Updated June 2026 · Mike Certo, NMLS #260555

Virginia First-Time Home Buyer Guide

Virginia first-time buyers have access to a strong Virginia Housing (formerly VHDA) DPA program family plus local DPA programs in Northern Virginia, Richmond, and Hampton Roads. Virginia's strong veteran population and large federal workforce make it a high-volume FTHB market.

First-time buyer loan types in Virginia

FHA: 3.5% down, 580+ FICO published (620+ practical lender overlay). Pairs with Virginia Housing programs.
Conventional 97: 3% down, 620+ FICO. Pairs with Virginia Housing conventional path.
VA: Zero down for eligible veterans. Virginia has one of the largest veteran populations — Norfolk, Hampton Roads, Pentagon area, Quantico, Fort Belvoir, Langley.
USDA: Zero down for USDA-eligible rural Virginia areas. Covers much of rural Virginia outside Northern VA, Richmond, and Hampton Roads metros.

Virginia Housing programs (the headline)

Virginia Housing DPA Grant: Forgivable grant of 2-2.5% of purchase price. Grant — NO repayment required. Income limits by county.
Virginia Housing Plus Second Mortgage: Deferred-payment second mortgage up to 3-5% of purchase price. Pairs with first mortgage.
Virginia Housing Conventional with reduced MI: Below-market conventional first mortgage with reduced mortgage insurance for income-eligible buyers.
Virginia Housing FHA Plus: FHA first mortgage paired with Plus Second Mortgage DPA.
Virginia Housing Mortgage Credit Certificate (MCC): Federal tax credit converting portion of mortgage interest into annual federal tax credit.

Local Virginia DPA programs

Fairfax County FHFLP (First-time Homebuyers Program)
Arlington County DPA
City of Richmond DPA
City of Norfolk DPA
City of Virginia Beach DPA
City of Roanoke DPA
Loudoun County workforce housing programs

One assistance program per transaction

Virginia Housing programs generally do not combine with each other. Virginia Housing DPA Grant does not pair with Plus Second Mortgage on the same loan. Local DPA programs typically don't combine with Virginia Housing. You select ONE assistance program per home purchase.

The exception: Virginia Housing MCC (federal tax credit) can sometimes layer with another DPA program because it's a federal tax credit rather than cash assistance.

Virginia-specific considerations

Northern Virginia housing market: Pentagon area, Tysons, Reston, Arlington face the highest purchase prices in Virginia — often exceeding standard DPA program purchase-price caps. Plan accordingly.
Federal employee programs: Federal employees may have additional employer-sponsored programs available; talk to your HR.
Military presence: If you're military, VA loan with no down payment is usually the most cost-effective option. Mike helps coordinate VA loan with any applicable Virginia Housing programs.
Property tax: Virginia uses ad-valorem property tax. Rates vary significantly by jurisdiction.

Next step

20-minute call. Bring county/city, household income, FICO ballpark, FTHB status, military/federal employee status. We map your top 2-3 Virginia program fits.

FAQ

Is the Virginia Housing DPA Grant a forgivable grant or a loan?

Forgivable grant — does NOT require repayment. This is different from the Plus Second Mortgage, which is a deferred-payment second mortgage.

Can I combine Virginia Housing DPA Grant with Fairfax County FHFLP?

Generally no. You select one DPA program per transaction. Most Virginia DPA programs don't combine with each other.

What's the credit floor for Virginia Housing programs?

Most Virginia Housing programs require 640+. Some national programs (Chenoa Fund) accept 600+.

Does Virginia Housing help with closing costs?

Some Virginia Housing programs cover closing costs as part of DPA structure. Specifics vary by program — we walk through which applies to your scenario.