Loans That Make Homeownership Affordable and Accessible
At Virginia Housing, we offer a variety of loans.
Why finding the right loan matters
We have a variety of loans for first-time homebuyers to help make owning a home more affordable. Finding the right loan is important for identifying your home options and planning your financial needs for the future.
If you are a repeat homebuyer, we may have a loan option for you too — be sure to ask a lender.
Get ready for homeownership
We want to help you be prepared as a future homeowner. Many of our loans require the completion of a free homebuying course.
Compare home loan options
Several kinds of loans — including some federal government loans — can be combined with Virginia Housing grants to reduce out-of-pocket costs for qualified first-time homebuyers. Here's an overview to help you discover available options.
Download our Home Loan Options booklet.
| Loan | First-time Homebuyers | Credit Scores | Income Limits | Sales Price Limits | Compatibility with Other Programs |
|---|---|---|---|---|---|
| Down Payment Assistance Grant | ✓* | 620 - 660 depending on the loan program | ✓ | ✓ | ✓ |
| Closing Cost Assistance Grant | ✓* | 620 | ✓ | ✓ | ✓ |
| Virginia Housing Plus Second Mortgage | ✓* | 620 - 680 depending on the loan program | ✓ | ✓ | ✓ |
| Virginia Housing Conventional Non-bond and bond |
N/A** | 640 | ✓ | N/A** | ✓ |
| Virginia Housing Conventional No Mortgage Insurance | N/A** | 660 | ✓ | N/A** | ✓ |
| Federal Housing Administration Non-bond and bond |
✓* | 620 | ✓ | ✓ | ✓ |
| Rural Housing Service (RHS) - USDA Non-bond and bond |
✓* | 620 | ✓ | ✓ | ✓ |
| Veterans Administration (VA) Non-bond and bond |
✓* | 620 | ✓ | ✓ | ✓ |
| Virginia Housing Loan Combo | ✓* | 620 - 680 depending on the loan program | ✓ | ✓ | ✓ |
*First-time homebuyer not required if purchasing in an Area of Economic Opportunity
**Virginia Housing Conventional non-bond and Virginia Housing Conventional No Mortgage Insurance do not require first-time homebuyer status or have sales price limits; however in combination with other Virginia Housing programs it may be a requirement. Virginia Housing’s Conventional Bond program has a first-time homebuyer requirement unless purchasing in an Area of Economic Opportunity as well as a sales price limit.
Understanding income, loan limits and sales price
In order to help first-time homebuyers, we've set up our loans to meet the needs of those who need them most. So, limits on your income or sales price will be a part of your loan eligibility.