Loan applicants must:

•  Be a First Time Homebuyer. (No prior ownership in any residence during previous 3 years. Does not apply when purchasing property in Areas of Economic Opportunity).

• Intend to occupy the property.

• May not use home in trade or business.

• Lot size limited to 2 acres (waivers may be obtained up to 5 acres).

• Demonstrate creditworthiness.

• Demonstrate stable income and adequate funds for down payment and closing costs.

• Meet program income and sales price limits.

• Complete VHDA's Homeownership Education class.

Loan programs limit borrower income, sales price and loan amount.