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    The State of Virginia has set up various programs designed to help citizens with low to moderate income improve theit quality of life, by investing more than $100 million each year into housing and community development projects throughout the state.

    It is well documented that if people own their own home they are more likely to take an active interest in the local community, which creates stronger more vibrant economical and social municipalities. For these and other reasons the Virginia Department of Housing and Community Development (DHCD) helps eligible citizens to become responsible homeowners. Often the main obstacles to homeownership are the Down payment, Closing costs and the Pre-paid costs. The Down payment is the part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

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    The Closing costs are the expenses over and above the price of the home incurred by buyers and sellers in transferring ownership of the property. The Pre-paid costs are funds deposited by the buyer with the lender for future expenses such as taxes and insurance premiums when they become due. The Virginia DHCD assists homebuyers with these costs by means of funds from the federal HOME Partnership Investment Fund (HOME)  This assistance is given to citizens or families whose income is at or below the Area Median. For example an eligible citizen may receive up to 10 percent of the purchase price of a home to help with the down payment, plus up to $2,500 for closing costs such as attorney fees ,taxes and title insurance.

    A variety of 30-year, fixed rate low interest loans are available, for example:

    Conventional: (uninsured or with private mortgage insurance) private insurance is require when the loan is more than 80% of the sales price. Applicant(s) must have two years of stable employment and an acceptable credit history. The maximum mortgage is up to 97% of the sales price or the appraised value, whichever is less.

    Federal Housing and Administration: For these loans the mortgage insurance premium fee can be included in the loan amount when the amount does not exceed VHDA’s maximum allowable sales price.

    Veterans Affairs: There is no down payment in most cases and maximum mortgage depends on the eligibility of each individual and the funding fee is waived if the veteran is on disability.

    Rural Housing Services: The maximum mortgage is 100% of the sales price or appraised value and the guarantee fee may be financed in the loan. For more information regarding these loans contact the Virginia Homeownership Down payment  Assistance originations department.

    Through these programs the state of Virginia offer a first-come, first-served assistance toward a better quality lifestyle.   

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