If you’re trying to buy your first home around Richmond, the down payment is often the part that feels out of reach. There are real programs that can help. They aren’t one pot of money, and the rules change by county, income, credit, and loan type.
I reviewed official state, city, county, and nonprofit pages current as of November 13, 2026, for the City of Richmond, Henrico, Chesterfield, Hanover, Goochland, and Powhatan. This guide covers the grants and down payment assistance I could verify on those pages: what they pay, who they serve, and where to apply. Program terms change, and funding can run out, so confirm the current amount and rules with the program administrator and your lender before you tour or write an offer.
This is a grants and assistance guide, not a full loan-type explainer. For FHA, VA, USDA, and conventional loans, see my first-time home buyer programs guide for Richmond. It isn’t lending, tax, or legal advice. The program administrator, your lender, and the settlement agent have the last word on a specific file.
How these programs usually work
Most of what people call a “grant” falls into a few types:
- A true grant, which you don’t repay if you close under the program rules. Virginia Housing’s Down Payment Assistance Grant and Closing Cost Assistance Grant work this way.
- A deferred or forgivable loan, which is secured by a lien. You typically don’t make monthly payments, but you may have to repay some or all of it if you sell, refinance, or stop living in the home before the affordability period ends.
- A second mortgage, such as Virginia Housing’s Plus Second Mortgage, which you do repay over time.
- A matched savings account, such as Virginia’s VIDA program, which adds money to what you save.
- A discounted or reserved home, such as a community land trust or nonprofit-built house, which isn’t a cash grant but can lower what you need to bring to closing.
“First-time homebuyer” isn’t one definition. Some programs mean you have never owned a home. Others mean you haven’t owned a principal residence in the last 3 years. Henrico County’s employee program uses a 5-year lookback. Repeat buyers can use some Virginia Housing products if the home is in an Area of Economic Opportunity.
Counseling and a homebuyer education course are required for most local programs, and some Virginia Housing loans require education too. HOME of VA says the process typically takes at least 45 days after your first counseling session, so start there before you go under contract. For a sense of cash to close beyond the grant itself, see how much of a down payment you may need in Richmond and Virginia closing costs.
You also can’t stack every product. Virginia Housing’s Down Payment Assistance Grant can’t be used with its Plus Second Mortgage or its Closing Cost Assistance Grant. It can be used with other acceptable non-Virginia Housing down payment assistance, if the first mortgage allows it.
Programs at a glance
Amounts below are what the official sources listed as of November 13, 2026. They are caps or ranges, not a promise of what you will receive.
| Program | Where it can be used | Amount (as published) | Type |
|---|---|---|---|
| Virginia Housing Down Payment Assistance Grant | Statewide, including the Richmond area, with an eligible Virginia Housing bond loan | Up to 2% of the lesser of sales price or appraised value on a Conventional Bond loan, or up to 2.5% on an FHA Bond loan | True grant, no repayment |
| Virginia Housing Closing Cost Assistance Grant | Statewide, with an eligible Virginia Housing RD or VA bond loan | Up to 2% of the purchase price | True grant, no repayment |
| Virginia Housing Plus Second Mortgage | Statewide, with an eligible Virginia Housing FHA or conventional loan | Up to 5% of the purchase price. Borrowers with a credit score of 680 or higher may finance part of closing costs | 30-year fixed-rate second mortgage |
| DHCD HOMEownership Down Payment Assistance | Localities served by a listed DPA provider (HOME of VA covers Richmond, Henrico, Chesterfield, Hanover, Goochland, and Powhatan) | Up to 10% or 15% of the sales price in DHCD-approved areas, plus up to $2,500 for closing costs, with a published maximum of $40,000 | Deferred conditional grant with an affordability period |
| Virginia Pilot Down Payment Assistance | Areas served by a listed pilot agency, for buyers at or below 60% of area median income | Up to $50,000 | Deferred assistance. Confirm current agencies and terms with DHCD |
| HOME of VA local down payment and closing cost programs | City of Richmond, Chesterfield, Henrico, and, with state HOME funds, Goochland, Hanover, Powhatan, Colonial Heights, Hopewell, and Petersburg | HOME says funder maximums can range from $7,500 to $20,000, based on need | Usually not repaid if you stay through the affordability period |
