Malcolm Rivera
Aspiring first-time homebuyers in Virginia have a variety of programs to help make buying a home more affordable. These include the Virginia Housing Down Payment Assistance Grant and the HOMEownership Down Payment Assistance program. To qualify as a first-time homebuyer, you must have never owned a home or not owned a home in the last three years. There are also income limits, with household income not exceeding $80,000 to $164,000, depending on the size of your household and where you want to purchase a home.
| Characteristics | Values |
|---|---|
| First-time homebuyer qualifications | Must never have owned a home or not owned a home in the last three years |
| Income | No higher than $80,000 to $164,000, depending on household size and location |
| Home price | No more than $450,000 to $750,000, depending on the area |
| Down payment | Minimum of 3% for a conventional loan, but $0 down for a VA or USDA loan |
| Homeowner education | Classes, credit report reviews, and housing counselling are available |
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What You'll Learn
Income limits
The income limits vary depending on the specific program and the area of residence. For example, the Virginia Housing Down Payment Assistance Grant and the HOMEownership Down Payment Assistance program have different income thresholds. The former is aimed at low- and moderate-income buyers, while the latter caters specifically to low-income homebuyers.
Additionally, the income limits are often tied to the area median income (AMI). For instance, one requirement states that income cannot exceed 80% of the AMI. This ensures that the programs are targeted towards those who need the most assistance and helps to prioritise resources for those with the greatest financial need.
The size of the household also plays a role in determining eligibility. The income limits can range from $80,000 to $164,000, depending on the number of people in the household and the location of the desired home. This flexibility in the income limits allows the programs to cater to a wider range of potential homebuyers across Virginia.
Furthermore, it's important to note that these income limits are subject to change over time. They may be adjusted periodically to reflect changes in the housing market, cost of living, or other economic factors. Therefore, it is essential for prospective homebuyers to stay informed about the latest eligibility requirements and income thresholds for the specific programs they are interested in.
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Home price caps
The Virginia Housing Down Payment Assistance Grant and the HOMEownership Down Payment Assistance program are two state-wide programs for first-time buyers in Virginia. Individual cities also offer their own programs.
The Virginia First-Time Homebuyer Program offers homeowner education classes, credit report reviews and housing counselling 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.
To qualify as a first-time homebuyer in Virginia, you must have either never owned a home or not owned a home in the last three years. Your home loan must be a bond FHA or conventional loan from Virginia Housing. You must have a household income no higher than $80,000 to $164,000, depending on the size of your household and where you want to purchase a home. The home price must be no more than $450,000 to $750,000, depending on the area.
The income limits are higher, so the program is available to more Virginians. The grant never has to be repaid, and it can be used with other non-Virginia housing grants. You must pair the grant with an eligible loan from Virginia Housing, though, so it’s best-suited to low- and moderate-income buyers who can’t find a better loan elsewhere.
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Homeowner education classes
Aspiring first-time homeowners in Virginia have access to a range of programs to help make buying a home more affordable. These include the Virginia Housing Down Payment Assistance Grant and the HOMEownership Down Payment Assistance program.
The First-time Homebuyer Program offers homeowner education classes, credit report reviews and housing counselling 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.
To qualify as a first-time homebuyer in Virginia, you must either never have owned a home or not have owned a home in the last three years. There are also income limits, with the program best suited to low- and moderate-income buyers. Your household income must be no higher than $80,000 to $164,000, depending on the size of your household and where you want to purchase a home. The home price must be no more than $450,000 to $750,000, depending on the area.
There are also requirements that the buyer lives in the home for at least five to 15 years.
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Down payment assistance
Aspiring Virginia homebuyers have a variety of programs to help make buying a home more affordable. If you meet the criteria, you can get assistance with your down payment or closing costs or even with boosting your cash savings. Depending on your income and area of residence, you could be eligible for substantial cash assistance.
The First-time Homebuyer Program offers homeowner education classes, credit report reviews and housing counselling 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.
The Virginia Housing Down Payment Assistance Grant and the HOMEownership Down Payment Assistance program are state-wide programs for first-time buyers in Virginia. Individual cities also offer their own programs. You may not need to pay back your down payment assistance as a resident of Virginia depending on whether the program is offered as a loan or a grant.
To qualify as a first-time homebuyer, you must have either never owned a home or not owned a home in the last three years, unless you are purchasing in an "area of economic opportunity". Your home loan must be a bond FHA or conventional loan from Virginia Housing. You must have a household income no higher than $80,000 to $164,000, depending on the size of your household and where you want to purchase a home. The home price must be no more than $450,000 to $750,000, depending on the area.
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Closing cost assistance
Aspiring first-time homebuyers in Virginia have a variety of programs to help make buying a home more affordable. If you meet the criteria, you can get assistance with your down payment or closing costs or even with boosting your cash savings. Depending on your income and area of residence, you could be eligible for substantial cash assistance.
The Virginia Housing Down Payment Assistance Grant and the HOMEownership Down Payment Assistance program are two state-wide programs for first-time buyers in Virginia. Individual cities also offer their own programs. You may not need to pay back your down payment assistance as a resident of Virginia depending on whether the program is offered as a loan or a grant. The First-time Homebuyer Program offers homeowner education classes, credit report reviews and housing counselling 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.
The HOMEownership Down Payment and Closing Cost Assistance Program is a good option for low-income homebuyers who are searching for a long-term residence. To qualify as a first-time homebuyer, you must have either never owned a home or not owned a home in the last three years. Your household income must be no higher than $80,000 to $164,000, depending on the size of your household and where you want to purchase a home. The home price must be no more than $450,000 to $750,000, depending on the area.
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Frequently asked questions
The First-time Homebuyer Program offers homeowner education classes, credit report reviews and housing counselling 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.
To be eligible, you must meet first-time homebuyer qualifications (either never owned a home or have not owned a home in the last three yearshomeownership counselling and a homebuyer education course, and your income can't exceed 80% of the area median income (AMI).
Most buyers will need to put down at least 3% to buy a home in Virginia, as this is the minimum set in place for Conventional loan purchases. However, if you qualify for a VA or USDA loan, you could be able to buy a home with $0 down.
This is a good option for low-income homebuyers who are searching for a long-term residence. Depending on your income and area of residence, you could be eligible for substantial cash assistance.
The Virginia Housing Down Payment Assistance Grant is a state-wide program for first-time buyers in Virginia. The grant never has to be repaid, and it can be used with other non-Virginia housing grants. You must pair the grant with an eligible loan from Virginia Housing, so it’s best-suited to low- and moderate-income buyers who can’t find a better loan elsewhere.
