Virginia First Time Homebuyer Program: What You Need to Know

When you're buying your first home in Virginia, the Virginia first time homebuyer program, a state-backed set of financial aids and loan options designed to help newcomers enter the housing market. Also known as Virginia Homeownership Program, it’s not just about lower down payments—it’s about making ownership possible without needing a fortune saved up. This isn’t a one-size-fits-all deal. It’s a mix of grants, low-interest loans, and counseling services, mostly run through the Virginia Housing Development Authority, the state agency that manages affordable housing programs for residents. If you’ve never owned a home before, live in Virginia, and meet income limits, you’re likely eligible for some form of help.

What makes this program different from regular mortgages? For starters, you can get down payments as low as 3%—and in some cases, you won’t need to pay any down payment at all if you qualify for a homebuyer grant, a non-repayable financial gift given to first-time buyers to cover closing costs or down payments. These grants aren’t handed out randomly. They’re tied to specific programs like the Virginia Homeownership Program, a state initiative offering fixed-rate mortgages and financial counseling to eligible buyers, or the FHA loan, a federally backed mortgage with lower credit score requirements, often used with state programs to stretch buying power. You don’t need perfect credit, but you do need to complete a homebuyer education course—something most programs require before approving your aid.

Income limits vary by county. In Richmond, you might qualify earning up to $110,000 a year, while in Fairfax, the cap could be higher. The program also works with lenders who specialize in these loans, so your mortgage broker doesn’t need to be a wizard—they just need to know which forms to fill out. You can use this help for new builds, existing homes, or even townhouses, as long as it’s your primary residence. It won’t cover vacation homes or investment properties.

There’s no magic trick here. No hidden fees. No catch that only shows up after you sign. The real advantage? You walk into the process knowing exactly what help is available, instead of guessing how much you can afford. You’ll find real examples below—how someone on a $65,000 salary bought a home with $2,000 out of pocket, or how a teacher in Roanoke got $10,000 in grant money to cover closing costs. These aren’t outliers. They’re standard outcomes for people who use the program correctly.