Virginia isn’t just for lovers—it’s for homeowners too. Moreover, with over 69% of residences owner-occupied (according to 2023 U.S. Census data), the state provides excellent opportunities for first-time buyers. “If you’re considering buying your first home, Virginia fortunately offers a variety of assistance programs designed to make homeownership more affordable.From low-interest loans to down payment and closing cost assistance, these programs help reduce upfront costs and monthly payments.
What First-Time Homebuyer Programs Offer
| Program Type | Benefits |
| Mortgage Loan Programs | Low-interest, fixed-rate loans with flexible credit and down payment requirements |
| Down Payment Assistance | Grants or second mortgages to cover a portion of the down payment |
| Closing Cost Assistance | Funds to help with closing expenses, prepaid costs, and fees |
| Special Assistance Programs | Additional help for veterans, disabled individuals, and public housing residents |
Virginia Housing Conventional Loan Options
Provides two 30-year, fixed-rate conventional loan options:
| Loan Type | PMI Requirement | Minimum Credit Score | Down Payment |
| Conventional Loan | Required | 640 | 3% (assistance available) |
| Conventional No Mortgage Insurance Loan | No PMI | 660 | 3% (assistance available) |
Additionally, both of these loans require a maximum 50% debt-to-income (DTI) ratio and must meet income and loan limits set by VA Housing.
Property Requirements
- Must be a single-family home, townhouse, or agency-approved condo
- Home must be located in Virginia
Virginia Housing Plus Second Mortgage
This program pairs a Virginia Housing first mortgage with a second mortgage to help cover the down payment.
| Second Mortgage Amount | Repayment Term | Additional Benefits |
| 3% – 5% of the home’s price | 30 years | Some borrowers can finance closing costs |
Virginia Housing Down Payment Assistance (DPA) Grant
- Provides up to 2.5% of the home’s purchase price
- Must be used with a Virginia Housing Conventional, No Mortgage Insurance, or FHA loan
Virginia Housing Closing Cost Assistance (CCA) Grant
- Up to 2% of the purchase price covers closing costs, prepaid expenses, and funding fees
- Designed for VA and USDA loan borrowers
Additional Homebuyer Assistance Programs in Virginia
| Program | Who It Helps | Benefits |
| Granting Freedom Program | Military members & veterans with disabilities | Up to $8,000 for accessibility modifications (ramps, wider doorways, etc.) |
| Loan Combo Program | First-time buyers using Virginia Housing loans | Combines a mortgage, down payment assistance, and homebuyer education |
| ComeHome Homeownership Initiative (Richmond) | Public housing residents & voucher holders | Closing cost/down payment aid, lower interest rates, mortgage insurance relief |
| Virginia Individual Development Accounts (VIDA) | Low-income buyers | 10:1 match on savings, up to $10,000 |
| Fairfax County First-Time Homebuyers Program | Low- to moderate-income buyers | Below-market home prices with a required resale restriction |
Other First-Time Homebuyer Loan Options in Virginia
Beyond state-specific programs, Virginia buyers can access national first-time homebuyer loans:
- FHA Loans – Require only 3.5% down with a 580+ credit score
- VA Loans – No down payment or mortgage insurance for eligible military members, veterans, and spouses
- USDA Loans – No down payment required for homes in designated rural areas
- HomeReady & Home Possible Loans – Require just 3% down with flexible income requirements
These loan types are offered at lower interest rates and they’re able to be paired with down payment and closing cost assistance.
How to Get Started
Homebuyers, if you’re ready to buy your first home in Virginia, follow these steps:
- Assess Your Finances – Check your credit score, reduce debt, and save for upfront costs.
- Explore Your Loan Options – Compare Virginia Housing and national programs to find the best fit.
- Take a Homebuyer Education Course – These are required for some assistance programs, but helpful for all buyers.
- Work with an Approved Lender – Find a lender who participates in Virginia Housing programs.
- Start Your Home Search – Get pre-approved and begin looking for your dream home.
Bottom Line
Buying your first home in Virginia doesn’t have to feel overwhelming. With the right resources and financial assistance, you can confidently navigate the homebuying process. These programs make homeownership more affordable by reducing costs and providing expert guidance.
Ready to take the next step? Click below to explore your home purchase options and get pre-approved!
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