What is the Virginia Down Payment Assistance Grant?
The Virginia Down Payment Assistance Grant provides eligible homebuyers with financial aid to cover down payment and closing costs, making homeownership more affordable.
How much assistance can I receive through the grant?
Eligible buyers can receive up to 2.5% of the home’s purchase price or loan amount to help with down payment and closing costs.
Who qualifies for the Down Payment Assistance Grant?
Eligibility is based on income and purchase price limits, and applicants must use the home as their primary residence. Both first-time and repeat homebuyers may qualify.
Do I need to be a first-time homebuyer to qualify?
No, the program is available to both first-time and repeat homebuyers, although additional benefits may apply to first-time buyers.
What is the minimum credit score required?
Applicants typically need a minimum credit score of 620 to qualify, though higher scores may improve loan terms and eligibility.
Are there income limits for the grant program?
Yes, income limits vary based on household size and the county where the property is located, ensuring the program supports low-to-moderate-income families.
What types of properties are eligible for this program?
Eligible properties include single-family homes, condominiums, and townhouses. Manufactured homes may qualify if they meet program guidelines and are permanently affixed to a foundation.
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Get Started NowWhat is the maximum purchase price allowed?
As of 2025, the maximum allowable purchase price varies by county but generally ranges from $300,000 to $500,000, depending on program criteria.
Does the grant need to be repaid?
No, the grant does not need to be repaid, making it an excellent resource for eligible buyers to reduce upfront costs.
Is homebuyer education required for this program?
Yes, completing a homebuyer education course is mandatory to ensure buyers understand the responsibilities and financial commitments of homeownership.
Can the Down Payment Assistance Grant help with closing costs?
Yes, the funds can be used for both down payment and eligible closing costs, reducing the overall upfront expenses for buyers.
Are there restrictions on where the property must be located?
Yes, the property must be located within Virginia and meet the program’s eligibility criteria for type and price limits.
Can the program be used for newly constructed homes?
Yes, newly constructed homes are eligible as long as they meet the program’s purchase price and other requirements.
Are there debt-to-income (DTI) ratio requirements?
The maximum allowable DTI ratio is typically 45%, though exceptions may apply for applicants with strong credit or other compensating factors.
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Get Started NowCan the grant program be combined with other assistance programs?
Yes, the grant can often be combined with other state or local homebuyer assistance programs to maximize financial benefits.
What are the benefits of the Down Payment Assistance Grant?
The grant provides financial support to reduce upfront costs, making it easier for eligible buyers to achieve homeownership without needing to repay the assistance.
Can this program be used with FHA, VA, or USDA loans?
Yes, the grant program can be paired with FHA, VA, USDA, and conventional loans, provided all program requirements are met.
What is the application process for the Down Payment Assistance Grant?
Applicants work with an approved lender who will verify eligibility, guide them through the application process, and help secure the grant along with the loan.
Is there a fee to participate in the grant program?
No, there are typically no additional fees to access the grant, but applicants should review all closing costs with their lender during the process.
What makes the Down Payment Assistance Grant unique?
Unlike loans, the grant does not require repayment, providing a significant financial advantage for eligible buyers by reducing upfront costs without adding future debt.