Current down payment assistance guidelines, updated from one source.
The current program figures below are refreshed from Lendmire’s down payment assistance standards source at each visit, so the options shown for Richmond, VA are the options in force.
Of the purchase price
Up to this share of the price can come from assistance: the largest option reaches closing costs as well as the down payment, while the smaller options cover the 3.5% FHA minimum, in whole or, on the lowest tier, in part.
Covers the FHA down payment, in whole or in part
This covers the 3.5% FHA minimum down payment in whole or, on its lower tier, in part, and is forgiven at closing: no lien on the home, no monthly payment, no interest. It opens on the area income limit or on a qualifying category.
On the forgivable and repayable options
The forgivable and repayable options have no income limit at all — one of the biggest advantages of this program. Only the nothing-to-repay option asks for income at or below 140% of the area median, or a qualifying category.
Credit score to start
The score that opens the nothing-to-repay option; the forgivable options start a step higher and the repayable options higher still. Two-borrower files may use a blended score on the second-lien options.
| Option | Assistance | What you repay | Credit · mortgage · units |
|---|---|---|---|
| Grant-style assistance — nothing to repay | 2% or 3.5% of the price | Nothing — released at closing | 620+ · FHA 203(b), FHA repair escrow, FHA Limited 203(k), FHA Standard 203(k) · 1–4 units |
| Forgivable second lien — three-year | 3.5% of the price | Nothing after 36 on-time mortgage payments | 640+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units |
| Forgivable second lien — five-year | 3.5% of the price | Nothing after 60 on-time mortgage payments | 640+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units |
| Repayable second lien — thirty-year amortization, ten-year balloon | 3.5% or 5% of the price | Second lien, 30-year amortization, balloon in year 10 | 660+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units |
| Closing-cost repayable second lien | 3.5% or 5% of the price | Second lien, 30-year amortization, balloon in year 10 | 660+ · FHA 203(b) · 1–2 units |
| Refinance-cost second lien (repayable) | 1% to 3.5% of the balance | Second lien, repaid | 660+ · FHA 203(b) · 1–4 units |
Current down payment assistance snapshot · updated September 7, 2026 · six options offered in Virginia · no option requires a first-time buyer · no option combines with another assistance program · owner-occupied primary residences only.
The figures on this page are program parameters, not offers: assistance percentages, credit floors, unit limits, and forgiveness periods vary by option and by state, and every file is underwritten individually. The calculator estimates an FHA payment at an editable benchmark rate that is not a quote; no fee or lender is stated or implied. Lendmire brokers these loans through its wholesale network in sixteen licensed states, is never the lender, and is not affiliated with FHA, USDA, HUD, or the federal government. Lendmire, LLC — NMLS #2371349. Equal Housing Opportunity.
What down payment assistance is — and how the options differ.
For Richmond, VA buyers, the first-time home buyer programs come down to three parts: the first lien carries most of the price, the assistance covers the minimum investment, and the shape of the assistance — nothing to repay, forgivable, or repayable — decides what it costs to carry.
For the program overview, see Lendmire’s down payment assistance program, or the statewide guide at Down Payment Assistance in Virginia.
Assistance covers the FHA down payment
Every purchase option for a Richmond buyer is sized on the price (or the lesser of price and value), not on a fixed sum: the smaller options cover the minimum investment, in whole or, on the lowest tier, in part, and the larger repayable option covers it and reaches closing costs and prepaid items too; the refinance option is sized on the balance.
Four shapes: grant, forgivable, repayable, refinance
The assistance comes as a grant where it is offered, as a forgivable second lien, or as a repayable second lien, with a refinance-cost version for an existing FHA loan; each pairs with the first lien differently, and the options table on this page shows what is offered in Virginia.
Credit floors, mortgage programs, and unit counts
Two-borrower files can qualify on a blended score on the second-lien options when the higher earner has the higher score and an automated approval is in hand; every borrower still needs a score of their own, and the first lien and the unit count place the file as the options table shows.
