Loans That Make Homeownership Affordable And Accessible
At Virginia Housing, we offer a variety of loans.
Why finding the right loan matters
We have a variety of loans for first-time homebuyers to help make owning a home more affordable. Finding the right loan is important for identifying your home options and planning your financial needs for the future.
If you are a repeat homebuyer, we may have a loan option for you too — be sure to ask a lender.
Get ready for homeownership
We want to help you be prepared as a future homeowner. Many of our loans require the completion of a free homebuying course.
Explore homebuyer education
Compare home loan options
Several kinds of loans — including some federal government loans — can be combined with Virginia Housing grants to reduce out-of-pocket costs for qualified first-time homebuyers. Here's an overview to help you discover available options.
Download our Home Loans Options booklet.
| Loan | First-time homebuyers | Credit scores | Income limits | Sales price limits | Compatibility with other programs |
|---|---|---|---|---|---|
| Down Payment Assistance Grant | ✓* | 620 - 660 depending on the loan program | ✓ | ✓ | ✓ |
| Closing Cost Assistance Grant | ✓* | 620 | ✓ | ✓ | ✓ |
| Virginia Housing Plus Second Mortgage | ✓* | 620 - 680 depending on the loan program | ✓ | ✓ | ✓ |
| Mortgage Credit Certificate | ✓* | N/A | ✓ | ✓ | ✓ |
| Virginia Housing Conventional | N/A** | 640 | ✓ | N/A** | ✓ |
| Virginia Housing Conventional No Mortgage Insurance | N/A** | 660 | ✓ | N/A** | ✓ |
| Federal Housing Administration | ✓* | 620 | ✓ | ✓ | ✓ |
| Rural Housing Service (RHS), USDA | ✓* | 620 | ✓ | ✓ | ✓ |
| Veterans Administration (VA) | ✓* | 620 | ✓ | ✓ | ✓ |
| Virginia Housing Loan Combo | ✓* | 620 - 680 depending on the loan program | ✓ | ✓ | ✓ |
*First-time homebuyer not required if purchasing in an Area of Economic Opportunity
**Virginia Housing Conventional and Virginia Housing Conventional No Mortgage Insurance do not require first-time homebuyer or have sales price limits; however in combination with other Virginia
Housing programs it may be a requirement.
Understanding income, loan limits and sales price
In order to help first-time homebuyers, we've set up our loans to meet the needs of those who need them most. So, limits on your income or sales price will be a part of your loan eligibility.
What if you need to sell your home?
If you used an MCC when buying your home, you may owe a federal recapture tax. This tax is a one-time occurrence and is based on your income and the home's appreciation.