Down Payment Assistance Program

Down Payment Assistance Program This Virginia down payment program is for Virginia borrowers, who are at or below 80 percent of their area’s median income, may get Virginia down payment assistance of up to 10 percent of the purchase price, or up to 20 percent in certain areas that are high cost or economically depressed. In addition, some Virginia borrowers may receive up to $2,500 in closing costs. The Virginia down payment assistance is issued in the form of a conditional grant that the home buyer is not required to pay back. home buyers must sign an agreement to remain in their homes for a certain period of time. Virginia borrowers who agree to stay in a home for five years are eligible for $1,000 to $14,999 in assistance. Those who agree to stay 10 years are eligible for $15,000 to $40,000, and those who agree to stay 15 years are eligible for amounts over $40,000. Virginia borrowers who sell or refinance before these time periods must repay the assistance in full. Homeowners who take out a home equity line of credit also must repay the assistance. home buyers must contribute 1 percent of the sales price, or a minimum of $500.