In This Competitive Housing Market, There is Help for Your Buyers
August 2, 2021
The frenzied housing market has created significant challenges for many prospective home buyers. Very low inventory, bidding wars, offers over list, and purchases made sight unseen are common in housing markets across the commonwealth. And while there are signs that the market may be cooling this summer, many buyers are still facing tremendous obstacles to achieving their dream of homeownership.
To help your agents and clients, it is important to make sure they know about the resources that are available to home buyers. Many of these programs are offered through Virginia Housing (formerly VHDA), the state’s housing finance agency. While they will not be a fit for every family, some will find these programs can make the difference between being able to buy a home and not.
- Virginia Housing’s Home Purchase Assistance Program provides first mortgage loans, down payment assistance, and closing cost assistance to low- and moderate-income households. The Home Purchase Assistance Program primarily targets first-time homebuyers and underserved populations.
- The Homebuyer Education program offered by Virginia Housing provides an overview of the entire home-buying process to prospective home buyers. The program also provides education and guidance to encourage responsible and sustainable homeownership.
- Virginia Housing’s Mortgage Credit Certificates provides additional assistance to low- and moderate-income home buyers. Borrowers apply for a Mortgage Credit Certificate (MCC) at loan closing, which entitles them to an annual federal tax credit for a portion of the mortgage interest they pay on their mortgage loan.
- The Virginia Department of Housing and Community Development’s Homeownership Downpayment & Closing Cost Assistance Program operates through local partnerships with governmental entities, non-profit housing service providers, and mortgage lenders to provide home-buying assistance to first-time homebuyers.
In addition to these statewide homeownership programs, many counties and independent cities in Virginia offer local programs designed to help make homeownership easier and more affordable. Helping connect clients to these programs can make you and your agents an invaluable resource during the home-buying process.
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