Down Payment Assistance for Virginia Home Buyers

Abstract

Purchasing property in the Commonwealth is a little easier thanks to some great programs that offer affordable home payments and down payment assistance options in Virginia. The Virginia Housing Development Authority offers grants in addition to more traditional down payment assistance. Some options even provide free down payment money for qualifying buyers and properties. Read on to discover more about down payment assistance in Virginia. Further benefits include a 3% down payment requirement that shrinks to 1% when coupled with a 2% DPA grant. Plus if you have a credit score of 680 and above, you can receive up to 5% to cover closing costs as well as your down payment. The VHDA Plus Second Mortgage provides between 3% to 4.5% of the purchase price as DPA, and since the first mortgage requires a 3% down payment, you're covered with potential room to spare.