| SCDHC down payment assistance | City of Richmond and Henrico County, per SCDHC’s site | Amount isn’t published as a fixed dollar figure on the current counseling page. Starting screens include a 640 credit score, $2,000 in savings, and $40,000 annual income | Confirm structure and amount with SCDHC |
| VIDA matched savings | Localities served by a VIDA intermediary (DHCD’s April 2024 intermediary list shows SCDHC serving the City of Richmond, Henrico, Chesterfield, Hanover, Goochland, Powhatan, and other localities) | $10 match for every $1 saved, up to $10,000 in match | Matched savings toward down payment and closing costs |
| Henrico Employee Home Purchase Assistance Program | A home in Henrico County, for eligible County, school, or constitutional-officer employees | Up to $25,000 | Interest-free forgivable loan over 5 years |
| City of Richmond Employee Homebuyer Assistance Program | A home in the City of Richmond, for eligible City employees | HOME of VA publishes a $175,000 household income limit and a $550,000 sales price or loan limit. The current assistance amount isn’t stated on that page, so confirm it with City HR. | Down payment assistance administered with HOME of VA |
| FHLBank Atlanta products, through a participating member bank | Virginia, including the Richmond area, if your lender is a participating member | Up to $17,500 for first-time buyers. Up to $20,000 for certain public-service, veteran, and first-responder borrowers. Up to $15,000 under Workforce Housing Plus+ for households at 80.01% to 120% of AMI | Down payment and closing-cost subsidy through the member institution |
Virginia Housing grants and the Plus Second Mortgage
Virginia Housing is the state housing finance agency (formerly VHDA). Its grants only work with an eligible Virginia Housing loan, so you need a lender who actually originates those loans. Use Virginia Housing’s find a lender page, and ask which course, if any, you have to finish before closing. The agency offers a free homebuyer education course in person and online.
Down Payment Assistance Grant
The Down Payment Assistance Grant is a true grant. You don’t repay it. The consumer page doesn’t list a percentage. Virginia Housing’s official DPA Grant Program Guidelines, last revised August 2026, do: the maximum is 2% of the lesser of the sales price or appraised value with a Conventional Bond first mortgage, or 2.5% with an FHA Bond first mortgage, rounded down to the nearest dollar. The grant must go toward the down payment, not closing costs.
To qualify, you must:
- Be a qualified first-time homebuyer, or a repeat buyer purchasing in an Area of Economic Opportunity
- Use a Virginia Housing Conventional Bond or FHA Bond loan (not a non-bond, VA, or Rural Development loan, and not any non-Virginia Housing loan)
- Meet the lower DPA and CCA grant income limits, counting income for all household members
- Stay within Virginia Housing’s sales price and loan limits
- Make a 1% minimum contribution from an eligible source, which can include a gift if the first mortgage allows it
The grant can be used with SPARC or FirstHome Dream when those products are available, and with other acceptable non-Virginia Housing down payment assistance. It can’t be used with the Plus Second Mortgage or the Closing Cost Assistance Grant.
Ask the lender to reserve the grant when the first mortgage is locked, and to show “Virginia Housing DPA Grant” on the Closing Disclosure.
Closing Cost Assistance Grant
The Closing Cost Assistance Grant is also a true grant, with no repayment. It’s worth up to 2% of the purchase price. Funds may go to closing costs, Rural Development guarantee fees, or VA funding fees. It’s only for qualified first-time buyers, or repeat buyers in an Area of Economic Opportunity, who use an eligible Virginia Housing Rural Development (RD) or VA bond loan and meet the same lower grant income limits and sales price limits. It can be paired with other non-Virginia Housing grants, but not with the DPA Grant or the Plus Second Mortgage.
This is the Virginia Housing grant that can help a VA buyer with the funding fee or closing costs, if the file is a Virginia Housing VA Bond loan. For a broader VA loan overview, see buying a home with a VA loan in Richmond.
Plus Second Mortgage
The Plus Second Mortgage isn’t a grant. It’s a 30-year fixed-rate second loan with no prepayment penalty. It can cover the down payment, and for some borrowers it can also cover part of the closing costs. The maximum is 5% of the purchase price. Virginia Housing says that if you qualify, you can borrow 1.5% more than the purchase price, and that you can finance part of your closing costs this way if your credit score is 680 or higher.
It’s available to qualified first-time and repeat buyers with a non-bond or bond FHA or conventional loan from Virginia Housing. Income limits follow the first mortgage, including expanded limits when those apply, which can be a path if your household income is too high for the DPA Grant. It can’t be combined with the DPA Grant or the CCA Grant.
