Virginia Housing Loans
Down payment assistance and low-rate financing for Virginia homebuyers.
Affordable Financing & Down Payment Assistance for Virginia Homebuyers
Virginia Housing offers some of the most affordable paths to homeownership in the state — with down payments as low as 1%, and grant programs that can eliminate the down payment altogether. Whether you're buying your first home or your next one, Louisa Mortgage can help you find the Virginia Housing program that fits your situation.
Check Your Eligibility →What Is Virginia Housing?
Virginia Housing (formerly the Virginia Housing Development Authority) is the state's housing finance agency. It partners with approved lenders like Louisa Mortgage to offer below-market mortgage rates, down payment assistance, and closing cost help to qualified Virginia buyers — all designed to make homeownership more accessible across the Commonwealth.
Virginia Housing Loan Options
Virginia Housing Conventional
A 30-year fixed-rate loan with a down payment as low as 3%, paired with reduced mortgage insurance rates for first-time and repeat buyers.
Virginia Housing FHA Loan
Combines FHA's flexible credit requirements with Virginia Housing's lower rates and down payment assistance eligibility.
Virginia Housing VA Loan
For eligible veterans and service members: 0% down payment, no mortgage insurance, and access to Closing Cost Assistance Grants.
Virginia Housing USDA Loan
Pairs USDA's zero-down rural financing with Virginia Housing's grant programs for even lower out-of-pocket costs.
Virginia Housing Plus Second Mortgage
Combine a Virginia Housing first mortgage with a second mortgage to eliminate your down payment entirely — 0% down for eligible buyers.
Down Payment & Closing Cost Assistance
Down Payment Assistance (DPA) Grant
Provides funds toward your down payment, reducing both your upfront costs and monthly payment. Can be combined with most Virginia Housing first mortgages.
Closing Cost Assistance (CCA) Grant
Helps cover closing costs for buyers using an FHA, VA, or USDA loan — meaning less cash needed at the closing table. Some exceptions apply.
Am I Eligible?
Virginia Housing eligibility generally depends on:
- 1. Income Limits: Your household income must fall within Virginia Housing's published limits, varying by location and household size.
- 2. Purchase Price Limits: The home's sales price must fall within program limits for your specific area.
- 3. First-Time Homebuyer Status: Required for many programs (not having owned a home in 3 years), though waived for certain loan types and areas.
- 4. Homebuyer Education: Programs with assistance typically require a quick homebuyer education course.
How to Get Started with a Virginia Housing Loan
- Talk to a Loan Officer: We'll review your income, credit, and goals to find the right program.
- Complete Homebuyer Education: Required for most assistance programs; quick and easy online.
- Get Pre-Approved: Understand your budget before you start house hunting.
- Find Your Home: Shop within your approved price range and area limits.
- Apply for Assistance: We'll pair your mortgage with the right DPA or CCA grant.
- Close on Your Home: Finalize your loan and move into your new home.
Virginia Housing FAQs
Many programs require first-time buyer status, but some — like Conventional loans and purchases in Areas of Economic Opportunity — don't require it.
This depends on the grant and loan type. The DPA Grant and Plus Second Mortgage are designed to significantly reduce or eliminate your down payment.
Yes. Virginia Housing sets income limits based on your location and household size. Louisa Mortgage can check your eligibility.
If you're using a Virginia Housing down payment or closing cost assistance program, yes — a short homebuyer education course is required.
Yes. Virginia Housing partners with FHA, VA, and USDA loan programs, pairing them with its own grants and reduced rates for added savings.
Ready to Explore Your Options?
Virginia Housing programs can make a real difference in how much you need to save. Let Louisa Mortgage walk you through your options.
This content is for informational purposes only and does not constitute a loan offer or guarantee of approval. Rates, terms, income limits, and eligibility are subject to change and lender/program review.