If you’re a first time home buyer looking to buy a home in Virginia then you may qualify for the Home Ownership Down Payment Assistance Program – a federal program that is administered in each state. There are certain requirements that must be met. The main criteria is that incomes are no more than 80% of the area mean income.

The assistance is certainly nothing to sneeze at with funds of up to 10% of the purchase cost available as a deposit and a further $2500 available for the cost of closing; that is, attorney’s fee, title insurance, taxes, etc. To quote the Virginia Department of Housing and Community Development:

The program utilizes a network of grant administrators who offer housing counseling and pre-qualification screening for eligibility on a first-come, first-served basis to address regions of the state targeting homebuyers with incomes at or below 80 percent of the AMI.

The Virginia Housing Development Authority (VHDA) provides this assistance to credit eligible first time home buyers. A first time home buyer is someone who has not owned a property in the preceding three years. This is only one of many different types of assistance that are available around the country. Potential home buyers should approach their state housing departments to see what assistance is available in their area.

Virginia has a solid real estate foundation and prices look to be moving forward again. There are plenty of real estate opportunities around at present for astute buyers. Just because you are on a low income doesn’t mean you can’t be an astute buyer nor does it mean you cannot take advantage of depressed house prices. Real estate agents will often have information on what assistance is available. One thing I do know, it doesn’t hurt to ask.

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  2. Buying a First Home in Virginia
  3. Low Income Homes For Sale In The Washington, DC Area
  4. Buying A Resale In Home In Virginia
  5. Buying a Vacant Lot in Virginia