A common misconception is that home buyers need 20% down in order to purchase a home, but the realiy is that there are several low and no down payment financing options available. Using these programs combined with down payment assistance and home buying grants can lead to 100% financing! If you are thinking of buying a home in Virginia Beach or any of the surrounding cities, there are great financing programs available for first time home buyers, repeat home buyers including active duty and retired veterans, and our community partners (educator, law enforcement, medical workers and first responders). Community partners do not have to be first time buyers. Funds can range between $5,000-$40,000 for qualified home buyers.

Certain Criteria Must Be Met:

• Buyer must be an owner occupant and live in the home as his or her primary residence
• Down payment programs and grants work with financing -they do not replace financing. Buyers must still qualify for a home loan.
• A first-time home buyer is defined someone who has never bought a home before or someone who hasn't bought a home over the last 3 years and currently does not own a home.
• Many programs are First Come- First Served. When funding is released, the money is available on a first-come , first-served basis so it benefits buyers to qualify sooner rather than later. 
• Buyers should qualify for downpayment assistance before they search for and make an offer on a home to avoid dis-qualifying from certain programs.