Richmond-area income and sales price limits
Virginia Housing’s income, sales price, and loan limits effective August 1, 2026, treat the Richmond area as one market. That area includes the City of Richmond, Chesterfield, Goochland, Hanover, Henrico, and Powhatan, plus Amelia, Charles City, Colonial Heights, Dinwiddie, Hopewell, King William, New Kent, Petersburg, Prince George, and Sussex.
| Product | Household income, 2 or fewer people | Household income, 3 or more people | Sales price or loan limit |
|---|---|---|---|
| DPA Grant and CCA Grant (all household-member income) | $96,000 | $110,000 | $550,000 |
| Standard or bond first mortgages (all household-member income) | $120,000 | $138,000 | $550,000 |
| Expanded or non-bond programs (qualifying income, all household sizes) | $175,000 | No sales price limit published. Follow GSE, insurer, or guarantor loan limits | |
These figures were current on Virginia Housing’s limits page as of November 13, 2026. Confirm them with an approved lender, because a grant file uses the lower DPA and CCA limits, not the standard or expanded figures.
Programs that aren’t currently available
Virginia Housing’s Mortgage Credit Certificate (MCC) program has been suspended since May 1, 2023. Older articles still mention it. Don’t budget around a federal mortgage tax credit from Virginia Housing unless you already have an MCC from a loan locked before the suspension.
Virginia Housing also announced on March 3, 2026, that its Community Heroes Grant Pilot is closed.
Related rate reductions, not grants
Virginia Housing’s SPARC program is a 1.00% interest-rate reduction, and FirstHome Dream is a 2.00% reduction for first-generation buyers, per the agency’s August 2026 program guidelines. Those are rate cuts, not cash grants, and they can’t be combined with each other. As of November 13, 2026, neither was taking new reservations. Virginia Housing said the SPARC performance period closed on June 30, 2026, with the next period opening in January 2027, and that it ended new FirstHome Dream reservations on June 30, 2026, with FY27 funding not yet determined. Ask a Virginia Housing-approved lender whether either program has reopened before you count on it.
State down payment assistance through DHCD
The Virginia Department of Housing and Community Development runs a separate HOMEownership Down Payment Assistance program. You don’t apply to the state. You apply through a local provider on DHCD’s provider list.
On DHCD’s program page as of November 13, 2026, an income-eligible first-time buyer at or below 80% of area median income may receive up to 10% or 15% of the sales price (in DHCD-approved areas), plus up to $2,500 for closing costs, with a maximum of $40,000. The assistance is described as a deferred loan on the program page, and as a deferred conditional grant in DHCD’s FAQ: you must live in the home as your principal residence for an affordability period, and no payments or interest accrue during that time. DHCD’s FAQ ties the affordability period to the total HOME assistance or subsidy from all sources: 5 years for $1,000 to $14,999, 10 years for $15,000 to $40,000, and 15 years for amounts over $40,000. Selling, refinancing, or recording a home equity line of credit before that period ends can trigger repayment in full.
DHCD’s qualifications list also says buyers must:
- Be first-time buyers who have never owned a home, or who haven’t held primary ownership in a principal residence in the most recent 3 years
- Complete HUD-certified counseling and a Virginia Housing or NeighborWorks homebuyer education course
- Have a median credit score of 620 or higher, and a debt-to-income ratio that doesn’t exceed 43%
- Contribute 1% of the sales price from personal funds if household income is between 50% and 80% of AMI, or $500 if income is below 50% of AMI
DHCD also describes a Virginia Pilot Down Payment Assistance Program for first-time buyers at or below 60% of AMI, with assistance of up to $50,000. Confirm whether a Richmond-area agency is currently administering the pilot, because that list is separate from the regular provider list.
For the regular program, DHCD’s local provider list includes, among others:
- City of Richmond: Housing Opportunities Made Equal (HOME of VA) and Habitat for Humanity Virginia
- Henrico County: HOME of VA and Virginia Housing and Community Development Corporation
- Chesterfield County: HOME of VA and Petersburg Redevelopment and Housing Authority
- Hanover, Goochland, and Powhatan: HOME of VA and Habitat for Humanity Virginia
HOME of VA’s own packet still describes local funder maximums as ranging from $7,500 to $20,000. That’s the figure HOME publishes for the funds it administers. DHCD’s statewide cap is higher. Ask the provider which funding source is actually open for your file, and what dollar amount you can receive.
