Virginia Housing offers mortgage and homebuyer-assistance programs for eligible buyers throughout Virginia—not only Northern Virginia. Options may help with the down payment, closing costs or both, depending on the buyer’s income, property, first mortgage and program eligibility. For additional details on eligibility and program comparisons, see our 2026 Virginia first-time homebuyer and down payment assistance guide.
Virginia Housing First-Mortgage Options
- Virginia Housing Conventional: Bond and non-bond conventional options, including financing with a down payment as low as 3% for eligible buyers.
- Virginia Housing FHA: FHA-insured financing with a 3.5% minimum down payment that may be combined with eligible Virginia Housing assistance.
- Virginia Housing VA: No-down-payment financing for eligible Veterans, service members and certain surviving spouses.
- Virginia Housing USDA: No-down-payment financing for eligible buyers purchasing a qualifying primary residence in a designated area.
Virginia Housing Down Payment Assistance Grant
The Down Payment Assistance Grant is a true grant, meaning it does not require repayment. It may be paired with an eligible Virginia Housing bond FHA or conventional first mortgage.
Eligible applicants generally must be qualified first-time homebuyers, although certain repeat buyers purchasing in designated Areas of Economic Opportunity may qualify. Household-income and sales-price or loan limits apply.
Virginia Housing Closing Cost Assistance Grant
The Closing Cost Assistance Grant can reduce eligible closing expenses for qualified first-time homebuyers using a Virginia Housing VA or USDA/Rural Housing Service bond loan. It is a grant and does not require repayment.
Virginia Housing Plus Second Mortgage
The Plus Second Mortgage is a 30-year fixed-rate second mortgage that may help cover the down payment and, for certain borrowers, part of the closing costs. The available amount depends on the first mortgage and credit qualifications and may reach 5% of the purchase price.
Qualified buyers may be able to finance as much as 1.5% more than the purchase price. Unlike a grant, the Plus Second Mortgage must be repaid.
Who May Qualify?
Requirements vary by program and may include:
- Purchasing a qualifying primary residence in Virginia
- Household income within the applicable program limits
- A purchase price or loan amount within applicable limits
- Completion of approved homebuyer education
- Meeting the first mortgage’s credit and underwriting requirements
- Working with a Virginia Housing-approved lender
- Meeting first-time-homebuyer requirements when applicable
Virginia Housing publishes different income and sales-price or loan limits by location and program. Some requirements may differ in designated Areas of Economic Opportunity. Current limits should be verified before relying on a program in a purchase offer.
Can Repeat Buyers Use Virginia Housing?
Some Virginia Housing programs are available to repeat buyers, particularly certain non-bond loans and Plus Second Mortgage combinations. Other bond and grant programs generally require first-time-homebuyer status unless an exception applies.
A first-time homebuyer is commonly someone who has not owned and occupied a primary residence during the previous three years. The exact rule must be confirmed for the selected program.
Virginia Mortgage Credit Certificate Status
Virginia Housing’s Mortgage Credit Certificate program has been suspended since May 1, 2023. Loans locked after April 28, 2023 are not eligible for a new Virginia MCC.
Homeowners who received an MCC before the suspension may generally continue using it while the original mortgage remains outstanding and the property remains their primary residence. Homeowners should consult a qualified tax professional about their individual credit.
Buying Anywhere in Virginia?
The Chris Jordan Mortgage Team helps buyers throughout Northern, Central, Southern and Western Virginia compare Virginia Housing programs with conventional, FHA, VA, USDA and other financing options.
We can estimate the monthly payment and total cash requirement, identify potential assistance programs and explain how a grant or second mortgage may affect the loan. Contact the Chris Jordan Mortgage Team to review Virginia Housing eligibility and compare your options.
Official Virginia Housing Resources
- Virginia Housing Home Loan Options
- Virginia Housing Loans and Grants
- Current Income and Sales-Price/Loan Limits
Program availability, funding, interest rates and guidelines are subject to change. All loans are subject to borrower, property and program eligibility requirements.
