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Buying your first home in Virginia can be an exciting but challenging journey. Thankfully, the state offers a range of first-time homebuyer programs designed to make this process smoother and more affordable. In this guide, we’ll cover the best loan programs available in Virginia for 2025, along with helpful tips to secure the right financing for your needs.
Why Consider First-Time Homebuyer Programs?
First-time homebuyer programs in Virginia can significantly reduce the upfront costs of purchasing a home, lower your interest rates, and even provide grants or tax benefits. These programs are especially valuable if you’re looking to buy in competitive markets like Northern Virginia or the Richmond metro area. Key benefits include:
- Lower down payments
- Reduced interest rates
- Financial assistance and grants
- Flexible credit score requirements
Top First-Time Homebuyer Loan Programs in Virginia for 2025
1. Virginia Housing (formerly VHDA) First-Time Homebuyer Programs
Virginia Housing (VH) is a key resource for first-time buyers. It offers several loan programs, including:
- VH Conventional No Mortgage Insurance Loan: Ideal for buyers with good credit. No mortgage insurance required, potentially saving thousands over the life of the loan.
- VH Plus Second Mortgage: Helps cover down payments and closing costs.
- VH FHA and VA Loans: Offers reduced down payments and more lenient credit requirements.
- Down Payment Assistance (DPA) Grants: Up to 2.5% of the purchase price, which doesn’t have to be repaid.
2. FHA Loans
FHA loans are backed by the Federal Housing Administration and are popular among first-time buyers due to their flexible requirements:
- Low Down Payment: As low as 3.5% down.
- Credit Flexibility: Accepts lower credit scores compared to conventional loans.
- Internal Link: Learn more about FHA loans here.
3. VA Loans
For veterans, active-duty service members, and eligible spouses, VA loans offer unbeatable benefits:
- No Down Payment Required
- No PMI (Private Mortgage Insurance)
- Lower Interest Rates
- Internal Link: Learn more about VA loans here.
4. USDA Loans
Available for homes in eligible rural areas, USDA loans provide:
- Zero Down Payment
- Low Monthly Mortgage Insurance
- Competitive Interest Rates
- Internal Link: Learn more about USDA loans here.
Tips for First-Time Homebuyers in Virginia
- Get Pre-Approved: Strengthen your offers with a pre-approval.
- Use a Mortgage Calculator: Understand how much home you can afford. Try it here.
- Explore State and Local Grants: Many Virginia counties offer additional financial assistance.
Frequently Asked Questions (FAQs)
What credit score do I need to buy a house in Virginia?
Most first-time buyer programs accept scores as low as 580 for FHA loans, but higher scores can qualify you for better rates.
Can I get a first-time homebuyer loan with no down payment?
Yes, VA and USDA loans offer no down payment options if you meet the eligibility requirements.
Read Next
- Conventional vs. FHA Loans – Which is Right for You?
- How to Get a Mortgage with Bad Credit
- Understanding Mortgage Insurance and How to Avoid It
Get Started Today
Ready to take the next step? Use our Loan Comparison Calculator to find the best loan for your needs. Or, get pre-qualified today and see how much home you can afford!
Get Expert Financing
- Matched with investor-friendly lenders
- Fast pre-approvals-no W2s required
- Financing options fro rentals, BRRRR, STRs
- Scale your portfolio with confidence
Our advice is based on experience in the mortgage industry and we are dedicated to helping you achieve your goal of owning a home. We may receive compensation from partner banks when you view mortgage rates listed on our website.
