Homebuyer Assistance, Home Ownership

Although helping individuals with home ownership is not DHCD's primary role, several programs assist citizens in the commonwealth to achieve their dreams of owning a home, and several programs that indirectly impact home ownership.

The Home Ownership Down Payment Assistance (DPA) program provides discounted first mortgage monies made available by the Virginia Housing Development Authority (VHDA) for first-time homebuyers who are credit-eligible and can qualify for VHDA financing. The funds used for the down payment and closing costs are administered through local partnerships with governmental entities, nonprofit housing service providers, and mortgage lenders across the Commonwealth.

The Virginia Individual Development Account (VIDA) Program is a Special savings account program that triples your savings.  VIDA matches $8 for every $1 that is saved in a VIDA account. Matching funds are limited to $4,000 per participant with a maximum of two participants per household. The combined savings can be used as a down payment on a first house, to start a business, or save for education (yours or your child's). In addition, participants also receive financial literacy training. Individuals who are interested must work with a local intermediary to complete an application.