Breaking news for aspiring homeowners in Virginia! Virginia Housing has introduced the FREE FirstHome Dream program, designed to make homeownership more accessible for first-generation buyers. This initiative offers a significant interest rate reduction, that you won't find anywhere in this market. 

As of May 1, 2025 FirstHome Dream gives first generational home buyers a 2% rate reduction off of Virginia Housing’s prevailing interest rate; so if rates for 30 year loans are at 7%, then the buyer would be given a 5% mortgage rate for the life of the loan!

 

👥 Who Qualifies as a First Generational Buyer?

• First-Time Ownership: All borrowers including their spouses, must have never owned a home or investment property before.​
• Parental Ownership: All borrower's parents or legal guardians should not currently own, or have owned, a home or investment property in the past three years.​
• Heir’s Property Exception: If borrowers, their spouses and their parents/legal guardians have inherited property where multiple heirs are co-owners (tenants in common), the borrowers may still qualify.

 

💼 How to Access the Program

Eligible buyers must work with through Virginia Housing-approved lenders as this program works specifically with their bond programs for conventional, FHA, VA, and USDA loans. Additionally, it can be combined with the following other Virginia Housing assistance options:​

• Down Payment Assistance (DPA) Grant: Provides funds for your down payment that do not require repayment. ​

• Closing Cost Assistance (CCA) Grant: Helps cover closing expenses, reducing your out-of-pocket costs. ​

• Plus Second Mortgage: Offers 100% financing options, further easing the path to homeownership.