First time home buyers make up between 35%-40% of all home buyers in the market and with current interest rates, good housing affordability make it a great time to buy a house in Hampton Roads!   30 year fixed rate, first home owners loans combined with down payment assistance programs and grants, can result in 100% financing or more for qualified buyers! Yes, it is possible for qualified home buyers to obtain over 100% financing which can be used to cover not just the down payment but closing costs as well.  For qualified buyers subsidy funds can range between $5,000.00-$40,000.00.

General DPA (Down Payment Assistance)  and Grant Criteria

  • Owner Occupancy applies.  One must live in the home as an owner occupant and depending on the program this period can range from 1 year to 10 years
  • Income Limits apply and are based on family size (the number of people living in the home) for the area's median income.  The HUD median income for the Hampton Roads metropolitan area is $70,500.00.
  • Minimum Credit Scores apply and depending on your loan type and which DPA program you are qualifying for, this can range from 640 to 660. 
  • Minimum Buyer Contribution applies.  Again depending on the program this can range from a minimum of 1% of the purchase price, or a minimum of $1000.00

Popular First Home Owners Loan Products

  • FHA loan 3.5% down 
  • Fannie Mae 3% Conventional
  • USDA 0% down
  • VA 0% down

Ready to Learn More?

First Time Home Buyers

Ready to Find Out if You Qualify?

Free down payment & closing costs assistance is sometimes the difference between owning a home or renting. 

These grants can help!

For immediate assistance, please feel free to call me at 757-235-0274

- Liz Schuyler

    RE/MAX Allegiance &

    Home Buyer  Grant Expert

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