Virginia Housing
State Housing Agency
Virginia Housing is a state housing finance agency offering affordable housing solutions for Virginians. They provide down payment assistance, homebuyer education, affordable mortgage options, and home rehabilitation loans. Virginia Housing partners with developers and property owners to create and maintain affordable rental housing units throughout the state. They aim to promote housing equity and improve access to affordable housing for all Virginians.
First Mortgage Programs Offered by Virginia Housing
Virginia Housing Rural Housing (RHS) Loan
Best For: First Time Homebuyers, Zero Down
Rural Housing (RHS) option from Virginia Housing for USDA-designated rural areas that can be combined with closing cost assistance.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$330,000 - $665,000
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.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$330,000 - $665,000
Virginia Housing FHA Loan
Best For: First Time Homebuyers, Low Credit Scores, Easy Qualification
FHA program for Virginia residents with competitive interest rates and down payment assistance options.
Min. Credit Score
620
Min. Down Payment
3.5%
Max. Loan Amount
$330,000 - $665,000
Virginia Housing Conventional No MI Loan
Best For: First Time Homebuyers, Low Down Payments
Conventional loan from Virginia Housing with no private mortgage insurance (PMI) and down payment assistance options.
Min. Credit Score
660
Min. Down Payment
3%
Max. Loan Amount
$330,000 - $665,000
Virginia Housing Conventional - Median Income
Best For: First Time Homebuyers, Low Down Payments
Conventional option for Virginia homebuyers that can be paired with down payment assistance of up to 5% of the purchase price.
Min. Credit Score
640
Min. Down Payment
3%
Max. Loan Amount
$330,000 - $665,000
Virginia Housing Conventional - Low Income
Best For: First Time Homebuyers, Low Down Payments
Conventional option for low income Virginia homebuyers that can be paired with down payment assistance of up to 5% of the purchase price.
Min. Credit Score
640
Min. Down Payment
3%
Max. Loan Amount
$330,000 - $665,000
Second Mortgage Programs Offered by Virginia Housing
Virginia Housing Plus Second Mortgage Conventional
Best For: First Time Homebuyers, Low Credit Scores, Zero Down
The Virginia Housing Plus Second Mortgage can provide up to 4.5% in additional funds that can be used as down payment and/or closing cost assistance.
Min. Credit Score
640
Min. Down Payment
0%
Max. Loan Amount
$330,000 - $665,000
Up to 4.50% of 1st Loan Amount Program Benefit Amount
Virginia Housing Down Payment Grant - Conventional
Best For: First Time Homebuyers, Zero Down
Virginia Housing's Down Payment Assistance (DPA) grant provides qualified first time homebuyers with up to 2% of the purchase price or value.
Min. Credit Score
640
Min. Down Payment
1%
Max. Loan Amount
$330,000 - $665,000
Up to 2.00% of 1st Loan Amount Program Benefit Amount
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.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$330,000 - $665,000
Up to 2.00% of 1st Loan Amount Program Benefit Amount
Virginia Housing Down Payment Grant - FHA
Best For: First Time Homebuyers, Zero Down
Virginia Housing's Down Payment Assistance (DPA) grant provides qualified first time homebuyers with up to 2.5% of the purchase price or value.
Min. Credit Score
620
Min. Down Payment
1%
Max. Loan Amount
$330,000 - $665,000
Up to 2.50% of 1st Loan Amount Program Benefit Amount
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.
Min. Credit Score
620
Min. Down Payment
0%
Max. Loan Amount
$330,000 - $665,000
Up to 5.00% of 1st Loan Amount Program Benefit Amount
Special Offers from Virginia Housing
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.
See If You Qualify for Virginia Housing Loans
* ReviewMyMortgage.com Inc. is in no way affiliated with or endorsed by Virginia Housing or any of its subsidiaries. We are an educational resource website that compiles information on different financing institutions and the loan products they offer in the United States.
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