Virginia Housing VA Loan
Best For: First Time Homebuyers, Low Credit Scores, Zero Down
VA program for Virginia first time homebuyers with competitive interest rates and up to 2% in forgivable closing cost assistance.
Program Description
This 30-year fixed First Loan VA program from from Virginia Housing for veterans and active-duty military can be combined with the Virginia Housing Closing Cost Assistance Grant, which provides additional funds of up to 2% of the purchase price or appraised value of the home. Must also be a first time homebuyer, and homebuyer education is encouraged, but not required.
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Virginia Housing VA Loan
Min. Credit Score
620
Min. Down Payment
0%
Max Loan Amount
$330,000 - $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.
Pros & Cons
- Flexible qualification guidelines
- Can be combined with up to 2% in forgivable closing cost assistance
- Allows up to 50% DTI (Debt-to-Income)
- No mortgage insurance
- Limited funding available
- Must be a first time homebuyer unless purchasing in a targeted area
- Requires the VA Funding Fee
- No multi-family properties allowed
Program Availability
Virginia Housing VA Loans are available in 1 state.
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“Virginia Housing makes purchasing property a little easier thanks to great programs—including forgivable closing cost assistance for their VA loan option."
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
$95,000 - $162,000
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
- VA loan program from Virginia Housing for veterans and active-duty military
- Can be combined with the Closing Cost Assistance Grant (CCA Grant)
- 100% financing for eligible borrowers
Additional Conditions
- Eligible for Virginia Housing’s Closing Cost Assistance Grant
- Buyer must live on the Virginia property for at least one year
- Can be combined with the Virginia Housing Mortgage Credit Certificate (MCC)
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: VA Funding Fee
The VA Funding Fee, which ranges between 1.25% - 3.3% of the loan amount, is charged on all VA loans unless the veteran has been entitled 10% or greater in disability.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
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.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this Virginia Housing VA program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
Virginia Housing Closing Cost Assistance Grant
|Virginia Housing VAVirginia Housing's Closing Cost Assistance (CCA) Grant gives up to 2% in additional funds to reduce out-of-pocket expenses for first time homebuyers.
Max. Loan Amount
$330,000 - $665,000
Min. Credit Score
620
Min. Down Payment:
0% 0%
Special Offers
Occasionally, there are special offers that can be added to this mortgage program that provide additional benefits, such as a reduction in your federal taxes (mortgage credit certificates), extra cash for your down payment, and more.
Virginia Housing Mortgage Credit Certificate (MCC)
Virginia Housing's Mortgage Credit Certificate (MCC) is an interest tax credit that is used to reduce a borrower's federal income tax responsibility each year. It is equal to 10% of your annual mortgage interest, and the remaining 90% is tax-deductible. It is specifically for first time homebuyers and can be paired with many Virginia first mortgage and down payment assistance programs.
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.
Nevada Housing FHA Loan - Home is Possible Teacher
Best For: First Time Homebuyers, Low Down Payments, Lowest Rates
FHA program for Nevada Teachers with down payment assistance options.
WaHFC House Key Opportunity FHLMC Advantage
Best For: First Time Homebuyers, Low Credit Scores, Zero Down
House Key Opportunity $0 Down FHLMC
Related Resources
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
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VA Loan Guide
As a Veteran You Should Know All That Your Service has Entitled You to. The VA Loan Can Provide Many Valuable Advantages to Those Who Have Served Our Country.
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A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
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Veterans Administration Mortgage Loans in 2025: A Comprehensive Guide
The Veterans Administration (VA) mortgage loan remains one of the most valuable benefits provided to those who serve. Since its inception, the VA home loan program has helped millions of veterans achieve homeownership. With VA loans offering attractive benefits such as no down payment and competitive interest rates, 2025 is an excellent time for veterans to leverage this powerful tool to secure their dream home.
Read MoreVisit our Mortgage Education Center for more resources.
* 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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