The Virginia Department Of Housing And Community Development (DHCD) provides a Down Payment Assistance (DPA) program for first-time homebuyers at, or below, 80 percent of the Area Median Income (AMI) to purchase homes that are safe, decent and accessible. Potential applicants can obtain this Virginia first time home buyer grant through local DPA provider agencies selected by the state through a competitive application process.
These are the HIGH COST/CHRONICALLY ECONOMICALLY DEPRESSED Localities:
No monthly repayment is required on the forgivable HOME loan issued by DHCD. The applied subsidy will be forgiven at the end of the period of affordability, thus this “loan” turns into a grant. The period of affordability is 5 years for grants up to $14,999, 10 years for grants up to $40,000, and 15 years for grants over $40,000.
Virginia Department of Housing and Community Development
• Main Street Centre
• 600 East Main Street, Suite 300
• Richmond, VA 23219
• (804) 371-7000