Virginia’s DPA ecosystem is anchored by Virginia Housing (formerly the Virginia Housing Development Authority, or VHDA) — the state’s primary housing finance agency. Virginia Housing’s most distinctive offering is a true non-repayable DPA Grant — 2 to 2.5% of the purchase price that never needs to be repaid — paired with competitive mortgage products and a below-market rate program called SPARC. The Virginia Department of Housing and Community Development (DHCD) administers additional programs, including one that can provide up to $50,000 for qualifying buyers.
The Bookspan Baker Team at Guild Mortgage is an approved Virginia Housing participating lender.
Virginia Housing’s Down Payment Assistance Grant is one of the most straightforward DPA structures in the country.
2–2.5% of the home’s purchase price
A true grant — never needs to be repaid, ever
Virginia Housing Fannie Mae No MI, Virginia Housing Fannie Mae Reduced MI, Virginia Housing FHA, Virginia Housing Conventional Bond-CHR
(no ownership in past 3 years), unless purchasing in a Targeted Area
Apply by jurisdiction
640
On a $350,000 home in Hampton Roads, the DPA Grant provides $7,000–$8,750 — covering most or all of the FHA down payment requirement. On a $500,000 Northern Virginia condo, the DPA Grant provides $10,000–$12,500 toward a 3% down payment.
The DPA Grant cannot be combined with the Virginia Housing Plus Second Mortgage in the same transaction — borrowers choose one or the other.
HOME+PLUS is Arizona’s flagship statewide Down Payment Assistance program, available to qualifying buyers purchasing a primary residence anywhere in the state. Key features include:
Up to 5% of the purchase price
30-year fixed-rate second mortgage (not a grant — must be repaid)
Down payment and/or closing costs
Virginia Housing Fannie Mae, No MI, FHA loan products
Apply and are updated periodically
Apply
On a $400,000 purchase, the Plus Second Mortgage provides up to $20,000 — enough to cover an FHA down payment ($14,000) and
significant closing costs.
The Sponsoring Partnerships and Revitalizing Communities (SPARC) program cuts the interest rate on a 30-year Virginia Housing mortgage by 1% through partnerships with local governments, nonprofits, and housing industry organizations.
1% interest rate reduction below Virginia Housing’s standard 30-year rate
First-time buyers meeting standard Virginia Housing requirements
Must be sponsored by a participating local government or nonprofit in the buyer’s target community
Active in many Virginia localities,
particularly in revitalization areas
A 1% rate reduction saves meaningful money over the life of a 30-year mortgage — particularly in Northern Virginia where loan amounts are elevated.
Dollar-for-dollar federal tax credit each year for the life of the loan, on a portion of annual mortgage interest paid. Income and purchase price limits apply. Can be combined with Virginia Housing mortgage products.
Amount: Up to 10% of sales price (or 15% in target areas) + up to $2,500 for closing costs
Income Limit: At or below 80% of Area Median Income
Structure: Deferred loan — no payments or interest while borrower lives in the home
Administered locally through local DPA providers statewide
Amount: Up to $50,000 as a 15-year forgivable second mortgage
Income Limit: At or below 60% of Area Median Income
HUD-certified homebuyer education required
Limited funding, first-come first-served through local providers
Virginia Housing’s Granting Freedom grant provides up to $8,000 for eligible veterans and active-duty service members with
service-connected disabilities — for accessibility modifications such as ramps, widened doorways, and similar improvements. Applies to both owner-occupied and rental properties.
Alexandria: The City of Alexandria offers shared equity loans of up to $75,000 for Neighborhood Stabilization Program properties and $50,000 for other affordable homeownership units through the Flexible Homeownership Assistance Program.
Loudoun County DPCC: Up to 10% of sales price or $70,000 (whichever is less) as a forgivable loan over 15 years, for first-time buyers living or working in Loudoun for 6+ months. Confirm current funding
availability directly with Loudoun County.
Virginia Beach: City-administered DPA programs for first-time buyers within city limits.
Hampton and Newport News: City-level first-time buyer assistance programs.
Norfolk (NRHA HOME Program): Up to $60,000 in down payment and closing cost assistance for first-time buyers.
Richmond (ComeHome Initiative): New RRHA homeownership program for public housing residents and voucher holders — DPA, below-market rates, and mortgage insurance relief.
A true non-repayable grant of 2–2.5% of the purchase price — no repayment required, ever. Paired with Virginia Housing Fannie Mae and FHA mortgage products. First-time buyers, income limits apply, minimum 640 credit score.
A 30-year fixed-rate second mortgage of up to 5% of the purchase price. Unlike the DPA Grant, this must be repaid. First-time buyers, income limits apply.
No — a buyer chooses one or the other in a single transaction.
A 1% interest rate reduction on a Virginia Housing 30-year mortgage, provided through partnerships with local governments and nonprofits in target communities.
Yes. Virginia Housing programs operate statewide, though income limits vary by locality. Alexandria and Loudoun County have substantial local programs. Confirm your specific jurisdiction’s eligibility with your Bookspan Baker loan officer.
