HOME of VA First-Time Homebuyer Program

Who it's for

• First-time homebuyers buying in the City of Richmond, Henrico, Chesterfield or, through HOME's state-funded program, Hanover, Goochland, Powhatan, Colonial Heights, Hopewell or Petersburg. You don't have to live there now.
• Households with at least $40,000 a year in combined income, under 80% of area median income ($90,800 for a household of four in HOME's 2025 table)
• Credit: no outstanding judgments or collections for the local programs, and no derogatory credit in the last 12 months for the state-funded program. Two years after a bankruptcy discharge.

What you get

• One-on-one pre-purchase counseling: your finances, what to fix, and how much mortgage your budget supports
• HOME's homebuyer education course and group classes taught by industry professionals
• Money management and credit recovery classes
• Down payment and closing cost assistance if you qualify. HOME's brochure says each program's maximum is set yearly by its funder and ranges from $7,500 to $20,000, based on your need and assets.
• Typically you don't pay it back. Sell, refinance or move out before the affordability period ends (usually 5 years, up to 10 or 15 for larger amounts) and you repay some or all of it.

How to start

1. Apply online on HOME's homeownership page. HOME says to allow up to 10 business days for processing.
2. Once you're accepted, take HOME's homebuyer education course.
3. Send the documents it asks for, then meet your counselor.
4. Follow your spending plan and keep meeting with your counselor until you're ready to buy.

Good to know

• The education and counseling come before you shop, so start months ahead. HOME says it takes at least 45 days after you meet your counselor to get the money.
• Most funders want at least $1,000 or 1% of the price from you, and HOME requires its own classes even if you've taken one elsewhere.
• Assistance programs inspect the home and can require repairs. Ask what the program needs before you make an offer.
• Past clients' main complaint is slow replies. Get your counselor's direct contact details and follow up if a week goes by.