In addition to the VA loan being a 30 year fixed rate,  100% financing option, there are also other subsidy programs which veterans may use  to go towards closings costs and principal reduction!  The good news is that there is no first time home buyer restriction as these programs are open to all veteran buyers--first time and non-first time veteran purchasers alike.   Depending on the program, the funds can range between $7,500.00-$15,000.00.  In addition there are also 100% financing renovation loans available should the property need any updating or repairs!

As with other programs, certain criteria must be met:

  • Owner Occupancy applies.  One must live in the home as an owner occupant for a minimum of 5 years.
  • Income Limits apply and are based on family size (the number of people living in the home) for the area's median income.  To qualify, income must be equal to or less than 80% of the area's median income based on family size.   The HUD median income for the Hampton Roads metropolitan area is $70,500.00.
  • Funds are available on a first come, first served basis and are used until the money runs out and the program refunds which has typically been in January of the following year
  • National Guard Reservists are eligible is they have served in active duty, performed services in active duty or were injured in active duty.

If you are a Veteran, who is interested in buying a home in Hampton Roads,  it makes sense to take advantage of this opportunity and see what programs are open to you!

Ready to Learn More?

Veteran 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

Copyright 2015 Liz Schuyler, RE/MAX Allegiance. All Rights Reserved.

4000 Virginia Beach Blvd. #164 Virginia Beach, VA 23452

Each Office Independently Owned & Operated.

Privacy Policy