Closing Cost Assistance Grant
This grant lowers out-of-pocket expenses in the homebuying process and can be combined with other non-Virginia Housing grants, enhancing accessibility to buying a first home.
How Does It Work?
This grant, worth up to 2% of your home's purchase price, can be used for closing costs, RHS guarantees, or VA funding fees. It's a non-repayable benefit that may enhance your RHS or VA loan offers.
Down Payment Assistance Grant
The Virginia Housing Plus Second Mortgage combines an eligible first mortgage with a second mortgage covering the down payment. For credit-qualified borrowers, it may also cover some or all closing costs. It's a 30-year, fixed-rate loan with no prepayment penalty.
How Does It Work?
The Down Payment Assistance Grant may only be used with eligible Virginia Housing loans.
Virginia Housing Plus Second Mortgage
The Virginia Housing Plus Second Mortgage combines an eligible first mortgage with a second mortgage covering the down payment. For credit-qualified borrowers, it may also cover some or all closing costs. It's a 30-year, fixed-rate loan with no prepayment penalty.
How Does It Work?
The amount of the second mortgage will depend on your credit score and the type of first mortgage you receive, but the maximum will be 5% of your home’s purchase price. If you qualify, you can borrow 1.5% more than the sales price. You can also finance part of your closing costs using this loan if you have a credit score of 680 or higher.
