Do I have to pay it back?

It depends entirely on the program. Some don't ask for repayment, some are second loans, and some come back at you when you sell, refinance or move out. That program's own paperwork is the answer, not a general rule.

How do I know a program is still running?

Start at the agency or the city that runs it, because a program page on somebody else's website can be years out of date. Then check that the lender, the loan and the property all fit before you build a plan around it.

Loan program

Down payment assistance

A category, not a product. What it wants back later is the part to read.

What it is

Down payment assistance is a label covering a lot of different programs. Some are grants. Some are second loans. Some sit quietly against the property until you sell or refinance. Whoever runs the program writes the rules, and those rules decide who qualifies, what gets repaid and what triggers the repayment. So the useful question is never whether you can get assistance. It is what this specific program is, and what it wants back.

Who it's for

Buyers who need help with the cash required up front
People weighing help now against terms that follow the house
Anyone who wants the assistance and the first mortgage reviewed together

The essentials

Not all of it is a gift

Some assistance is repayable and some carries conditions. Until you've read that program's terms, don't count it as cash you have.

Eligibility is program by program

Income, household size, the property, the town, the loan type and a required class can all be part of it. One program saying no is not every program saying no.

It has to work with the loan

The assistance and the first mortgage get approved together or not at all. Treat them as one plan from the start.

Common questions

Do I have to pay it back?: It depends entirely on the program. Some don't ask for repayment, some are second loans, and some come back at you when you sell, refinance or move out. That program's own paperwork is the answer, not a general rule.
How do I know a program is still running?: Start at the agency or the city that runs it, because a program page on somebody else's website can be years out of date. Then check that the lender, the loan and the property all fit before you build a plan around it.

Source: Virginia Housing home buyers. Current program documents and the borrower's final disclosures control.

This links to Virginia Housing, one provider of down payment assistance in Virginia. It establishes what that agency's programs do. It does not describe county, city, employer or lender programs, and it is not a list of everything you might qualify for. Ask about the ones that apply to where you are buying.

Related programs

Virginia Housing first-time buyer programs

The state runs its own buyer programs, and the rules move.

FHA loans

The government-insured loan most first-time buyers compare first.

Conventional loans

The standard purchase loan, and the one FHA usually gets measured against.

This page is general information about loan programs, not a commitment to lend or an offer of credit. Program availability, terms, and qualification depend on your situation and are subject to underwriting approval. Tareq Maayta, NMLS #1443073. Loans through Finance USA Corporation, NMLS #135625. Equal Housing Opportunity.