First Time Home Buyer

Get Matched With Virginia Home Buying Programs.

Virginia first time home buyer programs.

Virginia first time home buyer programs. Locate VA home buying programs, grants, USDA, FHA and VA home loan assistance. Firsttimehomebuyer.com provides lists of local Virginia home buying resources. There is also information about Federal 100% home buyer financing and grants for qualified purchasers.
Looking for program opportunities for a new home buyer in Virginia? The first place to start is to find out what type of first loan will work. 
If you are looking for an assistance program you will still need a mortgage in the 1st lien position. These loans are usually FHA, VA, USDA or Conventional home loans. 
Once you qualify for one of these first mortgages you may be able to add a second lien or assistance program to cover all or some of the down payment and/or closing costs.
Will you qualify for the first mortgage? There are certain rules that buyers have to meet. In addition, some of these standard programs may not be offered throughout Virginia.
Check below to review if a first lien program is available and meets your needs.
USDA Home Loan
The Virginia USDA home loan program is available in multiple areas within Virginia. This program may finance 100% of the home's purchase price.
VA (Veterans) Home Loan
To eligible Veterans, active military members and eligible family members the Virginia VA home Loan program may allow for 100% financing of the home purchase.
HUD FHA home loan
HUD (U.S. Department of Housing and Urban Development) offers Virginia FHA home loans and home buying assistance. The FHA home loan program is a popular Virginia first time home buyer program used in conjunction with home assistance buying programs.
If you reviewed the available standard Virginia first lien loans then you should begin your search for a down payment assistance/closing cost assistance program. 
There may be Federal programs offered and also state/municipal programs. Not all Virginia buyers will qualify for the programs and funding for programs may run out but the sooner you investigate the available programs the better. An educated buyer will make for a smoother process in home buying. 
For example : You may find a program that requires you get home buyer education and a certificate of completion prior to making an offer. If you do not, you may not be able to use the program when buying that home.
Tip : If you cannot find a location listed below, be sure to contact the municipal government in the Virginia community you are buying a home. They may have a new assistance program available. In addition, you may want to contact your employer's human resources department. Some employers offer incentive programs to home buyers.
Review some Virginia programs below:
CDBG home buying grant programs

CDBG (Community Development Block Grant) is a Federal program that grants money to states and localities to provide for community development needs. In many locations across the Country CDBG grant money is offered as an assistance program for home buying down payment and closing costs.  In Virginia, the Virginia CDBG  is offered but availability of CDBG grants for home buyer assistance may depend on locality, check to verify. Local program links: Norfolk , Virginia Beach , Chesapeake , Richmond , Lynchburg , Henrico , Chesterfield , Danville , Suffolk , Charlottesville , Hopewell .

Virginia first time home buyer classes.

The Virginia Housing Development Authority offers first time home buyer classes . The class is designed to teach potential home buyers about the entire home buying process from start to finish. At its inception, the course has been offered both online and in-person. 
In addition to the State's provided education course there are Federal education programs designed to help a first time home buyer learn more about the process. HUD has created many home buying guides and tips that you can read through.  These online resources provide information about home buying and your rights in the process. It will help a buyer learn their responsibilities, reasonable expectations and what the parties involved in the transaction are expected to perform.

Virginia first time home buyer tax credit.

VHDA Mortgage Credit Certificates. According to the state the following applies to tax credits:

    The credit is equal to 20 percent of the annual mortgage interest you pay.

    The remaining 80 percent may still be taken as a tax deduction.

    The MCC is effective for the life of your mortgage, as long as you live in the home. Please consult with a tax advisor.