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Down Payment Assistance Grant

 

Photo Virginia Housing’s Down Payment Assistance (DPA) Grant can help provide eligible first-time homebuyers with funds needed for their down payment.

About Virginia Housing’s Down Payment Assistance Grant:

Qualified first-time homebuyers may receive a percentage of the purchase price to help with the down payment.

Maximum grant will be 2 - 2.5% of the purchase price, based on the down payment required for the eligible Virginia Housing loan.

Minimum credit score: FHA 620 , Fannie Mae No MI 660, Fannie Mae Reduced MI 640.

Maximum 45.00% DTI.

Buyers must have household incomes at or below program limits.

Down Payment Assistance Grant may be used with eligible Virginia Housing loans only.

Minimum first mortgage LTV is 90% if the DPA Grant is used with other acceptable non-Virginia Housing funds in accordance with the first mortgage requirements.

Grant funds may not be paired with the Virginia Housing Plus Second Mortgage.

Down Payment Assistance Grant has no repayment.

Virginia Housing’s eligible first mortgage must be locked on or after the program implementation date.

The eligible first mortgage must be locked prior to reserving the grant funds.

All borrowers receiving this grant are eligible for a Mortgage Credit Certificate (MCC). Borrowers must apply for an MCC through an approved MCC lender and receive an MCC commitment / approval prior to closing. (An MCC is a dollar-for-dollar credit against your federal income tax liability. For information about MCCs, visit VirginiaHousing.com/MCC.)

Other program requirements may apply.

Questions About the DPA Grant Program? Please contact your Virginia Housing Business Development Officer or Virginia Housing Single Family Underwriting 800-227-8432.

DPA Lender Resources:

Program guidelines, tutorials and marketing flyers for this program are on the Lender homepage.

 

NOTE: You will need Adobe’s Acrobat Reader (.pdf), and/or Microsoft Office Software in order to view some of the documents on this page.

 

Contact Us

Homeownership Program Department

Toll free: 800-227-8432
Local: 804-783-6725
Homeownership Staff Directory

 

Customer Service

Toll Free: 877-VHDA-123
Local: 804-782-1986

 

Virginia Relay

In Virginia: 711
Toll Free: 800-828-1140

 

Virginia Housing Fraud, Waste or Abuse Hotline

Phone: 804-915-3146
Email: InternalAudit@vhda.com
Website: Reporting Fraud, Waste or Abuse