income (AMI) to purchase homes that are safe, decent and accessible. 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 to pay for the cost of closing.”
Virginia Individual Development Accounts (VIDA)
“The Virginia Individual Development Accounts (VIDA) program helps qualified individuals save for a down payment on a home. Eligible participants receive training, support and match funding on their savings. The current match rate is $8 for every $1 the participant saves, up to $4,000 in match.”
Virginia Housing Development Authority (VHDA)
Down Payment Assistance Grant
“If making a down payment is a barrier to buying your first home, the Down Payment Assistance Grant may help by reducing the time it takes to save for your down payment. The Down Payment Assistance Grant is a true grant, meaning you never need to repay it. It can be paired with other non-Virginia Housing assistance.
Closing Cost Assistance Grant
“This grant may be worth up to 2% of the home’s purchase price. Funds must be applied to closing costs, to include discount points, prepaid items and the upfront Rural Housing Service (RHS) guarantee fee or the Veterans Affairs (VA) funding fee. The grant does not require repayment, and having it may improve the homebuyer’s purchase offer.”
Virginia Housing Plus Second Mortgage
“The Plus Second Mortgage pairs one of our eligible first mortgages with a second mortgage that covers the down payment. For certain credit-qualified borrowers, some closing costs may also be covered. This is a 30-year, fixed-rate loan with no prepayment penalty.”
Home Loans
“We have a variety of loans for first-time homebuyers to help make owning a home more affordable. Finding the right loan is important for identifying your home options and planning your financial needs for the future. If you are a repeat homebuyer, we may have a loan option for you too — be sure to ask a lender.”
Virginia Housing Loan Combo
“We can help make your homeownership dreams a reality with our Loan Combo — it’s an affordable Virginia Housing mortgage with additional benefits just for first-time homebuyers.”
Newport News Redevelopment & Housing Authority (NNRHA)
First Time Homebuyer Assistance Program
“The Newport News Redevelopment and Housing Authority has federal funds available under the HOME Program to assist First Time Homebuyers with down payment and closing cost. Funds are awarded in the form of deferred payment loans, bearing no interest. Deferred Loans may be forgiven over time.”
City-Wide Program
“This program is designed to provide down payment assistance to eligible homebuyers purchasing homes within the City of Newport News. Assistance is intended to close the gap of funds needed for a purchase to be considered affordable under program guidelines. The amount of assistance shall not exceed $10,000.”
Second Mortgage Loan
“The maximum assistance under the Program is $40,000. The actual award amount will be based on need and calculated after a preliminary Loan Estimate is submitted for review and approval. Program assistance may be used to provide up to 50% (CDBG funds) of the lender required down payment, to reduce first mortgage loan principle, to reduce first mortgage interest rate and to provide assistance with reasonable closing costs, as necessary for affordability.”
Center for Community Development (CCDI)
Affordable Housing Program
“The Center for Community Development Inc. helps low to moderate-income citizens become first-time homebuyers. This is done by rehabilitating existing older homes and building newly constructed homes in neighborhoods that are in need of revitalization.”
Hampton Roads PDC (Planning District Commission)
Call Chesapeake HOME Program
“The Call Chesapeake HOME Program provides closing cost and/or down payment assistance to qualified first-time homebuyers who desire to purchase a new or existing home in the City of Chesapeake.”
Come HOME to Portsmouth
“The Come HOME to Portsmouth Program provides closing cost and/or down payment assistance to qualified first-time homebuyers who desire to purchase a new or existing home in the City of Portsmouth.”
Make Isle of Wight HOME Program
“The Make Isle of Wight HOME Program provides closing cost and/or down payment assistance to qualified first-time homebuyers who desire to purchase a new or existing home in Isle of Wight County.”
Hampton Roads Loan Fund Partnership (HRLFP)
“The HOME Down Payment and Closing Cost Program provides closing cost and/or down payment assistance (10% of the sales price up to a maximum of $14,500) to qualified first-time homebuyers, who desire to purchase a new or existing home in James City County, York County, Gloucester County, Poquoson and Williamsburg, Virginia.”
Norfolk Redevelopment & Housing Authority (NRHA)
HOME Program
“The HOME Investment Partnership Program, known as HOME, was implemented to by City of Norfolk and NRHA to expand the supply of decent affordable housing to low-to-moderate income households who choose to purchase a home in Norfolk. This program provides up to $40,000 in down payment and closing cost assistance to first-time homebuyers with household incomes at or below 80 percent AMI who are purchasing a home in Norfolk.”
Homeward Norfolk Program
“This program provides up to $20,000 in down payment and closing cost assistance to first-time homebuyers with household incomes between 80 and 120 percent AMI who are purchasing a home in one of three neighborhoods in Norfolk: Ingleside, Monticello Village or Oakdale Farms.”
Virginia Individual Development Accounts (VIDA)
“VIDA is a financial education and matched savings program available for working families purchasing their first home. VIDA matches $2 for every $1 you save in a VIDA account. Matching funds are limited to $4,000 per participant with a maximum of two participants per household.”
