Two Powerful Ways Virginia Housing Is Helping More Virginians Own a Home

If you’ve dreamed of owning your own home, you’ll want to learn about two innovative programs launched by Virginia Housing that are making homeownership more accessible across the Commonwealth. Whether you’re a first-generation buyer or a community hero serving others, there are new pathways worth exploring.

FirstHome Dream

The FirstHome Dream program is created for first-time and first-generation homebuyers. In other words: folks who have never owned any type of home, whose spouse has never owned, and whose parents haven’t owned in the past three years. With this qualification, Virginia Housing layers this benefit on top of its existing home-loan programs so that eligible borrowers may receive a substantial interest-rate reduction.

What does this mean? When the regular loan rate might be X, eligible buyers under this program may qualify for lower percentage points in interest rate, which could be a powerful boost in affordability. This is especially meaningful because homeownership has long been one of the main ways to build generational wealth, and for many first-generation buyers, this is their first chance to access that kind of opportunity.

Community Heroes Grant (Coming Late 2025)

Virginia Housing is also developing a grant program aimed at “community heroes” — people who serve others in our communities such as first responders, educators, law-enforcement, military service members, and healthcare workers. This grant is designed to help with the two biggest upfront obstacles to homeownership: the down payment and closing costs. The proposed amount is $10,000 for eligible borrowers, and it can be stacked with other Virginia Housing grants, assuming you meet each eligibility requirement. While it hasn’t launched yet, it is projected to roll out in late 2025.

If you serve your community and are looking to buy a home in the area you serve, this is one to watch. By recognizing that those who give so much to others often face major financial barriers to owning a home themselves, this program fills a meaningful gap.

Why This Matters to You

• These two programs help reduce either your ongoing cost (via a lower interest rate) or your upfront cost (via a grant). Both are key to making homeownership achievable.

• They demonstrate Virginia Housing’s commitment to equity, opening doors for buyers who may have not had an opportunity to build generational wealth through homeownership.

  
  

Want to Learn More?

We’d love to help you navigate whether you or someone you know qualifies, and walk you through how to take the next step. These programs represent real opportunities to make homeownership not just a dream, but a plan. Contact us to chat!