Virginia Housing Plus Second Mortgage

How is Virginia Housing Plus Second Mortgage paid back?

Repayable loan: repaid as a 30-year fixed-rate second mortgage, with no fee for paying it off early.

A repayable loan is a small second mortgage you pay off each month, usually in the same payment as your main home loan.

Who qualifies for Virginia Housing Plus Second Mortgage?

• Varies by county and household size, up to $245,000 (higher in targeted areas).
• You don't have to be a first-time buyer.
• It comes with a bond or non-bond FHA or conventional loan from Virginia Housing.

The exact income limit for your county and household size is on the agency's income chart. Our HUD income limits lookup shows your area's median income.

How to apply for Virginia Housing Plus Second Mortgage

1. Ask a lender that works with Virginia Housing's programs, or contact the agency, before you make an offer on a home.
2. The lender checks your income, credit and the home against the program's rules and reserves the money for you.
3. The help is paid at closing, toward your down payment and closing costs.

Read the full rules and whether it is taking applications on Virginia Housing's page for Virginia Housing Plus Second Mortgage, or pick a lender from the agency's list of participating lenders.

Other first-time buyer programs in Virginia

• Virginia Down Payment Assistance Grant: up to 2.5% of the price or value, grant.
• Virginia Closing Cost Assistance Grant: up to 2% of the price, grant.

All Virginia first-time home buyer programs · Down payment assistance in every state