This week, the VHDA announced great news: a down payment assistance grant. There are limited funds available, and they are distributed on a first come, first serve basis. There is even an end date to the program of June 30, 2015.
Click here for more info on VHDA loans.
Criteria for the the grant:
Only available to first-time homebuyers
Limited to 3% of the lesser of purchase price or appraised value
The borrower is under no obligation to repay the grant (no note or deed of trust is executed for these funds)
The funds can only be used for down payment, not closing costs
Cannot be combined with VHDA FHA Plus program, VA or any other grants
Only applicable to households earning no more than 80% of VHDA’s current income limits