First-Time Homebuyer Grant Details

  • First-time homebuyers of owner-occupied, primary residence only
  • Homebuyer education class required
  • Household income limitation applies (see limits below)
  • Matching funds grant – for every $1 from the borrower, grant contributes $4 up to the $5,000 maximum grant
  • Borrower investment must be at least $1000
  • FHA or VA financing or USDA
  • Must choose from a list of specified settlement agents
  • Borrower must own and owner-occupy the property for 5 years or prorated repayment applies

 

Income limits from 2013 median income (Richmond MSA)
1 - person 2 - person 3 - person 4 - person 5 - person 6 - person
$41,400 $47,300 $53,200 $59,100 $63,850 $68,600

For more details about our first-time homebuyer program, please call:

Matoaca Branch

804.590.9939
6300 River Road 
Matoaca, VA  23803

At Matoaca, ask to speak with Beth Honea, MLO-2837VA or Lorraine Lester, NMLS #332583.