Virginia Housing offers loans to make homeownership affordable. First-time and repeat buyers can explore options to match their needs. Most loans require a free homebuying course to help you prepare for homeownership. Ask a lender about the best option for you!
The HOMEownership Down Payment and Closing Cost Assistance program offers grants to first-time buyers earning up to 80% of AMI. Buyers may receive 10–15% of the home's price and up to $2,500 for closing costs, with a required affordability period to maintain the home as their primary residence.
Virginia Housing loans must meet sales price limits. Combined first and second mortgages cannot exceed these limits, including financed guaranty fees or mortgage insurance. Check with a Virginia Housing-approved lender for income, sales price, and loan limit details. Conventional loans follow conforming loan limits.
SPARC (Sponsoring Partnerships & Revitalizing Communities) provides reduced-rate funding from Virginia Housing to local governments, nonprofits, and housing partners to address special housing needs.
Arlington's MIPAP offers first-time buyers a deferred, no-interest loan of up to 25% of the home's purchase price. It covers part of the down payment and all closing costs as a second mortgage. No monthly payments are required; repayment, including shared appreciation, occurs at sale or refinance.
The First-Time Homebuyers (FTHB) Program, established in 1978, offers affordable homes through the Affordable Dwelling Unit (ADU) Program. Homes are sold at below-market prices, with owners responsible for maintenance, improvements, and compliance with HOA or condo fees and rules.
The Workforce Dwelling Unit (WDU) Homebuyer Program helps buyers earning 70–120% of AMI purchase below-market homes near jobs and transit. WDU townhomes and condos are in market-rate developments and vary in size. Buyers handle maintenance and HOA/condo fees, while builders cover new home warranties.
The City of Alexandria's Homebuyer Resources page provides tools for affordable homeownership, including programs for reduced-rate financing, down payment and closing cost assistance, and resale-restricted affordable units. It also offers homebuyer training, eligibility details, and a list of approved lenders.
HomeReady offers low down payments and flexible financing for creditworthy low-income buyers, including a $2,500 credit for very low-income borrowers to help with down payment and closing costs. Lenders benefit from reduced hedging costs and enhanced pricing options. See LL-2024-01 for details.
The Freddie Mac Home Possible® mortgage offers a 3% down payment and flexible options for very low- to low-income borrowers. Non-occupant co-borrowers and borrowers with other financed properties are allowed, all with competitive pricing and the simplicity of a conventional mortgage.
The MCC program helps lower-income families afford homeownership by offering a tax credit of up to $2,000 per year for a portion of mortgage interest paid. Eligible first-time buyers must meet income and purchase price limits and use the home as their primary residence.
Bank of America’s Community Homeownership Commitment® offers down payment and closing cost assistance combined with low down payment mortgages, making homeownership more accessible for modest-income borrowers.
Make homeownership possible with a grant of up to $7,500 in select areas and a low down payment.
Get up to $7,500 in lender credit to help cover closing costs if you meet eligibility requirements. This assistance applies to any loan type, including FHA loans with lower closing costs.
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