Eligibility without a first-time-buyer rule
No option requires a first-time buyer. The nothing-to-repay option asks for one qualifying category — income at or below the area limit, a community-service occupation, a first purchase, or an underserved tract — and a homebuyer education course; the second-lien options ask for neither.
The assistance is measured on the price, so the calculator starts there. It then applies the option you choose, your own cash, and an editable benchmark rate to show the loan, the mortgage insurance, and the payment.
Where Richmond’s first-time and moderate-income buyers shop — and how the assistance fits.
The share of Richmond, VA households that rent, the median home value, and the median household income together sketch the gap the assistance closes for a first purchase.
Market context only. The higher the median value, the larger the minimum investment in dollars; that is why the assistance is sized as a percentage of the price rather than a fixed sum, and why the larger option matters more in expensive markets.
Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.
Distinct Richmond submarkets, distinct property rules.
A down payment assistance file in Richmond reads differently by submarket — condominium approval, association packages, unit counts, and USDA eligibility all shift from one to the next.
Older neighborhoods and renovation loans
In Richmond’s established neighborhoods, a buyer can use the program with a limited renovation loan or, on the nothing-to-repay option, a standard one, so the down payment help and the repair budget close together. Median gross rent in Richmond is about $1,372 a month — the payment many renters already carry.
Small multi-unit homes, owner-occupied
In Richmond, owner-occupied small multi-unit buildings qualify for assistance when the buyer lives in one of the units, up to four units on a purchase; the unit count decides which option applies. The median owner-occupied home value in Richmond runs near $353,000 on the latest Census estimate.
Condominiums close to work
Buyers in Richmond’s condominium buildings use the program to bridge the down payment, with the building’s approval status settled early so the closing is not held up. On a home at Richmond’s median value, the FHA minimum investment comes to about $12,400 — the figure the assistance is built to cover.
Manufactured homes on owned land
Manufactured housing on owned land near Richmond is eligible, with the option decided by the home’s width: the nothing-to-repay option accepts single-width homes, while the second-lien options accept double-width only. Median household income in Richmond sits near $64,587 on the latest Census estimate.
New construction and infill
New construction in Richmond works with the program; the appraisal and the builder’s timeline set the pace, and the assistance closes with the first lien like any other purchase. About 56% of Richmond’s households rent — roughly 58,914 renter households, the pool the program exists for.
Townhomes and attached homes
Attached homes and townhomes in Richmond sit at price points where the minimum investment is smaller in dollars but no easier to save; the assistance closes that gap, and the association’s documents are reviewed with the file. Richmond itself counts a population near 229K.
None of this is a valuation or an approval; it is the backdrop a Richmond file is read against before the first lien and the option decide the numbers.
Four ways Richmond buyers put down payment assistance to work.
The same assistance serves several purposes in Richmond, VA; four of the most common are below.
Buy a first home with the down payment covered
A Richmond buyer with the income for the payment but not the cash to close uses the assistance to cover the FHA minimum investment, a grant with nothing to repay, and keeps savings for the move.
Pair the assistance with a USDA or HUD-184 mortgage
In USDA-eligible areas around Richmond, the forgivable and repayable options pair with a no-down-payment first lien (the separate closing-cost option is FHA only); HUD-184 first liens pair the same way.
Cover closing costs too on the larger option
A Richmond buyer who needs more than the minimum investment uses the repayable option that covers down payment, closing costs, and prepaid items, including costs paid outside closing.
Buy a small multi-unit home and live in one unit
An owner-occupied building of up to four units in Richmond qualifies on the nothing-to-repay option, which reaches four units, and the buyer lives in one unit while the assistance covers the minimum investment on the whole building.
Size the assistance on a Richmond price before requesting a quote.
Run a Richmond price through the options before you request a quote: the minimum investment, the assistance applied, what is left for closing costs, the mortgage insurance tier, and the estimated payment. Enter income to see the ratios a lender reads.
Richmond FHA payment with assistance
Starting assumptions reflect Richmond’s home values; change any field and the loan, the mortgage insurance, and the payment are recalculated.
Editable benchmark: 7.28% as of October 1, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not an FHA loan quote.
