Virginia Housing Loans: Making Homeownership More Accessible

Buying a home can feel overwhelming, especially when it comes to saving for a down payment and navigating the mortgage process. That’s where Virginia Housing Loans come in. These state-backed programs are designed to make homeownership more accessible, offering competitive interest rates, low down payment options, and even assistance with closing costs. Whether you’re a first-time homebuyer or a repeat buyer, Virginia Housing provides tools to help you get into your home with confidence.

What Are Virginia Housing Loans?

Virginia Housing (formerly VHDA) loans are mortgage programs supported by the state to help families purchase a primary residence in Virginia. These loans offer a variety of options, including Conventional, FHA, and VA programs, tailored to fit different financial situations and homebuyer needs. Some programs also include grants or low-interest second mortgages to help with down payment and closing costs.

Why Choose Virginia Housing?

One of the biggest advantages of a Virginia Housing Loan is accessibility. Many programs allow for down payments as low as 0–5%, and competitive interest rates make monthly payments more manageable. Additionally, income limits and purchase price caps ensure that these programs benefit those who need the most support, helping families take that crucial step toward homeownership without being financially stretched.

Who Qualifies?

Eligibility varies depending on the program, but most programs consider income, purchase price, and credit score. While many programs target first-time homebuyers, there are options for repeat buyers as well. Property must be located in Virginia, and the home must be intended as a primary residence, not an investment property.

How to Get Started

Applying for a Virginia Housing Loan is simple when you work with an approved lender. At the River City Lending Team, we guide you through the pre-approval process, help you identify the program that fits your needs, and ensure your closing goes smoothly. From start to finish, our goal is to make homeownership achievable, affordable, and stress-free.

If you’re looking for a way to make your dream of homeownership a reality in Virginia, a Virginia Housing Loan might be the perfect fit for you.

FAQs

  • Virginia Housing (formerly VHDA) loans are state-backed programs designed to help first-time and repeat homebuyers purchase a home with low down payment options, competitive interest rates, and potential down payment and closing cost assistance.

  • Eligibility generally depends on income, purchase price limits, and credit score. Many programs target first-time homebuyers, but some options are available for repeat buyers as well.

  • Virginia Housing offers Conventional, FHA, and VA loan programs, along with special programs for energy-efficient homes and workforce assistance.

  • Yes, down payments can be as low as 0–5% depending on the program, making it easier for buyers to get into a home.

  • Yes, Virginia Housing offers down payment and closing cost assistance programs, including grants and low-interest second mortgages.

  • Not always. While many programs are geared toward first-time buyers, there are options for repeat buyers, especially if you haven’t owned a home in the last three years.

  • Requirements vary by program. Conventional loan programs generally require a minimum credit score of 640, while FHA and VA options may have slightly different requirements.

  • Yes, Virginia Housing programs have income limits based on the location of the property and household size to ensure the programs help those who need assistance most.

  • No, these loans are only for primary residences.

  • Properties must be located in Virginia, and there are maximum purchase price limits that vary by county or city.

  • You can apply through an approved Virginia Housing lender, like the River City Lending Team. The process includes pre-approval, documentation of income and assets, and choosing the program that fits your needs.

  • Yes, Virginia Housing Loans can sometimes be paired with federal or local homebuyer assistance programs, making it easier to cover down payment and closing costs.

  • No, these loans are not typically assumable, meaning the loan cannot be transferred to a future buyer.

  • Virginia Housing Loans provide low down payment options, competitive interest rates, and additional assistance programs, making homeownership more accessible and affordable for first-time and repeat buyers.