First-time home buyer programs in Richmond, Virginia — down payment assistance
Richmond Down Payment Assistance

First-Time Home Buyer Programs & Down Payment Assistance in Richmond, Virginia

First-time home buyer programs in Richmond, VA come in four shapes: some with nothing to repay, a forgivable second lien, a repayable second lien that also reaches closing costs, and a refinance-cost option, each paired with a government-backed mortgage and none requiring a first-time buyer.

Current Program Snapshot

Current down payment assistance guidelines, updated from one source.

The current program figures below are hydrated from Lendmire’s down payment assistance standards source at each visit, so the options shown for Richmond, VA are the options in force.

Down Payment Help
Up to 5%

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.

Nothing to Repay
3.5%

Covers the whole FHA down payment

This covers the entire 3.5% FHA minimum down payment 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.

Income Limit
None

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
620

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.

Assistance options offered in Virginia — how much, what it costs to carry, and the credit it takes
OptionAssistanceWhat you repayCredit · mortgage · units
Grant-style assistance — nothing to repay2% or 3.5% of the priceNothing — released at closing620+ · FHA 203(b), FHA repair escrow, FHA Limited 203(k), FHA Standard 203(k) · 1–4 units
Forgivable second lien — three-year3.5% of the priceNothing after 36 on-time mortgage payments640+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units
Forgivable second lien — five-year3.5% of the priceNothing after 60 on-time mortgage payments640+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units
Repayable second lien — thirty-year amortization, ten-year balloon3.5% or 5% of the priceSecond lien, 30-year amortization, balloon in year 10660+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units
Closing-cost repayable second lien3.5% or 5% of the priceSecond lien, 30-year amortization, balloon in year 10660+ · FHA 203(b) · 1–2 units
Refinance-cost second lien (repayable)1% to 3.5% of the balanceSecond lien, repaid660+ · 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.

Program Notice

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.

Richmond Down Payment Assistance Guide

What down payment assistance is — and how the options differ.

For Richmond, VA buyers, the first-time home buyer programs work the same way: 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.

01.

Assistance covers the FHA down payment

In Richmond, VA, the assistance attaches to the first lien at closing and covers the buyer’s required investment; on the larger option, what remains after the minimum investment goes toward closing costs.

02.

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; each pairs with the first lien differently, and the options table on this page shows what is offered in Virginia.

03.

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.

04.

Eligibility without a first-time-buyer rule

A Richmond buyer who has owned before is eligible; the second-lien options carry no income limit and no first-time-buyer rule, and the nothing-to-repay option opens on any one of four categories.

The Core Calculation
Purchase price × the FHA minimum down payment = your down payment; assistance covers it, and the larger option covers closing costs too

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.

Richmond Market Context

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.

229,359Population (ACS 2020–2024)
$353,000Median owner-occupied home value (ACS 2020–2024)
56.5%Households that rent (ACS 2020–2024)
$64,587Median household income (ACS 2020–2024)

Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.

Richmond Submarkets

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.

01.

Older neighborhoods and renovation loans

In Richmond’s established neighborhoods, a buyer can use the program with a limited or standard renovation loan, so the down payment help and the repair budget close together. The median owner-occupied home value in Richmond runs near $353,000 on the latest Census estimate.

02.

Two-to-four-unit homes, owner-occupied

In Richmond, owner-occupied small multi-unit buildings qualify for assistance when the buyer lives in one of the units; the unit count decides which option applies. 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.

03.

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. About 56% of Richmond’s households rent — roughly 58,914 renter households, the pool the program exists for.

04.

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.

05.

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. Median gross rent in Richmond is about $1,372 a month — the payment many renters already carry.

06.

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 counts a population near 229K within the Richmond, VA area.

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.

How Richmond Buyers Use the Program

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.

First purchase

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, some with nothing to repay, and keeps savings for the move.

Government mortgages

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 and cover closing costs and prepaids instead; HUD-184 first liens pair with the same options.

Closing costs

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.

Small multi-unit

Buy a two-to-four-unit home and live in one unit

An owner-occupied duplex, triplex, or fourplex in Richmond qualifies on the option that reaches four units; the buyer lives in one unit and the assistance covers the minimum investment on the whole building.

Assistance Sizer

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.

Editable FHA scenario with assistance

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: 6.71% as of September 3, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not an FHA loan quote.

FHA minimum investment on this price.
Annual mortgage insurance rate applied, and for how long.

Illustrative starting assumptions: a $355,000 price near Richmond’s median owner-occupied home value (kept where an FHA first lien is realistic), 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.

Estimated total monthly housing payment
Principal and interest, FHA mortgage insurance, taxes, insurance and dues, on the total loan with the upfront premium financed.
Total down payment (your cash plus assistance)
Assistance applied to the down payment
Assistance left toward closing costs and prepaids
Your cash toward the down payment
Base loan amount
Upfront mortgage insurance premium, financed
Total loan amount
Principal and interest
Monthly FHA mortgage insurance
Taxes, insurance and dues
Housing and total debt ratios (with income entered)
Where the file lands

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.

Down Payment Assistance vs. the Alternatives

Same buyer, four very different closings.

Same Richmond buyer, four closings: assistance on an FHA loan, the buyer’s own minimum investment, assistance on a USDA or HUD-184 loan, or a gift from family.

Structure Comparison

Assistance on a government loan, saving the minimum, or a gift.

FHA with down payment assistance

Covers the FHA minimum investment as a percentage of the price — some with nothing to repay — with forgivable and repayable second-lien shapes, credit floors in the low six hundreds, and no first-time-buyer rule; the larger option reaches closing costs and prepaids.

