![How Grant Programs Increase Homeownership Affordability](/storage/user-images/659/863c8602-c5dc-43f7-821a-3c9f60bd6db1.webp)
As a local mortgage lender, our team understands the importance of finding a home that works within your budget. In today’s market, there are many down payment and closing cost assistance programs available helping to make the dream of owning a home accessible. Here’s what you need to know:
What is a Down Payment Assistance Program?
For eligible borrowers who do not have sufficient savings to contribute towards a down payment, a down payment assistance program provides financial assistance to help partially or fully contribute to a down payment associated with buying a home.
What is a Closing Cost Assistance Program?
A closing cost assistance program is available for eligible homebuyers and provides funds to aid in the expense of all or part of the closing costs incurred when buying a home.
Grant Programs You Need to Know:
City Grants: Several city housing organizations offer grants for the purchase of a home with some grants up to $60,000. Amounts vary by participating city and income limits apply.
Virginia Housing: For Virginia Housing FHA, VA, and Conventional bond loan programs, the borrower will put down 1% of the sales price and the grant will be up to 2% - 2.5% of the down payment. The grant is secured with a ratified contract at the time the interest rate is locked. Income limits apply.
First-Time Homebuyer Product*: Up to $12,500 is available to first-time homebuyers to assist with the down payment and closing costs incurred when buying a home. This product is available to first-time homebuyers only, and income limits apply.
Community Partners Product*: Home purchase assistance subsidy of up to $15,000 for educators, healthcare workers, firefighters, and other first responders, veterans, and active-duty military members or surviving spouses who are buying a home. You do not need to be a first-time homebuyer for this product; however, job and income limits apply.
Your Next Step:
Don’t let these unique programs pass you by. Each program features specific eligibility criteria and varying timelines. Contact our team of local experts today, we’d be honored to walk alongside you on your journey to homeownership.
*For First-Time Homebuyer Product: Funding is available to qualified first-time homebuyers. First-Time Homebuyer Product is a product of the Federal Home Loan Bank of Atlanta. Household income restrictions and other requirements apply. Please see Federal Home Loan Bank of Atlanta's Affordable Housing Program Implementation Plan at www.fhlbatl.com for complete product requirements. For Community Partners Product: Funding is available to qualified borrowers that meet product and income eligibility requirements and are first-time homebuyers or non-first-time homebuyers. Community Partners Product is a product of the Federal Home Loan Bank of Atlanta. Household income restrictions and other requirements apply. Please see Federal Home Loan Bank of Atlanta's Affordable Housing Program Implementation Plan at www.fhlbatl.com for complete product requirements.