First-Time Homebuyer Grants: Help With Your Down Payment and Closing Costs

For many first-time homebuyers, coming up with enough money for a down payment and closing costs can feel like the biggest obstacle to buying a home.

The good news is that there are programs designed to help qualified buyers overcome that hurdle.

Depending on where you live, your income, the type of mortgage you use, and other eligibility requirements, you may qualify for down payment assistance, closing-cost assistance, or other homebuyer programs that can significantly reduce the amount of money you need to bring to the closing table.

What Is a First-Time Homebuyer Grant?

A first-time homebuyer grant is financial assistance designed to help eligible buyers with some of the upfront costs of purchasing a home. If you have not Owned a home in the last three years, you are also considered a First Time Home Buyer.

It's important to understand that not all assistance programs work the same way. Some are true grants that don't have to be repaid, while others are structured as deferred or forgivable loans, second mortgages, or other forms of assistance.

For example, Virginia Housing's Down Payment Assistance Grant is a true grant and does not have to be repaid when the buyer meets the program requirements. It is available to qualified first-time buyers using an eligible Virginia Housing mortgage, subject to income and sales-price/loan limits.

To find out which Virginia assistance programs you may qualify for, just send me a message.