HOME of VA, SCDHC, and county programs
A practical order is a HUD-certified counseling agency first, then a Virginia Housing-approved lender. Henrico County names HOME of VA and SCDHC as the 2 agencies that administer its down payment program, and HOME of VA also administers funds in the City of Richmond and Chesterfield.
HOME of VA
Housing Opportunities Made Equal of Virginia (HOME) offers pre-purchase counseling, a homebuyer education course, and down payment and closing cost assistance. Its February 12, 2026, homeownership packet, which was still posted as of this research, says:
- Combined household income must be at least $40,000, and at or below 80% of AMI
- Maximum incomes, labeled as of June 2025 and still shown on HOME’s site on November 13, 2026, are $63,600 for 1 person, $72,650 for 2, $81,750 for 3, $90,800 for 4, $98,100 for 5, $105,350 for 6, $112,600 for 7, and $119,900 for 8. HUD’s 2026 HOME income limits for the Richmond area, effective June 1, 2026, list the same figures.
- City of Richmond, Chesterfield, and Henrico programs require reasonably good credit, with no outstanding judgments or collections
- State HOME funds, which can be used in Chesterfield, Goochland, Hanover, Henrico, Powhatan, the City of Richmond, Colonial Heights, Hopewell, and Petersburg, require no derogatory credit for 12 months
- You don’t already have to live in the locality where you want to buy
- Most funders require you to put in at least $1,000 or 1% of the sales price
- Assistance is based on need, assets, and what it takes to close, with funder maximums that can range from $7,500 to $20,000
- You typically don’t repay the assistance if you keep the home as your primary residence through the affordability period, which is often 5 years and can be 10 or 15 years for larger amounts
- If you filed bankruptcy, you may apply 2 years after a Chapter 7 or Chapter 13 discharge
Apply at HOMEofVA.org/homeownership. HOME says to allow about 10 business days for an acceptance decision, then complete its education course, intake, and counseling. It also recommends that you wait to sign a purchase contract until you have been accepted and have met with a counselor, because the money typically takes at least 45 days after that first counseling session.
Southside Community Development and Housing Corporation
SCDHC is a HUD-approved housing counseling agency. Its counseling page says it offers down payment assistance for Henrico County and the City of Richmond. That matches Henrico County’s official down payment page, which names SCDHC and HOME of VA as the 2 partners that administer Henrico’s program, using a deferred, forgivable loan based on identified need, plus education for new homeowners.
SCDHC doesn’t publish a fixed assistance amount on that page. It does ask whether you’re ready to buy your first home, whether your credit score is above 640, whether you have at least $2,000 in savings, and whether your annual income is at least $40,000. Apply through SCDHC’s online intake. The agency says to allow up to 7 business days for a counselor to review the application.
Henrico County also tells buyers to call Community Revitalization at 804-501-7616, HOME at 804-354-0641, or SCDHC at 804-231-4449.
Chesterfield, Hanover, Goochland, and Powhatan
Chesterfield County doesn’t publish its own dollar amount. It points homebuyers to HOME of VA, the Maggie Walker Community Land Trust, project:HOMES, and WORTH RVA. For a cash assistance file in Chesterfield, HOME of VA is the agency that publishes income limits, a process, and a dollar range, and DHCD also lists HOME of VA and Petersburg Redevelopment and Housing Authority as Chesterfield DPA providers.
Hanover, Goochland, and Powhatan don’t appear to run separate county-branded grant programs with published amounts. The verified options there are Virginia Housing products, HOME of VA’s state HOME funds, and DHCD’s provider network (HOME of VA and Habitat for Humanity Virginia). If you’re still comparing areas, my Henrico, Chesterfield, and Hanover guides cover housing types and daily life, not the grant math.
Employer programs
Henrico County employees
Henrico’s Employee Home Purchase Assistance Program (EHPAP) is one of the more detailed official pages I found. Eligible full-time permanent employees of Henrico County government, Henrico County Public Schools, or a Henrico constitutional office may receive up to $25,000 in down payment and closing cost assistance as an interest-free forgivable loan, plus a 2-part HUD-certified education course and 6 hours of counseling at no cost.
To have the full amount forgiven, the employee must stay in full-time County employment and live in the home as a primary residence for 5 years from the purchase date. If those conditions aren’t met, any remaining unforgiven balance has to be repaid. The County also notes that the assistance is taxable income.
