Virginia down payment assistance, from true grants to $50,000 gap financing.
Virginia Housing grants and second mortgages, DHCD HOME assistance, the Virginia Pilot DPA program and national options—with credit-score requirements explained.
Reviewed September 11, 2026 • Joshua Dobson, NMLS #190260
Quick comparison
| Program | Potential assistance | Published FICO | Repayment | Biggest catch |
|---|---|---|---|---|
| Virginia Housing DPA Grant | Current grant amount per eligible loan/program | 620 FHA / 640 Conventional | True grant; no repayment | Bond FHA/Conventional; generally first-time buyer or AEO exception. |
| Virginia Housing CCA Grant | Up to 2% of purchase price | 620 VA/RD | True grant; no repayment | Bond VA or USDA/RD only. |
| Plus Second Mortgage | Up to 5% of purchase price; qualifying 680+ borrowers may finance another 1.5% | Depends on paired first mortgage | 30-year fixed second | It is debt, not a grant; credit affects amount. |
| DHCD HOME DPA | 10% or 15% of sales price + up to $2,500 closing costs; max $40,000 | Provider/first-mortgage specific | 0% deferred loan | First-time buyer, ≤80% AMI, local provider and approved geography. |
| Virginia Pilot DPA | Up to $50,000 | Provider/first-mortgage specific | Deferred loan | First-time buyer, up to 60% AMI, participating pilot provider. |
| National programs | Varies | Product/lender specific | Varies | Compare complete first + second structure. |
Down Payment Assistance Grant
Virginia Housing's DPA Grant is a true grant that never has to be repaid. It must be paired with an eligible Virginia Housing bond FHA or conventional first mortgage.
Current eligibility generally requires a qualified first-time homebuyer, although repeat buyers purchasing in designated Areas of Economic Opportunity can qualify. Household income and Virginia Housing sales-price/loan limits apply.
Published minimum FICO: the paired Virginia Housing FHA first mortgage can go as low as 620; Virginia Housing conventional currently publishes 640.
Closing Cost Assistance Grant
For eligible Virginia Housing bond VA and Rural Development/USDA transactions, the Closing Cost Assistance Grant can provide up to 2% of the home's purchase price.
The funds can help with closing costs and eligible VA funding fees or USDA/RHS guarantee fees. Virginia Housing states that the grant never has to be repaid and may be paired with other non-Virginia Housing grants.
Published minimum FICO: Virginia Housing currently publishes credit scores as low as 620 for its VA and RD first-mortgage programs.
Virginia Housing Plus Second Mortgage
The Plus Second Mortgage is the broader option for borrowers who need the down payment covered but either do not fit the grant or need a higher-income-limit path. It can be used by qualified first-time and repeat buyers with eligible Virginia Housing FHA or conventional first mortgages.
The second mortgage can be as much as 5% of the purchase price, depending on credit score and first-mortgage type. Virginia Housing says borrowers with a 680+ credit score may be able to borrow an additional 1.5% above the purchase price to cover part of their closing costs.
Published minimum FICO: depends on the paired first mortgage—currently 620 for Virginia Housing FHA and 640 for conventional. The 680 threshold matters if the borrower wants the additional closing-cost financing.
Virginia DHCD can provide much larger gap financing
HOMEownership Down Payment & Closing Cost Assistance
Virginia's Department of Housing and Community Development operates a separate HOME-funded DPA program through regional local providers. This is an important layer because it can be substantially larger than a typical percentage-based statewide mortgage program.
Current DHCD guidance says an income-eligible first-time buyer at or below 80% AMI may receive 10% or 15% of the sales price in approved areas, plus up to $2,500 for closing costs, with total assistance capped at $40,000.
Published minimum FICO: DHCD's public statewide overview does not establish one universal score across every local provider and first-mortgage combination, so Mortgage Navigator labels this provider/first-mortgage specific.
Virginia Pilot Down Payment Assistance Program
Virginia DHCD also currently lists a Pilot DPA program for first-time homebuyers with household income up to 60% of Area Median Income.
Qualified buyers may receive up to $50,000 through participating pilot agencies. Like the HOME DPA program, the assistance is accessed through approved local/regional providers rather than by applying directly to a generic statewide mortgage portal.
Published minimum FICO: provider and first-mortgage specific; Mortgage Navigator does not invent a universal score where DHCD has not published one.
FirstHome Dream and Community Heroes
Virginia Housing has also operated targeted specialty initiatives. Current 2026 lender announcements show that FirstHome Dream closed for reservations on June 30, 2026, and the Community Heroes Grant Pilot closed in March 2026.
National programs Virginia buyers should also check
National Homebuyers Fund
NHF multi-state assistance should be compared with Virginia Housing and DHCD options. Exact credit score, first-mortgage pricing and repayment/forgiveness depend on the current participating-lender product.
Chenoa Fund
Chenoa Fund offers FHA down payment assistance through approved lender partners and Virginia is within its stated footprint. Current matrices control minimum credit, pricing and second-mortgage terms.
Virginia's biggest DPA lesson
Virginia is a good example of why consumers should not search only for “the Virginia DPA program.” A borrower could have a true Virginia Housing grant, a 30-year Plus Second Mortgage, a DHCD deferred loan up to $40,000, or potentially $50,000 through the Pilot DPA program. Those are completely different financial structures.
The right comparison is FICO + income/AMI + first-time status + first-mortgage type + grant versus debt + local provider + current funding status.
Let Josh check the grant, second-mortgage and DHCD layers.
Send the city/ZIP, purchase price, credit range, household income/size and first-time-buyer status. Those details can materially change the available assistance.