Sponsoring Partnerships and Revitalizing Communities (SPARC)
“Through Virginia Housing’s mortgage interest rate reduction program, SPARC, eligible first-time homebuyers can receive a 1% mortgage interest rate reduction on a 30-year fixed loan…This assistance is available only for eligible buyers who are receiving down payment and closing costs assistance through the HomeNet Homeownership Center. “
Suffolk Redevelopment and Housing Authority
HOME Downpayment and Closing Cost Assistance
“The Suffolk Redevelopment and Housing Authority in partnership with the City of Suffolk assists in creating homeownership opportunities by providing downpayment and closing cost assistance for first-time homebuyers through the HOME Downpayment and Closing Cost Assistance Program. First-time Homebuyers can receive up to $14,500, if approved.”
James City County Office of Housing & Community Development
First-time Homebuyer Program
“The First-time Homebuyer Program offers homeowner education classes, credit report reviews and housing counseling to assist County residents and local workforce in purchasing safe, decent, affordable housing. The program also assists qualified buyers with down payment and closing cost assistance and in designated areas offers low-interest rate financing.”
York County Housing Division
First Time Homebuyers Assistance
“The HOME Down Payment and Closing Cost Program provides closing cost and/or down payment assistance to qualified first-time home buyers, who desire to purchase a new or existing home in York County, Virginia.”
Chesapeake Redevelopment & Housing Authority
HCV Homeownership Program
“The HCV homeownership program allows families who are assisted under the HCV program to use their vouchers to buy a home and receive monthly assistance in meeting homeownership expenses.”
City of Falls Church Housing & Human Services
Affordable Dwelling Unit (ADU) Program
“NHPF will purchase and resell homes in the City of Falls Church at a reduced price to first-time homebuyers. Prices will be affordable to buyers at 50% to 120% of AMI. Homes can include single-family homes, townhomes, and condominiums.”
City of Falls Church Affordable Homeownership Program (CFCAHP)
“NHPF will purchase and resell homes in the City of Falls Church at a reduced price to first-time homebuyers. Prices will be affordable to buyers at 50% to 120% of AMI. Homes can include single-family homes, townhomes, and condominiums.”
Loudoun County Housing & Community Development
Affordable Dwelling Unit (ADU) Purchase Program
“The ADU Purchase Program enables eligible first time homebuyers with moderate income the opportunity to purchase a newly constructed or resale ADU townhouse or condominium.”
Affordable Market Purchase Program (AMPP)
“The Affordable Market Purchase Program (AMPP) enables eligible first-time homeowners with moderate income the opportunity to purchase a newly constructed townhouse or condominium.”
Low-Interest Rate Mortgage Program: SPARC
“Loudoun County has recently been awarded an $8 million allocation provided by Virginia Housing to help first-time homebuyers. The allocation of funding through Virginia Housing’s Sponsoring Partnerships and Revitalizing Communities (SPARC) program will provide lower interest rates on homeownership loans in the county.”
Down Payment / Closing Cost Assistance Program (DPCC)
“First-time homebuyers purchasing a home either through the Affordable Dwelling Unit (ADU) program or purchasing an existing market rate home can borrow up to 10% of the sales price or $25,000, whichever is less, at 5% interest.”
Public Employee Homeownership Grant Program (PEG)
“This program offers a grant of a secured loan to full or part-time employees (minimum 20 hours per week) of the Loudoun County Government, Courts and Constitutional Officers, and Loudoun County Public Schools.The grant amount is $10,000 for the purchase of a home located within Loudoun County.”
Prince William County Housing & Community Development
First Time Homebuyers Program (FTHB)
“FTHB provides loans for down payment and closing cost assistance to First-Time Homebuyers who are low and moderate-income (Income may not exceed 80% of Area Median Income) residents or persons working in the Prince William Area (Prince William County, the City of Manassas or Manassas Park) through the use of federal funding.”
Arlington County Housing Division
Moderate-Income Purchase Assistance Program (MIPAP)
“For first-time buyers purchasing a home in Arlington, this program provides a deferred-payment, no-interest loan of up to 25% of the home purchase price. The loan may be used to cover a portion of the down payment and all closing costs. The MIPAP loan acts as a 2nd Mortgage. The 1st Mortgage must be a conventional loan from a lender approved by VHDA (Virginia Housing Development Authority).”
Low-Interest Mortgage Program (SPARC)
“This program provides moderate income first-time homebuyers who purchase in Arlington an opportunity to receive a mortgage interest rate reduction. Qualified buyers receive a 1% rate reduction from the standard VH mortgage interest rate, for home purchases in Arlington County.”
Affordable Dwelling Units
“An Affordable Dwelling Unit (ADU) is a property made available to qualified moderate-income households and is subject to restrictive covenants that require it to be affordable in perpetuity. The ADU program currently consists of 59 units. When new construction units become available, they are sold through random selection lottery only.”
