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General Loan Information

Virginia Housing offers a variety of loan programs to assist creditworthy first-time homebuyers and repeat buyers. Current offerings are Conventional, FHA, VA, and USDA Rural Housing programs with 30-year fixed-rate terms. In addition to following agency and insurer guidelines for each of our programs, Virginia Housing also implements the following requirements:

Maximum Income Limits
Virginia Housing sets maximum income limits based on household size, product usage and area in which the subject property being financed is located. Please review the income and sales price/loan limits for specific details.

Maximum Sales Price/Loan Amount
The sales price and total loan amount may not exceed the published limits for the area in which the property to be financed is located. The loan amount plus all funding/guarantee fees must fall at our below our published loan limits.

Previous Homeownership
While some of our programs allow for repeat homebuyers, the majority of our programs are for first-time homebuyers. We define a first-time buyer as someone who has not owned AND occupied a primary residence within the last three years.

Areas of Economic Opportunity/Federal Targeted Areas
Exceptions to our maximum income/sales price/loan limits and previous homeownership rules can be made if purchasing in an area of economic opportunity, also known as a Federal Targeted Area.

Homeownership Education
Unless stated otherwise in the program guidelines, completion of Virginia Housing's free homebuyer class is required by all borrowers to become eligible for all Virginia Housing loans.

Maximum Net Worth
Borrower(s) net worth cannot exceed 50 percent of the sales price of the property being financed. (Some assets are not included; contact an approved lender or Virginia Housing for more details.)

Property Use
The property cannot be used in a trade or business, and the applicants must intend to occupy the property as their primary residence.

Maximum Lot Size
Lot size is limited to no more than two acres (waivers for up to, but not more than, five acres may be requested).

Recapture Tax
For homebuyers who receive a Mortgage Credit Certificate and sell their home within the first nine years, a recapture tax may be required. Please click on the recapture tax link for more details.

Contact Us

Homebuyer Department

Toll Free: 800-227-8432
Local: 804-783-6725


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
Website: Reporting Fraud, Waste or Abuse