First Time Homebuyers

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. 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. Contact a VHDA lender to discuss all eligibility requirements.

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 640 credit score.
• Maximum 41.00% DTI.
• Buyers must have household incomes at or below program limits.
• Down Payment Assistance Grant may be used with eligible VHDA loans only.
• Grant funds may not be used in combination with other down payment assistance resources (including FHA Plus).
• Down Payment Assistance Grant has no repayment.