Virginia Statewide Assistance
Become A First-Time Homeowner Today!
Buying A Home For The First Time?
Investing in your own future instead of paying someone else’s mortgage is a huge milestone in your life. While there’s a stigma out there that buying your first home is extremely stressful and expensive, we at The My Home Mortgage Team are here to tell you it doesn’t have to be that way! For over 25 years, we have been helping first-time home buyers receive the keys to their very own home, and we’d love to help you next! Contact our team today, and discover how easy and exciting it is to become a first-time homeowner!
Why Choose The My Home Mortgage Team
When it comes to buying a home for the first time, you want to have a knowledgeable and trustworthy team behind you, helping you navigate the process. When you decide to work with The My Home Mortgage Team, you can rest assured knowing you’re receiving the best advice and down payment assistance out there. Here’s a few other benefits to working with our expert staff:
- Step-By-Step Guidance During the Home Buying Process: Our team understands that buying a home can be overwhelming, especially if it's your first time. That's why we provide step-by-step guidance through every stage of the home-buying process. From pre-approval to closing, we will be there to answer your questions, explain complex terms, and ensure that you are informed and confident in your decisions.
- Access to Down Payment Assistance Programs: We have extensive knowledge and access to various down payment assistance programs. These programs are specifically designed to help eligible homebuyers bridge the gap between their savings and the down payment required for purchasing a home. Our team will work diligently to find the most suitable down payment assistance option for your unique financial situation and help you take advantage of these valuable resources.
- A Friendly, Experienced Staff: At First Home Mortgage, we pride ourselves on providing exceptional customer service. Our team is not only knowledgeable but also friendly and approachable. You can trust that our experienced staff will go above and beyond to ensure that your home-buying process is smooth and enjoyable. We are here to answer your questions, address any concerns, and guide you through the entire experience with care.
- Over 25 Years Of Experience: With over two decades of experience in the mortgage industry, we have developed a deep understanding of the local market dynamics, loan options, and the evolving needs of homebuyers. Our expertise allows us to offer valuable insights, strategic advice, and personalized solutions tailored to your specific goals and circumstances.
In addition to the above benefits, First Home Mortgage offers a wide range of services to support your homeownership journey. We specialize in optimizing the home buying process, ensuring a seamless path to homeownership. Our team is also skilled in mortgage refinancing, home renovation financing, and assisting with mortgage applications. Contact us to learn more!
Virginia First-Time Home Buyer Down Payment Assistance Programs
It goes without saying that purchasing a home is one of the biggest investments you will make in your life. With that being said, many people don’t realize there are amazing programs out there to help lower the cost of purchasing your first home, including a host of first-time homeowner loans. The best part? If you’re a resident of Virginia and looking to buy a home for the first time, you can apply for a variety of state and county down payment assistance programs offered to you. Below, we will outline a few of the programs available to Virginia residents looking to buy a home for the first time. To learn more about the down payment assistance programs, or to talk through the program that would work best for you, contact our expert staff today!
Statewide Down Payment Assistance Programs
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Chenoa Fund Rate Advantage - This FHA loan offers 3.5% to cover your down payment on your home if you have a credit score of 640 or higher. This 10-year loan has an interest rate of 8% and is in the form of a repayable second mortgage. To qualify, you must have an income less than or equal to 115% AMI (average median income). - Chenoa Fund DPA Edge: Soft Second - If you have a credit score of 620 and an income that is less than or equal to 115% AMI, you can receive up to 3.5% to cover the down payment on your first home. With this down payment assistance program, you can receive a 30-year term, 0% rate, no payment, second mortgage. This loan is forgiven after you make 36 consecutive on-time payments on the first mortgage.
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Chenoa Fund DPA Edge: Repayable Second - With a minimum credit score of 620, you can qualify for 3.5% to cover your down payment. Through this down payment assistance program, you must have an income that is less than or equal to 115% AMI. You can either choose a 10-year repayable second mortgage at a 0% interest rate, or a 30-year repayable second mortgage at a 5% interest rate.
Fannie Mae (FNMA) HFA Preferred™ with Reduced Mortgage Insurance (MI) (Conventional) - You can receive 1% down with the VHDA DPA Grant, so long as you have a minimum credit score of 640. With this down payment assistance grant, you do not need to repay it! Get in touch with our team today to learn more. - VHDA Plus Second - This down payment assistance program helps to eliminate funds needed for a down payment for both first-time home buyers and repeat buyers. You just need a minimum credit score of 620 and 1% of the sales price in your own funds.
- VHDA Closing Cost Assistance Grant - With a credit score of 620 or higher, you can qualify for this closing cost assistance grant in Virginia. This is a true grant, meaning money is forgivable, and it could even eliminate the funds needed for closing costs for first-time home buyers.
County Down Payment Assistance Programs
Arlington County
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Arlington Moderate Income Purchase Assistance Program (MIPAP) - If it’s been three or more years since you have owned a home, you can qualify to receive 25% of the purchase price of a home through this program, as long as the property is located in Arlington County. To qualify, you must have a credit score of at least 660 and be able to provide 1% of the purchase price of the home. - Arlington VHDA Community Homeownership Revitalization Program (CHRP) - If you’re looking to purchase a home in the 22203, 22204, or 22206 zip codes, you can receive a 0.5% interest rate reduction from the standard VHDA interest rate through this program. Your household must be at or below 120% AMI to qualify. Reach out to our team to learn more!
- Arlington Live Near Your Work - If you’re an Arlington County Government or Public School employee that works more than 30 hours per week, you could qualify to receive $6,000 for your first home! Contact The My Home Mortgage Team today for more information.
Fairfax County
- Fairfax County First Time Buyers Program - If your family has one month of reserves saved up, you can qualify to receive $6,000 to $15,000 to put towards purchasing your first home. You must contribute $1,000 at the time of the contract and put 2% down from your own funds to qualify for this program.
Loudoun County
- Loudoun County Down Payment / Closing Cost Assistance Program (DPCC) - If your income ranges between $35,150 and $82,050, you can receive 10% of the sales price of your home, or $25,000, whichever is less at 5% interest. Your gross annual income just has to be between 30% and 70% of the AMI to qualify.
Did any of these down payment assistance programs peak your interest? For over 25 years, we have been helping first-time homeowners find the best program to assist them in purchasing their first home, and we are ready to do the same for you. Call us today to talk through your goals and questions you have, we’re here to help!
Pre-Qualify Today With The My Home Mortgage Team
At The My Home Mortgage Team, we believe buying a home for the first time should be an exciting time, not full of stress and uncertainty. That’s why we have perfected our process to provide you with a stress-free experience, so you can focus on finding your dream home instead of worrying about how you’re going to pay for it. With countless down payment assistance programs available to you, our expert staff will take the time to understand your needs and goals and get you lined up with the best option for you and your family. Pre-qualify today to get started, and let us handle the rest!
