About VHDA’s Down Payment Assistance Grant
By HOM Editorial Team
Visit the VHDA’s website to download detailed information about the Down Payment Assistance Grant.
About the Grant
- Qualified first-time homebuyers may receive a percentage of the purchase price to help with the down payment.
- Maximum grant will be 3 – 3.5% of the purchase price, based on the down payment required for the eligible VHDA loan.
- Buyers must have household incomes at or below program limits.
- Down Payment Assistance Grant may be used with eligible VHDA loans only.
- Grant funds may not be used in combination with other down payment assistance resources (including FHA Plus).
- Down Payment Assistance Grant has no repayment.
- VHDA’s eligible first mortgage must be locked on or after the program implementation date.
- The eligible first mortgage must be locked prior to reserving the grant funds.
- All borrowers receiving this grant are eligible for a Mortgage Credit Certificate (MCC). Borrowers must apply for an MCC through an approved MCC lender and receive an MCC commitment / approval prior to closing. (An MCC is a dollar-for-dollar credit against your federal income tax liability. Read more about MCCs.)
- Other program requirements may apply.
Questions About the DPA Grant Program? Please contact your VHDA Business Development Officer or VHDA Single Family Underwriting 800-227-8432
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