Does Virginia have first-time home buyer programs?
Virginia Housing’s Down Payment Assistance (DPA) grant provides qualified first-time homebuyers (or those buying in a “Targeted Area”) with up to 2.5 percent of the home’s purchase price to put toward a down payment.
How do I qualify for first-time home buyer grant in VA?
Eligibility
- Required credit score varies by program; lowest is 620.
- Haven’t owned a home in the past three years (except in certain areas).
- Maximum income and loan limits vary by home’s location.
- The home must be your primary residence; no business use.
- Applicants must complete homeownership education class.
What is considered a first-time home buyer in Virginia?
A first-time homebuyer in Virginia is defined as any family or individual who has never owned a home, or at least not in the past three years, depending on the region. It’s worth waiting it out if you’re nearing the three-year mark because these programs could provide a significant financial boost.
Is there a first-time homebuyer tax credit in Virginia?
There’s a federal tax credit that could mean thousands of dollars in savings for Virginia’s first-time homebuyers. It’s called a Mortgage Credit Certificate, or MCC, and it’s from VHDA.
What is the minimum income to buy a house in Virginia?
Income needed: $78,600 There is no minimum income to qualify for a VA or USDA loan. However, USDA does impose income caps that limit the amount of household income you can earn and still qualify.
How much is a downpayment on a house in Virginia?
While conventional loans call for a 10% to 25% down payment, you’ll only need to put down 3.5% with an FHA loan. You’ll need a credit score of at least 580 to access the 3.5% down payment. If your score falls between 500 and 580, you’ll need to make closer to a 10% down payment.