In a strategic move towards boosting homeownership, Virginia Housing has recently unveiled pivotal changes set to enhance accessibility for potential homebuyers in the state. The organization, dedicated to fostering affordable housing solutions, has increased the maximum gross household income and sales price limits for its down payment and closing cost assistance programs.
Key Changes Unveiled
The notable changes, effective December 15, primarily revolve around expanded income limits applicable to both first-time and repeat homebuyers availing down payment and closing cost assistance through Virginia Housing’s Plus Second Mortgage.
“Our goal is to create a more inclusive homeownership landscape in Virginia,”
affirms Advocacy Officer at Virginia Housing.
Income and Sales Price Limits Expansion
The revised income and sales price limits aim to cater to a broader demographic, offering increased support to Virginians aspiring to embark on the journey of homeownership. This aligns with Virginia Housing’s commitment to providing affordable housing programs that align with the diverse needs of the Commonwealth’s residents.
Thomas A. Gibson, Chairman of the Board of Commissioners at Virginia Housing, emphasizes the organization’s dedication to offering accessible housing options:
“Increasing the income and sales price limits for homebuyers in Virginia will ensure that more Virginians have the opportunity to purchase their own homes,”
states Gibson.
Empowering Homebuyers Across Virginia
The initiative reflects Virginia Housing’s proactive approach to address the evolving dynamics of the real estate market and the financial landscape. By empowering homebuyers with enhanced financial assistance, the organization envisions a positive impact on homeownership rates across the state.
Looking Ahead: Affordable Housing Commitment
As the changes come into effect, Virginia Housing encourages potential homebuyers, real estate professionals, and stakeholders to explore the expanded opportunities. The commitment to affordable housing remains at the forefront, driving Virginia Housing to play a pivotal role in shaping a resilient and inclusive housing market.
Stay tuned for further updates as Virginia Housing continues its mission to make homeownership more achievable for Virginians from all walks of life.
Income and Sales Price / Loan Limits
| Area | Maximum Gross Household Income | Sales Price/Loan Limit | ||||
| 2 or Fewer People | 3 or More People | All Household Sizes | New & Existing Construction | |||
| With Virginia Housing DPA or CCA Grant |
Standard / Bond | With Virginia Housing DPA or CCA Grant |
Standard / Bond | Expanded / Non-Bond | Standard / Bond | |
| Washington Arlington Alexandria |
$137,000 | $171,000 | $160,600 | $200,000 | $228,000 | $725,000 |
| Richmond | $86,000 | $107,000 | $99,000 | $123,000 | $152,000 | $500,000 |
| Charlottesville | $84,000 | $105,000 | $97,000 | $121,000 | $475,000 | |
| Norfolk VA Beach Newport News |
$84,000 | $105,000 | $97,000 | $121,000 | $475,000 | |
| Culpeper Rappahannock Warren |
$88,000 | $110,000 | $103,000 | $129,000 | $650,000 | |
| All Other Areas of Virginia | $80,000 | $100,000 | $92,000 | $115,000 | $450,000 | |
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