Help for First Time Homebuyers
Are you ready to buy your first home, but worried you won’t be able to come up with the cash required for a down payment? Don’t fret my friends! There is help out there for you. The Virginia Housing Development Authority (VHDA) has a down payment assistance program (DPA) in the form of a grant, and it just might be the best shot for a first-time homebuyer. The DPAgrant can provide eligible first-time homebuyers with the funds needed for their down payment. If you qualify for the DPA program, you may receive a percentage of the purchase price to help with the down payment. You can check out the guidelines and requirements for your eligibility here. Here is more information to help you determine if this program is right for you:
- Maximum grant will be 3 - 3.5% of the purchase price, based on the down payment required for the eligible VHDA loan.
- Buyers must have household incomes at or below program limits.
- Down Payment Assistance Grant may be used with eligible VHDA loans only.
- Grant funds may NOT be used in combination with other down payment assistance resources (including FHA Plus).
- Down Payment Assistance Grant has no repayment.
- VHDA’s eligible first mortgage must be locked on or after the program implementation date.
- The eligible first mortgage must be locked prior to reserving the grant funds.
- All borrowers receiving this grant are eligible for a Mortgage Credit Certificate (MCC). Borrowers must apply for an MCC through an approved MCC lender and receive an MCC commitment/approval prior to closing. (And MCC is a dollar-for-dollar credit against your federal income tax liability.
- Other program requirements may apply.
A video tutorial is available to help you with the process of understanding and applying for the DPA Program.
Desi Sowers can also help you understand how you CAN afford to purchase your first home! Give her a call at (540) 320-1328 and start your search for your first home today!