Virginia Housing Plus Second Mortgage

How is Virginia Housing Plus Second Mortgage paid back?

This loan must be repaid: it's a fixed-rate second mortgage lasting 30 years, and there's no charge if you pay it off ahead of schedule.

With a repayable loan, you get a small second mortgage paid monthly, typically combined into one payment with your primary home loan.

Who qualifies for Virginia Housing Plus Second Mortgage?

• The limit depends on your county and household size, capped at $245,000 (targeted areas allow more).
• Being a first-time buyer isn't required.
• You get it alongside a Virginia Housing first loan, either bond or non-bond, either conventional or FHA.

You'll find the precise limit for your county and household size on the agency's income chart. Use our HUD income limits lookup to see the median income where you live.

How to apply for Virginia Housing Plus Second Mortgage

1. Before you make an offer on a house, talk with a lender that handles Virginia Housing's programs or reach out to the agency.
2. Your lender reviews your income, credit and the property against the program's rules, then sets the funds aside for you.
3. The money goes toward your down payment and closing costs when the sale closes.

Virginia Housing's page for Virginia Housing Plus Second Mortgage has the full rules and shows whether applications are open. You can also choose a lender from the agency's participating lender list.

More first-time buyer programs in Virginia

• Virginia Down Payment Assistance Grant:

  A grant, capped at 2.5%, based on the price or value.

• Virginia Closing Cost Assistance Grant:

  A grant, capped at 2% of the price.

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