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VHDA Down Payment Assistance Grant

Virginia

Available Assistance

This DPA grant is a gift that provides potential homebuyers with 2 to 2.5 percent of the purchase price to help make their dreams of homeownership come true. It can only be used with eligible VHDA, which include VHDA Fannie Mae (both the No MI and Reduced MI purchase programs), VHDA FHA (including FHA-CHR), and the VHDA Conventional Bond-CHR. However, the DPA grant cannot be used in conjunction with other down payment assistance programs (including FHA Plus).

Eligibility Requirements

Eligibility RequirementsAll applicants must be first-time homebuyers (those who have not owned and occupied a primary residence in the previous 3 years), unless they are purchasing a home in what is considered a Target Area.Applicants must meet the minimum credit score requirements; 620 for an FHA loan, 660 for a Fannie Mae No MI, and 640 for a Fannie Mae Reduced MI.An applicant’s debt-to-income ratio must not exceed 45 percent.Applicants’ household income must fall under the program limits. The income must include earnings for all household members, regardless of whether they are borrowers or non-borrowers on the title.

Property Guidelines

The home being purchased must serve as the applicant’s primary residence, and he/she must reside there for at least one year.

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