Virginia Housing
For first-time home buyers who wish to buy and occupy a home in Virginia for $525,000 or less, Virginia Housing offers an outstanding collection of programs. In addition to mortgage loans, Virginia Housing offers a variety of attractive plans to help buyers cover down payments and closing costs. Through its popular Mortgage Credit Certificate program, qualifying mortgage borrowers also can realize significant savings on their federal income taxes.*
To take advantage of these programs, borrowers must apply through a Virginia Housing-approved lender, such as Burke & Herbert Bank. While there are income and loan size restrictions on Virginia Housing programs, your mortgage loan officer can guide your through the many options available and help you choose the right ones for your needs.

Virginia Housing Plans
Mortgage Loan Programs
- Conventional Mortgages up to 97% of purchase price
- Options to reduce or eliminate Private Mortgage Insurance
- Flexible down payment sources allowed
Down Payment Assistance Grants
- Maximum grant is 2.5% of purchase price
- May be combined with other down payment programs available from other organizations (some restrictions apply)
Virginia Housing Plus Second Mortgage
- Pairs an eligible Virginia Housing first mortgage with a Virginia Housing second mortgage to cover the down payment
- Maximum second mortgage is 5% of purchase price
Mortgage Credit Certificate
- Dollar-for-dollar credit toward borrower’s federal income tax liability
- Annual credit equals 20% of the annual mortgage interest paid by borrower
- Effective for the life of the mortgage, as long as borrower lives in the home
*Consult your tax advisor. The above information is provided for informational purposes only and is not a commitment to lend. All borrowers must meet Burke & Herbert Bank’s minimum qualifying underwriting standards. These are products of Virginia Housing. Household income restrictions and other requirements apply. Additional details may be obtained at the opens in a new windowVirginia Housing website.