If you have not heard the good news coming out of Richmond this week, here it is. The Virginia Housing Development Authority (VHDA) announced the new (and improved) Down Payment Assistance Grant.
This is a grant, not a loan, and the borrowers do not need to repay it at any time. It’s on a first-come, first-serve basis.
Some of the highlights:
- Grant applies to qualified first-time homebuyers (have not owned a home in the past 3 years)
- 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
Photo courtesy of Mark Moz (Flickr)