Program Highlights:
- 2% reduction to the interest rate published by Virginia Housing
- First generation homebuyer*
- The first mortgage must be one of Virginia Housing’s bond programs (Conventional Bond, FHA Bond, VA Bond or RHS Bond)
- Various down payment assistance options are available, including Virginia Housing’s Plus Second Mortgage, Down Payment Assistance Grant, Closing Cost Assistance Grant as well as outside assistance, subject to program guidelines
*All borrowers have never owned a home (primary, secondary, investment), even if purchasing in a targeted area. The borrower’s spouse, whether or not they are a borrower, has never owned a home, including primary, secondary, or investment, excluding ownership of heirs’ property as defined. All borrowers’ parents and/or legal guardians have not owned a home in the last 3 years, including primary, secondary, and investment excluding ownership of heirs’ property as defined.