Live Near Your Work Grant
“Arlington County Government sponsored program providing up to $6,400 for home purchase to eligible Arlington County Government Employees working 30+ hours/ week.
Fairfax Housing & Community Development
First-Time Homebuyers Program
“The First-Time Homebuyers (FTHB) Program has been providing affordable homes primarily through the Affordable Dwelling Unit (ADU) Program to low- and moderate-income families since 1978. Homes are offered at sale prices well below the sale price of other homes in the same development community.”
Workforce Dwelling Unit Homebuyer Program
“The Workforce Dwelling Unit (WDU) Homebuyer Program provides a means for qualified homebuyers earning between 70 and 120 percent the Area Median Income (AMI) to purchase a home at below-market prices near employment centers and transportation options. WDU townhomes and condominiums are located within market-rate developments throughout the county and vary in size and layout.”
Petersburg Redevelopment and Housing Authority (PRHA)
HOMEownership Down Payment Assistance Program
“PRHA administers the HOMEownership Down Payment Assistance Program for properties located in the following Virginia localities: Chesterfield, Petersburg, Colonial Heights, Dinwiddie, Hopewell, Prince George, Emporia, Greensville, Sussex and Surry.”
project: Homes
Affordable Homeownership
“Since 1992, project:HOMES has fully renovated or constructed 213 affordable single family homes. All homes are sold to families or individuals making 80% or less of the Area Median Income (AMI). Every home is built with superior finishes, historic detail and lasting value that challenges the misconception of what defines affordable housing. Our homes are designed to fit the historic character of the neighborhoods we serve and are made at the same caliber as the market rate house next door.”
Roanoke Redevelopment & Housing Authority (RRHA)
Lease/Purchase Homeownership
“Participants in this program start by renting one of a limited number of RRHA-owned houses (listed below) for at least 6 months but no longer than two years. During this time, these households can work toward saving money for a down-payment, reducing debt, and repairing credit. Each is required to complete homeownership counseling with a HUD-certified homeownership counselor and will need to qualify for a home loan with a financial institution within the two-year time frame.”
HCV Homeownership Program
“The HCV Homeownership Program allows a family to purchase a home for approximately the same amount of rent that is currently being paid to a landlord. Once a mortgage company approves a borrower’s application, the Housing Choice Voucher payment is applied to the mortgage payment rather than a rent payment.”
Section 32 – RRHA Properties For Sale
“All of these homes were built by RRHA within the last 15 years and have modern amenities. Prior to sale of these properties RRHA will upgrade them so that they will be like new with no maintenance issues.
Price will be determined by a final appraisal, but the amount of the mortgage for the buyer is estimated to be between $70,000.00 – $100,000.00.”
Total Action for Progress (TAP)
Down Payment Assistance (DPA) Program
“TAP’s DPA Program helps eligible homebuyers purchase homes that are safe, decent, and accessible by providing down payment assistance (up to 10% of the sales price). The DPA Program can also help with closing costs.”
Federal Home Loan Bank (FHLBank) Atlanta
States/Territories served: Alabama, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia
Community Partners Products
“Provides up to $15,000 in down-payment and closing-cost funding to current or retired law enforcement officers, educators, health care workers, firefighters, and other first responders; veterans or active-duty members of the U.S. military or their surviving spouse; and COVID-related essential workers that are first-time homebuyers or non-first-time homebuyers.”
First-time Homebuyer Product (FHP)
“The First-time Homebuyer Product (FHP) provides up to $12,500 in funds for the down payments and closing costs of first-time homebuyers.”
USDA Rural Development
Single Family Housing Direct Home Loans
“Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time.”
Habitat for Humanity
Habitat Home
“We believe that everyone should have a safe, affordable place to call home. To carry out our vision, we partner with individuals and families from application through construction to when the keys are handed over.”
Harrisonburg Redevelopment and Housing Authority (HRHA)
Homebuyer Assistance Program
“As part of a larger City initiative to increase homeownership, Harrisonburg Redevelopment and Housing Authority (HRHA) will operate a Homebuyer Assistance Program to support low to moderate income families and individuals purchase homes in the $250,000 and below market within the City of Harrisonburg.”
Up next, we will explore down payment assistance programs in Washington.
In this article:
Virginia Department of Housing and Community Development
Virginia Housing Development Authority
Newport News Redevelopment & Housing Authority
Center for Community Development
Hampton Roads PDC (Planning District Commission)
Norfolk Redevelopment & Housing Authority
Suffolk Redevelopment and Housing Authority
James City County Office of Housing & Community Development
Chesapeake Redevelopment & Housing Authority
City of Falls Church Housing & Human Services
Loudoun County Housing & Community Development
Prince William County Housing & Community Development
Arlington County Housing Division
Fairfax Housing & Community Development
Petersburg Redevelopment and Housing Authority
Roanoke Redevelopment & Housing Authority
Helpful Links:
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