FHA with your own minimum investment

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 or HUD-184 with assistance

USDA and HUD-184 first liens pair with the forgivable and repayable options, which then cover closing costs and prepaids rather than a down payment the first lien does not require. For the USDA first lien, see the USDA loan program.

Where each one fits

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.

Typical File Components

What to prepare for a Richmond scenario review.

The documents a lender reads first on an assistance file.

Mortgage programFHA, USDA, or HUD-184 — with the county loan limit checked against the price, since only the repayable options carry a high-balance first lien.
Income documentationPay stubs, W-2s or tax returns, and any fixed income, read against the first lien’s rules and, for the nothing-to-repay option, the area income limit.
Eligibility categoryFor the nothing-to-repay option: proof of a qualifying occupation, first-time-buyer status, the property’s census tract, or income inside the area limit, plus the signed assistance application.
Purchase contractThe executed contract with the price the assistance is measured on; on a renovation loan, the price before repairs.
Assets and reservesStatements showing the buyer’s own funds for anything the assistance does not cover, plus any reserves the first lien requires.
Credit reportA tri-merge report with a score for every borrower; the option’s floor and the first lien’s rules both apply, and a blended score may apply on the second-lien options.

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.

Richmond File Considerations

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.

Before You Move Forward

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.
i.

The option decides what you owe afterward

Choose the shape before the amount: the forgivable options cover the minimum investment and cost nothing to carry when the first lien stays current; the repayable option covers more and is repaid; a nothing-to-repay option released at closing where it is offered.

ii.

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.

iii.

Escrow holdbacks for minor repairs

On the second-lien options, minor, non-structural repairs can be escrowed at closing: the repairs must not affect health, safety, or livability, and the work is completed and inspected within a set period after closing.

iv.

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.

v.

No stacking with other assistance

No option may be combined with another down payment assistance program, and the nothing-to-repay option does not combine with a high-balance first lien; one assistance option, one first lien, one closing.

A Clear Process

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.

i.

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.

ii.

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.

iii.

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.

iv.

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.

Why Lendmire

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.

i.

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.

ii.

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.

iii.

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.

Client Experiences

Trusted by first-time buyers & families alike.

Verified Google Reviews
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Joseph Edwards
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Highly recommend, Cori was awesome to work with and had great communication. She was very helpful and got us through everything to close.
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K Star Real Estate LLC
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Cori on the Lendmire team was phenomenal! She was two steps ahead through the entire process of purchasing an investment property. She was solving problems before anyone knew there could have been a problem. Great communication, great availability, all around a great person to work with. She is the reason our deal closed. We look forward to working with her again in the very near future!
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Tristen Mosley
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Alayna Pack is very knowledgeable, helpful, communicative, and transparent. Highly recommend.
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J Mills
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Leigh is absolutely the best! Professional yet personable, diligent, and incredibly responsive. She was with us throughout the process and helped us secure a competitive rate. Leigh went above and beyond to make sure all of our questions were answered, and offered deep explanations for questions that arose. We felt supported through the entire process and trust her expertise completely. 5 stars!
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Tyjuana Atkinson
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Awesome experience!!!!!!! Leigh had our best interest at heart from beginning to the end.
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Anna Hernandez
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Curt Galbraith was a Great Loan Originator and goes above and beyond for his clients, working with him on this transaction was so easy. I would recommend him for any Buyers looking to Buyer or Refinance. Great Service all around
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RustynKelli Shelton
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Brenda is absolutely one of the most professional hardworking lenders we have ever dealt with; she’s helped clients of ours and now us personally. Her communication is top notch, you never feel like you’re forgotten or left to figure things out on your own, great to answer questions and explain each step. Definitely recommend Brenda to walk along beside you in your purchase process!
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Isaac Alonzo
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As a first time home buyer Curt Galbraith was a wonderful man, he explained everything i had questions about and took time out of his day to meet up late at nights after my night shift, to explain things to me .Over all Curt was really helpful all through closing and always there when you needed him. Thank you so much Curt for helping me through out the whole process.
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Jason Fleck
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Brenda, Samantha and the Lendmire team were absolutely fantastic to work with. We had to jump through some major hurdles to get this home done, which most lenders would have gave up, they kept pushing to get this home done for us. I would absolutely recommend Brenda and team to anybody. Thank you so much for your commitment, communication, perseverance through the whole process. Jason & Brooke
Questions Richmond Buyers Ask

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?

No. None of the options requires a first-time buyer. Being a first-time buyer is one of four categories that opens the nothing-to-repay option; the second-lien options have no first-time-buyer rule and no income limit at all.

Is there an income limit?

Only on the nothing-to-repay option, and only when no other category applies: household income at or below the area median income limit, measured where the property sits. The forgivable and repayable second-lien options carry no income limit beyond the first lien’s own rules.

What first-time home buyer programs are available in Richmond?

Four shapes paired with a government first lien: a nothing-to-repay option released at closing; forgivable second liens with no interest and no payment, released after an on-time payment period; a repayable second lien with a balloon that also reaches closing costs and prepaids; and a refinance-cost option for an existing FHA loan. The options table on this page shows what is offered in Virginia.

Do I have to pay the assistance back?

Two of the shapes: the nothing-to-repay option where it is offered, and the forgivable second liens, which are released after the on-time payment period. The repayable option is a loan.

What credit score do I need?

A Richmond buyer’s credit tier decides which options are open — the options table on this page shows the floor for every option offered in Virginia.

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 buyer living in one unit of a fourplex uses the option that reaches four.

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, including the repair-escrow and renovation programs; USDA and HUD-184 on the forgivable and repayable second liens. Conventional first liens are outside the program.

Get Started

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.