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Alexandria offers wide range of job opportunities and services. Work for City government or City Public Schools, find out about an internship opportunity or learn about workforce development and career training options. We do not offer or have any affiliation with loan modification, foreclosure prevention, payday loan, or short term loan services. Neither FHA.com nor its advertisers charge a fee or require anything other than a submission of qualifying information for comparison shopping ads.
You’re also responsible for contributing 1 percent of the sales price of your home from your own savings. The closing cost assistance program is open for first-time borrowers who meet the income limits required for applying for a USDA or VA loan. The funds cover up to 2% of the purchase price and can be used toward closing costs, a USDA guarantee, or the VA funding fee. And since it’s a grant, you never have to pay the money back.
Housing Opportunities Made Equal of Virginia (HOME) Steps to Homeownership Program
HOMEownership Down Payment & Closing Cost Assistance Program helps first-time homebuyers purchase decent homes in Virgina. With this program, the Virginia Department of Housing and Community Development creates long-term, sustainable housing for low-income families. You must be a first-time homebuyer with a household income that’s at or below 80 percent AMI. You’ll also have to qualify for a first mortgage on your own and contribute at least 1 percent of your home’s sales price.
The down payment assistance programs that are listed here are a sample of what is available for homebuyers in Virginia. This can be your starting point as you search for the right program for your family. Roanokeprovides first-time homebuyers with a down payment assistance program that provides up to $8,000 to cover the lump sum deposit in the homebuying process. The cash is provided in a zero interest deferred payment loan that’s forgiven after five years. Families in a low-income household who areready to move to Harrisonburgshould connect with the Harrisonburg Redevelopment and Housing Authority for a helping hand.
Virginia Housing Loan Combo
The Virginia Department of Taxation offers a first-time homebuyers savings account program to help homebuyers save up for their big purchase. Any income produced by the account, such as interest and capital gains, is tax-free in the state. You can subtract this income from your federal adjusted gross income to determine your Virginia adjusted gross income. So long as you meet all the requirements, you won’t ever have to pay the loan back.
The federal loans and Virginia Housing grants can often be combined, lowering overall out-of-pocket expenses for qualified borrowers. Each of the programs below comes with its own eligibility requirements. So visit Virginia Housing’s underwriting guidelines page for more information.
HOMEBUYERGRANTS
Borrowers just need a credit score of at least 620, though a credit score above 680 unlocks the best perks. Just keep in mind that the combined total of the loans cannot exceed VHDA purchase price limits. There’s no mortgage insurance requirement with this program, hence the “No MI” in the name. Plus, when combined with the VHDA down payment assistance grant, homebuyers actually only have to provide 1% of the home’s value upfront. The affordable monthly payment and the discounted upfront cost are great, but it’s the insurance benefit that really shines.
Through ANSP, the City and its non-profit partner, Rebuilding Together Alexandria, acquire and fully renovate distressed properties, and offer these homes for sale to income-eligible, first-time homebuyers. Whether you’re thinking ofsettling down in Charlottesville,buying a home in Blacksburg, or looking to retire in a Virginia city suburb, there is no shortage of housing options in Virginia. But wherever you decide to set down roots, be sure to take advantage of the array of first-time buyer assistance programs that Virginia has to offer. Richmond provides free credit counseling services and homebuyers’ education courses. If you need down payment or closing cost assistance, you may be able to qualify for a $10,000 loan that’s forgivable as long as you use your home as your primary residence.
FHA Plus Loan
Real estate prices have been rising in the Old Dominion state, which can often put home buyers under pressure. Luckily, if you’re a first-time buyer in Virginia, there’s plenty of help available. That ranges from advice and home buyer education courses to cash grants or loans to help you out with your down payment.
Taxes can be paid in a variety of ways including online, by phone and by mail. The Virginia Housing Development Authority offers the Down Payment Assistance Grant in order to help individuals get out of the renters trap. They realize that many people who are able to make their monthly mortgage payments, don’t always have enough money saved for a down payment. The Richmond home mortgage team is celebrating its 25th year in business. Our experience allows for consumer mortgage confidence especially with first time home buyers.
Read more about theVH Conventional Loans Programon its webpage or in this detailedebook. Here’s a closer look at each program’s details, how to apply as well as the fine print. To qualify, the home must be located within a HUD-designated “Revitalization Area.” Applicants must also agree to make the home their primary residence for at least three years. Once those three years are up, though, you can sell the home and earn full equity for the sale. The median list price in Virginia Beach was $350,000 in November 2022. That was up 6.1% year-over-year, according to Realtor.com.
Browse community events, government meetings and activities, and important deadlines. Alexandria voters elect a Mayor and City Council and three local officers, as well as state and federal representatives. Ideally located just across the Potomac River from Washington, D.C., Alexandria is nationally recognized as one of the best places to live and do business on the east coast.
The Virginia Individual Development Accounts program helps qualified individuals save for a down payment on a home. Eligible participants receive training, support and match funding on their savings. The current match rate is $8 for every $1 the participant saves, up to $4,000 in match. Manufactured housing is an important source of affordable housing for Virginians. Check outthe program’s official webpageandeligibility requirements. You only need a 3 percent down payment, or even less if you opt into the second mortgage program — more details on that below.
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