Virginia Housing Closing Cost Assistance Grant
Best For: First Time Homebuyers, Low Credit Scores, Zero Down
Virginia Housing's Closing Cost Assistance (CCA) Grant gives up to 2% in additional funds to reduce out-of-pocket expenses for first time homebuyers.
Program Description
Virginia Housing’s Closing Cost Assistance Grant provides qualified first time homebuyers with extra funds to help make the dream of homeownership a reality. The grant can be used to reduce the out-of-pocket expenses for borrowers applying for either a Rural Housing Service (RHS) or Veterans Affairs (VA) loan through Virginia Housing.
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Virginia Housing Closing Cost Assistance Grant
Min. Credit Score
620
Min. Down Payment
0%
Max Loan Amount
$665,000
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Program Benefits
Benefit type: Up to 2.00% of 1st Loan Amount
Type: Grant Program - Forgivable
The Closing Cost Assistance Grant is an actual grant, which means that repayment is not required. It can be combined with a Mortgage Credit Certificate (MCC) and other forms of non-Virginia Housing assistance.
First Mortgage Program Option
This program can be used in tandem with the following first mortgage programs in order to help fulfill down payment requirements, pay closing costs, or provide other benefits. Learn all about how grants, bonds & 2nd mortgages work here.
Pros & Cons
- 2% of price or value in grant funds that don't have to be repaid!
- Recipients of this grant may also qualify for a Virginia Housing MCC
- Can be used towards first mortgage funding fees
- Limited funding available
- Stricter income limits apply (vary by county)
- Purchase price and loan amount limits apply
Program Availability
Virginia Housing Closing Cost Assistance Grants are available in 1 state.
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“This grant makes these 100% financing programs even more affordable."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
$330,000 - $665,000
Income Limit
$76,000 - $129,600
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Grant funds of up to 2% of property purchase price
- Funds can be applied to closing costs, RHS guarantee fee, or VA funding fee
Additional Conditions
- Grant must be used with either the Rural Housing (RHS) or VA Loan first mortgage options from Virginia Housing
- Also available to repeat buyers purchasing in Areas of Economic Opportunity
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: Virginia Housing Homebuyer Education Course
Virginia Housing offers a variety of free homebuyer education options to help program participants prepare for the entire home buying process. They have online and in-person options and the course takes around 8 hours to complete. Other HUD Approved courses are also acceptable.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5% 0.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
GSFA Platinum® "Select" Rural
Best For: First Time Homebuyers, Zero Down
The GSFA Platinum® "Select" Rural Program provides up to 5% in down payment assistance in combination with the USDA first mortgage.
Virginia Housing Plus Second Mortgage FHA
Best For: First Time Homebuyers, Low Credit Scores, Zero Down
The Virginia Housing Plus Second Mortgage can provide up to 5% in additional funds that can be used as down payment and/or closing cost assistance.
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* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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