Military Home Purchase Programs in Virginia

Virginia Housing (VHDA) has assisted thousands of Virginians buy their first home. They offer loans designed for first-time home buyers, and have programs for repeat buyers as well. You can take advantage of their FREE homebuyer class to learn about the process, prepare for the financial responsibilities of homeownership, and decide whether or not to make the purchase. The VHDA website is full of valuable resources. Check out this testimonial video from a military family.

VHDA Military Veterans Program | VHDA has established a partnership with the military to educate service members and their families regarding the homebuying process. Benefits include homebuyer education classes that combine the expertise of Virginia Housing’s education team with that of military financial educators. Topics include Credit and Credit Reporting, Personal Finances, Working With A Lender, The Role Of The Real Estate Agent, Home Inspections, and Closings. The participants will have an opportunity to interact with local subject matter experts. These include lenders, real estate professionals, home inspectors, settlement agents, and nonprofits that will share their experience and knowledge about homeownership. You can search and sign up for upcoming classes here. 

Making Homeownership Affordable | Virginia Housing offers a variety of affordable home mortgages with 30-year fixed rates. Some programs do not require a down payment, and some allow for lower credit scores. Their Virginia Housing Loan Combo makes homeownership affordable through a down payment grant, and a federal tax credit. These loans have maximum income and sales price and loan limits varying by location of home. You can download the Home Loan Options eBook for a quick overview of all of Virginia Housing’s grants, mortgages, and programs for homebuyers. 

Economic Opportunity Areas | Virginia Housing is permitted to relax some loan requirements in areas specified as Areas of Economic Opportunity/Federal Targeted Areas. Many of these areas are near military bases and it is worth a look. You can look at the interactive map of these areas here.