Illustrative starting assumptions: a $355,000 price near Richmond’s median owner-occupied home value, the strongest assistance option offered in Virginia applied against the FHA minimum investment, a thirty-year term at the current Freddie Mac benchmark, property taxes and insurance estimated for Virginia (U.S. Census Bureau). Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conventional benchmark, a market reference and not an FHA loan quote; your rate is set by the lender at lock. FHA mortgage insurance follows HUD’s published schedule for the term, leverage and loan size entered; taxes, insurance and dues are editable estimates; closing costs are not included; a repayable second lien adds its own payment, which is not shown here. Consumer mortgage lending licensed in sixteen states. Lendmire is not affiliated with or acting on behalf of FHA, USDA, HUD, or the federal government.
Same buyer, three very different closings.
Same Richmond buyer, three closings: assistance on an FHA loan, the buyer’s own minimum investment, or assistance on a USDA or HUD-184 loan.
Assistance on an FHA loan, your own down payment, or assistance on a USDA or HUD-184 loan.
The structure for a Richmond buyer who qualifies for the payment but not the cash to close — the help is sized on the price and the option decides what, if anything, is owed afterward.
For a Richmond, VA buyer with the cash in hand, the plain FHA purchase is the cleaner file; the assistance exists for the buyer who does not have it yet. For the first lien itself, see Lendmire’s FHA loan program.
USDA and HUD-184 first liens pair with the forgivable options and the ten-year repayable option on a Richmond, VA file; the separate closing-cost option is FHA only. For the USDA first lien, see the USDA loan program.
If the payment fits but the cash to close does not, down payment assistance is the structure; if the cash is there, the plain purchase; if the property is USDA-eligible, the USDA first lien with assistance for costs.
What to prepare for a Richmond scenario review.
The documents a lender reads first on an assistance file.
This is a general preparation guide, not a universal checklist. The selected lender may request additional information based on the mortgage, the assistance option, the property, and the eligibility category. Nothing here is legal or tax advice.
Local details that can change the loan.
A down payment assistance file in Richmond, VA is won or lost on details a plain purchase never meets: the eligibility category, the forgiveness clock, the balloon on the repayable option, the county loan limit, the property type.
Use these checks to keep the Richmond file clean and fundable.
Before making an offer on a Richmond, VA home, confirm the option, the county loan limit, and the property’s unit count and type.
- Know the option: read the second lien as the loan it is.
- Confirm the category: identify the category that opens the nothing-to-repay option.
- Handle small repairs: keep holdback repairs minor and non-structural.
The option decides what you owe afterward
The same minimum investment can be covered three ways on a purchase in Richmond, VA, and the difference is entirely in what happens after closing: nothing, nothing if the first lien stays current, or a second loan that comes due; the options table shows what is offered.
The eligibility category for the nothing-to-repay option
The category is checked at application on the nothing-to-repay option, together with the signed assistance application and the education certificate; no option requires a first-time buyer, and the second-lien options carry no income limit.
Escrow holdbacks for minor repairs
A Richmond home with a small repair list does not have to wait for the work before closing; the escrow holdback carries it, within the program’s cap and timeline, with an inspection when the work is done.
Property type and unit count select the option
The property itself can move a Richmond, VA file: a fourplex, a single-width manufactured home, or an unapproved condominium project each changes which option can attach, so the address is read before the option is promised.
No stacking with other assistance
No option may be combined with another down payment assistance program in Richmond, VA, and the nothing-to-repay and forgivable options do not combine with a high-balance first lien; one assistance option, one first lien, one closing.
From a Richmond pre-approval to keys with the assistance in place.
Four steps take a Richmond, VA assistance file from a first read to funding; the first one is the one most buyers skip.
Pick the option
Lendmire reads the Richmond scenario against the options offered in Virginia: the credit tier, the first lien, the unit count, the category, and whether the help must reach closing costs.
Get the mortgage approved
The first lien’s approval carries the file; the assistance is arranged alongside it, with the eligibility category and the education certificate in hand where they apply.
