Your Guide to Grant Programs and Down Payment Assistance for Homebuyers

Looking to purchase a home but need a little help with your down payment or closing costs? Depending on your income, location, occupation or ownership status, you could qualify for grant money.

Virginia Housing (VH)

Virginia Housing offers grants, as well as down payment assistance to help first-time buyers in the state of Virginia achieve homeownership.

• Down Payment Assistance Grant: Eligible first-time buyers can receive 2-2.5% of the purchase price to help with the down payment. No repayment of grant funds required.
• Closing Costs Assistance Grant: Eligible first-time buyers applying for either a Rural Housing Service (RHS) or Veterans Affairs (VA) loan can receive up to 2% of the purchase price to help with out-of-pocket expenses. No repayment of grant funds required.
• Virginia Housing Conventional: Provides affordable financing for eligible first-time and repeat buyers starting at 3% down (or as little as 1% down when combined with Down Payment Assistance Grant, or 0% down with Plus Second Mortgage).
• Virginia Housing Conventional No MI: Provides eligible buyers with affordable monthly payments and no mortgage insurance starting at 3% down (or as little as 1% down when combined with Down Payment Assistance Grant, or 0% down with Plus Second Mortgage). No first-time buyer requirement.
• VH Plus Second Mortgage: Eliminates the down payment requirement for eligible first-time buyers by combining an eligible VH first mortgage with a VH second mortgage to cover down payment. Maximum second mortgage is 3-5% of the purchase price.
• Mortgage Credit Certificate: Reduces the amount of federal income tax owed each year for eligible first-time buyers.

Actual loan verification is subject to verification and approval of income, credit, property, appraisal and other factors. Additional requirements apply. Visit www.virginiahousing.com for more information.

HOME Down Payment and Closing Cost (DPCC) Programs

Funding provided by the U.S. Department of Housing and Urban Development (HUD) and administered in partnership through the following communities:

• Call Chesapeake HOME: Eligible first-time buyers receive up to $25,000 in closing costs and/or down payment assistance when purchasing in Chesapeake, Virginia.
• Make Isle of Wight HOME: Eligible first-time buyers receive up to $25,000 in closing costs and/or down payment assistance when purchasing in Isle of Wight County, Virginia.
• Come HOME to Portsmouth: Eligible first-time buyers receive up to $20,000 in closing costs and/or down payment assistance when purchasing in Portsmouth, Virginia.
• You’re HOME Hampton Roads: Eligible first-time buyers receive up to $10,000 in closing costs and/or down payment assistance when purchasing in James City County, York County, Gloucester County, Poquoson and Williamsburg, Virginia.
• Make Suffolk HOME: Eligible first-time buyers receive up to $14,500 in closing costs and/or down payment assistance when purchasing in Suffolk, Virginia.
• City of Newport News First-Time Homebuyer Assistance Program: Eligible first-time buyers receive up to $25,000 in closing costs and/or down payment assistance when purchasing in Newport News, Virginia.

Actual loan verifications are subject to verification and approval of income, credit, property, appraisal and other factors. Buyer contribution is 1% of sales price. Forgivable after 5 or 10 years depending on assistance received. Additional requirements apply. Visit www.hrpdcva.gov for more information.

DC Housing Finance Agency (DCHFA)

The DCHFA’s mission is to expand and retain homeownership opportunities in the District of Columbia.

• DC Open Doors: Eligible first-time and repeat purchasers in D.C. can receive affordable deferred repayable home purchase loans, as well as down payment and closing cost assistance.
• Home Purchase Assistance Program (HPAP): Eligible first-time and repeat purchasers in D.C. can receive affordable deferred repayable home purchase loans, as well as down payment and closing cost assistance.

Actual loan verification is subject to verification and approval of income, credit, property, appraisal and other factors. Additional requirements apply. Visit www.dchfa.org for more information.

North Carolina Housing Finance Agency (NCHFA)

The NCHFA offers eligible home buyers in North Carolina down payment assistance programs.

• N.C. Home Advantage with 3% and 5% Down Payment Assistance: Eligible buyers can receive down payment assistance for 3% of the loan amount.
• NC 1^st Home Advantage Down Payment Assistance ($15,000): Eligible first-time buyers and military veterans can receive up to $15,000 in down payment assistance.
• Mortgage Credit Certificate: Reduces the amount of federal income tax owed each year for eligible first-time buyers.

Actual loan verification is subject to verification and approval of income, credit, property, appraisal and other factors. Additional requirements apply. Visit www.nchfa.com for more information

South Carolina State Housing Finance

The South Carolina State Housing Finance and Development Authority, or SC Housing, provides both mortgage loans and several down payment assistance options.

• County First Initiative: This rural initiative provides potential homebuyers in underserved communities with additional resources when local economic conditions make homeownership difficult. Funding is available for both first-time or move-up borrowers.
• Palmetto Home Advantage: Eligible buyers can receive forgivable down payment assistance of 0%, 3%, or 4% of the loan amount with no monthly payment.  
• Mortgage Credit Certificate: Provides a federal income tax credit to qualified homebuyers of up to $2,000 per calendar year.

Actual loan verification is subject to verification and approval of income, credit, property, appraisal and other factors. Additional requirements apply. Visit www.schousing.sc.gov for more information