Think homeownership is out of reach because you can’t afford the down payment? Eligible first-time homebuyers in Virginia can get help with the money they need to buy a house through state resources like VHDA’s Down Payment Assistance (DPA) grant.
I’ve highlighted some of the details below. To find out more about this first-time homeowner program, or others that may be available to you, contact me!
- First-time Homebuyers VHDA’s Down Payment Assistance Grant Conditions:
- Maximum grant is determined by the sales price or appraised value of the home, which ever is lesser and is 2% for VHDA Fannie Mae and 2.5% for VHDA FHA of the purchase price and can only be applied in conjunction with eligible VHDA loans
- DPA borrowers must make a minimum contribution towards the down payment of 1%
- Minimum credit score: FHA 640 , Fannie Mae 660
- Maximum debt-to-income ratio is 41%
- Household income limits apply. See here: program limits.
- No repayment required.
- Borrowers receiving the DPA grant are eligible for a Mortgage Credit Certificate (MCC). An MCC is a dollar-for-dollar credit against your federal income tax liability, click here for more: vhda.com/MCC.
- DPA funds are not for use with these loans: VHDA Conventional Bond, FHA Plus, Rural Development and VA. Available only with VHDA loans; and,
Questions? Click to see DPA Grant Program Details. I would love to help guide you through your first home purchase in Virginia. Contact me!