Clear the property
Property review runs in parallel with the first lien; the Richmond home is checked against the option’s rules and the first lien’s, from the unit count to the association package.
Close both loans together
The Richmond closing carries both instruments: the first lien and the assistance, each documented on its own and closed together, with the education certificate in the file where it applies.
A brokerage that pairs the assistance to the loan.
An assistance file rewards preparation, and preparation is what a brokerage built for first-time and moderate-income buyers provides.
The option, matched to the buyer
Lendmire reads the options offered in Virginia against a Richmond buyer’s credit, first lien, property, and category before anything is ordered, and names the fit by cost to carry.
The mortgage, matched to the property
A Richmond file is matched to the first-lien program that carries the property — FHA everywhere, USDA or HUD-184 where they fit — and the assistance option follows that choice.
The right wholesale program
Not every wholesale lender carries down payment assistance, and the ones that do differ on shape, floors, and states; Lendmire knows which is which.
Trusted by first-time buyers & families alike.
Richmond down payment assistance FAQs
The questions a Richmond, VA buyer asks before requesting an assistance review, answered plainly.
Do I have to be a first-time homebuyer?
You do not. Every option is open to repeat buyers; the file is placed on the price, the credit score, the mortgage program, and the home — having owned before closes nothing, and a first purchase is only one of the categories that opens the nothing-to-repay option.
Is there an income limit?
The second-lien options have none; the nothing-to-repay option has an area income limit that a qualifying occupation, a first purchase, or an underserved tract can substitute for.
What first-time home buyer programs are available in Richmond?
A Richmond buyer can cover the FHA minimum investment through a nothing-to-repay option where offered, a forgivable second lien, or a repayable second lien that reaches closing costs; the calculator on this page sizes each one on a price you enter.
Do I have to pay the assistance back?
Where the nothing-to-repay option is offered, nothing at all — no lien, no payment, no interest. The forgivable second liens are also free to carry: no payment and no interest, and they disappear once you have made the on-time mortgage payments the program asks for. Only the repayable option comes with a payment.
What credit score do I need?
Scores in the low six hundreds open the first option, and each step up in score opens more of them. The mortgage program has its own rules too, so the credit score, the mortgage, and the property are read together before the option is named.
How does a forgivable second lien work — the small second loan behind the mortgage?
It is recorded as a second lien with no interest and no monthly payment, and it is released after the on-time payment period on the first lien — three years on one option, five on the other — as long as there is no serious delinquency in that window and the home stays the primary residence.
Can I use the assistance on a second home or a rental?
The assistance is for the home you live in; rentals and second homes are financed other ways.
Can I buy a duplex or a fourplex with assistance?
Owner-occupied small multi-unit homes qualify, with the unit count deciding the option; a Richmond, VA buyer living in one unit of a fourplex uses the nothing-to-repay option, the one purchase option that reaches four units; the second-lien options stop at two.
What does Lendmire do on a Richmond first-time home buyer file?
Reads the options offered in Virginia against the credit, the first lien, the property, and the category; chooses the wholesale program that carries the fit; packages the first lien and the assistance together; and manages both liens through closing. Lendmire is the broker, never the lender, and is not affiliated with FHA, USDA, HUD, or the federal government.
Which mortgages can the assistance be used with?
FHA on every option, with the repair-escrow and renovation programs where the options table allows them and the standard FHA loan alone on the closing-cost and refinance options; USDA and HUD-184 on the forgivable and repayable second liens (the closing-cost repayable option, the one that also reaches prepaid items, is FHA only). Conventional first liens are outside the program.
From a pre-approval to keys — with the assistance in place.
No credit pull, no commitment: an initial review places your Richmond purchase on the right option and tells you what to gather.
This guide covers Richmond — for the statewide options, categories, and property rules, see Down Payment Assistance in Virginia, part of Lendmire’s down payment assistance program.
Nearby markets in Virginia: Williamsburg · Newport News · Charlottesville · Hampton · Suffolk · Portsmouth · Norfolk · Cape Charles
Related programs: FHA Loans · USDA Loans · FHA 203(k) Rehab Loans