Published eligibility, as of November 13, 2026, includes:
- At least 12 months of consecutive full-time service, and a performance appraisal of “acceptable” or better
- First-time buyer status, meaning you may not currently own or have held any ownership interest in real estate in the last 5 years, including in other states or countries
- A credit score of 600 or higher, outstanding judgments or collections totaling no more than $1,000, bankruptcy discharged for at least 2 years, and foreclosures at least 5 years old
- At least $1,000 of personal funds toward the purchase (EHPAP funds can’t be used for deposits or inspections)
- Household assets, excluding primary vehicles and retirement accounts, of no more than $50,000
- A home in Henrico County
- Gross household income, counting everyone aged 18 or older in the home, of no more than $98,300 for 1 person, $148,400 for 2 people, or $169,600 for 3 or more, and a sales price of no more than $550,000
- Debt-to-income ratios exceeding 38/45 may not be eligible
Don’t sign a purchase agreement before the mandatory counseling. Applying and finishing the coursework doesn’t guarantee that funds will be reserved. Start with the HRMS eligibility request described on the County page, then the Department of Community Revitalization pre-screen.
For a Henrico purchase process more generally, see buying a first home in Henrico, step by step.
City of Richmond employees
The City’s employee program is described on HOME of VA’s Richmond Employee Homebuyers page. To qualify, you must be a full-time City of Richmond employee, a first-time buyer or someone who hasn’t owned a home in the last 3 years, have 12 months of continuous full-time permanent employment, and have a performance appraisal in good standing. The home must be in the City of Richmond.
HOME publishes a maximum gross household income of $175,000 and a sales price or loan limit of $550,000, and it points to Virginia Housing’s Richmond-area limits. I couldn’t verify a current assistance dollar amount on that official page or in the City’s 2023 administrative regulation, so I’ve left the amount out. Start with City Human Resources at [email protected] or 804-646-4700 to request an eligibility letter. HOME says the program is only for employees who have that letter.
Other paths that aren’t cash grants
These programs can still reduce what a first-time buyer pays, but they aren’t open-market down payment grants.
Maggie Walker Community Land Trust
The Maggie Walker Community Land Trust sells reserved, permanently affordable homes in the City of Richmond, Henrico, and Chesterfield, among other communities it lists. You apply for a specific home as it becomes available, not for a cash grant to use on any listing. The trust keeps the land under a ground lease, limits the resale price, and requires that the home be your primary residence. You can’t own another home at purchase, and you can’t rent the home out.
Income limits on the “Do I Qualify?” page are labeled 2025. The 80% AMI figures match HOME’s chart, up to $90,800 for a household of 4. The 115% AMI column goes higher, up to $130,525 for a household of 4 and $140,990 for 5. Approved lenders require a credit score of at least 620. You must attend an information session, take a HUD-certified homeownership class, and get a mortgage pre-qualification from an approved lender.
A caution: MWCLT’s qualification page says your pre-qualification, savings, and any down payment assistance must total at least $150,000, while its mortgage-lending page says that total must be at least $190,000. Confirm the current minimum with MWCLT before you apply.
project:HOMES
project:HOMES builds and sells income-restricted affordable single-family homes. It isn’t a general down payment grant program. Income limits on its affordable housing page match the 80% AMI figures above, from $63,600 for a household of 1 to $119,900 for a household of 8. For current inventory, the page directs buyers to Matt Jarreau at 804-762-8092. Henrico County also lists project:HOMES as a partner for nonprofit homes for sale, not as a down payment administrator.
Richmond Metropolitan Habitat for Humanity
Richmond Metro Habitat serves the City of Richmond, Chesterfield County, and Henrico County. It’s a sweat-equity homeownership program, not a cash grant you can take to any house. Habitat looks at need, ability to pay, and willingness to partner, including 200 sweat equity hours, Homebuyer Club classes, and budgeting meetings. Applicants must be U.S. citizens or permanent residents, and income guidelines are based on HUD figures that Habitat says are subject to change. Questions go to [email protected] or 804-232-7001, ext. 160.
Lender-channel assistance from FHLBank Atlanta
If your mortgage lender is a Federal Home Loan Bank of Atlanta member, you may be able to apply for a subsidy through that institution, not through a city or nonprofit intake form. FHLBank Atlanta’s current product page, opened November 13, 2026, lists:
- A First-Time Homebuyer Product of up to $17,500 for down payment and closing costs
- A Community Partners Product of up to $20,000 for current or retired law enforcement officers, educators, health care workers, firefighters and other first responders, and veterans, active-duty service members, or their surviving spouses, including some non-first-time buyers
- Workforce Housing Plus+, described in the Bank’s January 2026 flyer, of up to $15,000 for first-time and repeat buyers with household income from 80.01% to 120% of AMI, a $1,000 minimum borrower contribution, required financial literacy counseling, and funding on a first-come, first-served basis
These can’t be assumed from a listing or a pre-approval letter. Ask the lender whether it is a participating member and which product, if any, is still funded.
