Helping first-time homebuyers reach their dreams. VHDA’s Down Payment Assistance (DPA) grant can provide eligible first-time homebuyers with funds needed for their down payment.
DPA Lender Resources:
DPA Program Guidelines and Limits
User Guide: Mortgage Cadence / DPA
DPA flyer for your clients
Customizable DPA flyer
About VHDA’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 VHDA 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 VHDA loans only.
- Minimum first mortgage LTV is 90% if the DPA Grant is used with other acceptable funds in accordance with the first mortgage requirements.
- Grant funds may not be paired with the VHDA Plus Second Mortgage.
- Down Payment Assistance Grant has no repayment.
- VHDA’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 vhda.com/MCC.)
- Other program requirements may apply.
Questions About the DPA Grant Program? Please contact your VHDA Business Development Officer or VHDA Single Family Underwriting 800-227-8432
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