Oftentimes, REALTORS^®—and even more so homebuyers—become overwhelmed in trying to learn of the various initiatives that exist to increase homeownership. It can be difficult to navigate these resources and understand which program(s) best fit(s) the needs of your clients. In Virginia, we are fortunate to have organizations that have an array of resources to help us best serve home buyers. One organization in particular is Virginia Housing.

Virginia Housing—formerly known as the Virginia Housing Development Authority (VHDA)—was created by the General Assembly fifty years ago. Its mission is to help Virginians attain quality, affordable housing; it works with an array of partners, including REALTORS^®, local governments, lenders, community-based organizations, and developers. Virginia REALTORS^® is proud to be one of Virginia Housing’s key partners in carrying out is goals, which will only result in the development and strengthening of thriving communities.

So, what are some of Virginia Housing’s key programs? While there are many, a few of note are:

• Down Payment Assistance Grant (DPA): Reduces the funds needed for a down payment to 1% and gives a grant for the additional down payment that does not need to be repaid.
• Closing Cost Assistance Grant: Reduces or eliminates funds needed for closing through a true gift grant.
• Plus Second Mortgage: Eliminates the down payment requirement for qualified first-time homebuyers by pairing an eligible Virginia Housing first mortgage with a Virginia Housing second mortgage to cover the down payment.
• Free Class for Home Buyers: This class (offered in English and Spanish) is free to anyone who wants to be educated on the ins and outs of home buying and ownership.

All of the programs Virginia Housing offers are extremely beneficial. Many of our members and staff have even leveraged these programs to purchase their own homes. We encourage our members to familiarize themselves with Virginia Housing and its resources, as they will strengthen your businesses and help you better serve your clients. Click HERE to learn more about Virginia Housing’s homebuyer loan options and programs.