"How much do I need for a down payment?" is one of the first questions almost every first-time buyer asks me, and it's usually followed by "I don't have that." The good news: Virginia has real, current programs built specifically to close that gap. None of them are secret or too-good-to-be-true — they're state and lender programs with real eligibility rules. Here's what's actually on the table in 2026.
A More Balanced Market Gives You More Room to Plan
Inventory has been climbing across Hampton Roads this year — Virginia Beach and Chesapeake in particular have seen more resale homes come on the market, and homes are generally sitting longer than they did during the frenzy of a few years ago. That's good news if you're saving for a down payment: it means less pressure to rush a purchase before you've lined up the assistance that could save you thousands at closing. A more balanced market rewards buyers who come in prepared, not just buyers who move fast.
Virginia's Down Payment Assistance Programs
These are administered through the Virginia Department of Housing and Community Development (DHCD) and Virginia Housing, and layered on top of an approved first mortgage — they aren't stand-alone loans.
HOMEownership Down Payment and Closing Cost Assistance (DHCD)
- For first-time buyers at or below 80% of the area median income (AMI)
- Provides up to 10% of the sales price (up to 15% in certain DHCD-approved target areas), plus up to $2,500 toward closing costs
- Maximum assistance is $40,000
- Structured as a deferred loan — no payments or interest while you live in the home as your primary residence
Virginia Pilot Down Payment Assistance Program
- For first-time buyers at or below 60% of AMI (a lower income ceiling than the standard DHCD program)
- Provides up to $50,000 in assistance
- Also structured as a deferred loan with no payments or interest during your required occupancy period
Virginia Housing DPA Grant
- A true grant — money you don't repay — paired with an eligible Virginia Housing loan
- Up to 2% of the sales/appraised price (whichever is lower) on Conventional Bond loans, and up to 2.5% on FHA Bond loans
- "First-time buyer" here means you haven't owned and occupied a primary residence in the past three years — unless you're buying in a designated target area, where that rule doesn't apply
- Lenders generally look for a minimum credit score around 620, and a Virginia Housing homebuyer education course is required
- For VA and USDA loans, there's a separate Closing Cost Assistance Grant that adds up to 2% toward closing costs
If you're using a VA loan, the DPA Grant programs above are worth asking your lender about specifically for closing costs — pair that with the funding fee details in the Military & Relocation Hub and you get a fuller picture of what a VA purchase actually costs out of pocket.
Who Actually Qualifies
Every program above requires the home to be your primary residence, and most require income at or below a published AMI limit that varies by household size and locality — so a family of four in Virginia Beach has a different ceiling than a single buyer in Suffolk. Credit score, debt-to-income ratio, and completion of a homebuyer education course are common threads across all of them. Because the specific numbers change by locality and household size, the right move is to get your income and household size in front of an approved lender early, before you fall in love with a listing.
How to Get Started
These programs are applied for through your lender, not directly through the state, so step one is finding a lender approved to originate Virginia Housing and DHCD-assisted loans. From there: confirm your income eligibility, complete the required homebuyer education course, and let your lender build the assistance into your pre-approval so you know your real, all-in number before you start touring homes. Most approvals run 30 to 45 days once your documents are in, so building this into your timeline early — not the week before you want to make an offer — makes the difference.
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