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As a REALTOR®, you’ve seen it a hundred times. You have a new client who’s ready to buy their first home; they’ve got their finances in order, found a home that’s just right for their lifestyle and budget, and they’re ready to start making monthly mortgage payments. There’s only one thing holding them back: coming up with money for the down payment. VHDA has a solution for this common obstacle to homeownership — our Down Payment Assistance grant.

For eligible first-time homebuyers, VHDA’s Down Payment Assistance Grant is a true gift, because it never has to be paid back. For many, this grant makes the difference that allows them to purchase their first home.

The maximum grant is 2 – 2.5% of the purchase price, depending on which type of VHDA loan the borrower is getting (it must be a VHDA mortgage in order to qualify for the grant). The grant may also be combined with other down payment assistance programs that are available through other organizations.

As an added bonus, any borrower who receives VHDA’s Down Payment Assistance grant is also eligible for a VHDA Mortgage Credit Certificate (MCC), which can save them money on their federal income tax, not only the year they buy they home, but every year they live in it.

Of course, there are some restrictions and requirements. For example, buyers must have incomes within our program loan limits. They must have a ratified sales contract on the home before grant funds can be reserved, and the VHDA mortgage must be locked prior to reserving grant funds.

The Down Payment Assistance Grant is just one of several money-saving programs VHDA provides to first-time homebuyers. We offer a variety of affordable mortgages which require low or no down payment as well as a Closing Cost Assistance Grant for eligible buyers using a VHDA VA or USDA Rural Housing loan. Free classes are also available for anyone wanting to learn about the home buying process.

To learn more about the Down Payment Assistance Grant or any of our homebuyer programs, visit vhda.com/HomebuyerPrograms or reach out to one of our VHDA-approved lenders. You can find one near you by visiting vhda.com/FindALender.