Step into homeownership with zero down payment through the Virginia DPA Second Plus program. This unique option allows eligible buyers to cover their entire down payment with a second mortgage, making it possible to purchase a home with limited upfront savings.
You will not need to make a down payment with the Virginia Housing Plus Second loan. Your down payment can be entirely sourced from a second loan ("piggyback loan") that is repaid over 30 years. You’ll make a monthly payment on the second mortgage along with your first mortgage.
The Second Plus product can be used to finance more than just your down payment! Qualified borrowers may finance additional loan costs (up to 1.5%) such as discount points, escrow deposits, and more!
Conventional mortgages require PMI when you buy a house with less than a 20% down payment, which increases your monthly loan payment. The Second Plus product offers specialized coverage that is substantially cheaper than traditional PMI coverage on Conventional loans.
The Second Plus product is available to eligible repeat homebuyers, unlike the Virginia Housing DPA Grant. This product also has expanded income limits which exceed those set for the DPA Grant.
You will be required to take a free homebuyer education course, with topics including personal finances, credit, budgeting, and the homebuying process. Classes may be attended virtually or in-person and are available in English and Spanish.
This product is only available to those buying a home in the state of Virginia.
This DPA program covers your down payment, but you must have at least 1% in liquid assets to qualify for this loan. Gifts are allowed.
You must meet Virginia Housing maximum income and sales price limits.
.jpg)