A hypothetical stacking example
This example is hypothetical. It isn’t a quote, a loan estimate, or a promise of cash to close.
Say a first-time buyer is purchasing a $350,000 house in Henrico with a Virginia Housing FHA Bond loan, and the appraisal comes in at $350,000. Under the August 2026 DPA Grant guidelines, the maximum grant would be 2.5% of $350,000, which is $8,750, used toward the down payment. The buyer would still need a 1% contribution, or $3,500, from an eligible source. If that buyer’s income also fit HOME of VA or DHCD limits, a local deferred grant might be layered on, because Virginia Housing allows other non-Virginia Housing assistance with the DPA Grant. The Plus Second Mortgage and the CCA Grant would be off the table on the same file.
Change the loan to a VA Bond loan, and the DPA Grant wouldn’t apply. The Closing Cost Assistance Grant of up to 2% might, if the buyer met the grant income limits. Change the income above the DPA grant caps but within expanded limits, and the Plus Second Mortgage might be the Virginia Housing option instead. Your lender has to run the actual loan estimate on the house you want. My buyer cash-to-close calculator can help you sketch the rest of the number, but it doesn’t award a grant.
How I’d start the process
- Get a sense of budget and how much house you can afford in Richmond, then talk to a lender about pre-approval. Ask specifically whether the lender originates Virginia Housing loans and FHLBank Atlanta products.
- If you may need local or DHCD assistance, apply to the counseling agency that serves the locality where you want to buy, usually HOME of VA or SCDHC, before you write an offer. Leave time for the education course and the 45-day clock HOME describes.
- Take the required homebuyer education. Virginia Housing’s course is free. HOME of VA requires its own class for its funds, even if you have taken a class elsewhere, so ask SCDHC whether it accepts a course from another provider.
- Tell me, and tell your lender, which programs you’re pursuing so the contract timeline, inspection, and closing date can fit the slowest program on the file. The first-time homebuyer roadmap walks through that sequence.
- Confirm the current amount, income limit, first-time definition, and any repayment or occupancy rule in writing with the administrator before you rely on the money.
Frequently asked questions
Can I use more than 1 grant at the same time?
Sometimes. Virginia Housing’s DPA Grant can be paired with other non-Virginia Housing assistance, but not with the Plus Second Mortgage or the CCA Grant. Local HOME, DHCD, VIDA, employer, or FHLBank funds may or may not layer, depending on each program’s rules and the first mortgage. The lender has to confirm the stack on your file.
Do I have to already live in Henrico, Chesterfield, or the City of Richmond to use that locality’s funds?
HOME of VA says you don’t have to live in the county or city where you want to buy. The home you purchase generally does have to be in the service area that is funding the assistance. Employer programs are stricter: Henrico’s EHPAP requires a Henrico purchase, and the City employee program requires a City of Richmond purchase.
Is a Mortgage Credit Certificate still available in Virginia?
Not for new Virginia Housing loans. The MCC program has been suspended since May 1, 2023.
How much cash will I still need if I get a grant?
There’s no single figure. Most programs still require a buyer contribution, often $1,000 or 1% of the sales price, and some programs, such as Henrico’s EHPAP, don’t let assistance funds pay for deposits or inspections. Prepaid taxes, insurance, and any repairs still show up at closing. Ask the lender for a loan estimate on a specific house.
Should I go under contract first and apply for assistance later?
I wouldn’t. HOME of VA specifically recommends waiting to sign a purchase contract until you have been accepted and have met with a counselor. Henrico’s employee program says employees should not have an executed purchase agreement before the mandatory counseling. DHCD’s FAQ also warns that a buyer closing in 2 weeks may not be able to finish the required education and approval in time.
If you want help lining up the right program before you shop, book a consultation or call me, Daniel Yoon, REALTOR®, eXp Realty, at 804-896-2694.
Educational information only, not legal, tax, or lending advice. Program amounts, income limits, first-time definitions, education rules, and funding availability change. Confirm current terms with the program administrator, a Virginia Housing-approved lender when a Virginia Housing product is involved, and the settlement agent on the specific file. Research for this page was current as of November 13, 2026.