Virginia Housing for Repeat Buyers & the No-MI Conventional Loan
Two things set Virginia Housing apart: its non-bond programs can serve repeat buyers, not just first-timers, and its conventional loans can come with reduced or no mortgage insurance. Here is what that means for your monthly cost.
Repeat buyers can qualify
Most state down payment programs are first-time only. Virginia Housing is more flexible. Its bond first mortgages are for first-time buyers, though even those are waived in targeted areas and for qualifying veterans, but its non-bond programs can serve buyers who have owned before. So if you sold a home during a move or a life change and are buying again in Virginia, do not assume you are shut out. The income limits differ between bond and non-bond, which is part of what we check.
The reduced- or no-MI conventional loan
Here is a quieter Virginia Housing advantage. On a standard conventional loan with less than 20% down, you normally pay private mortgage insurance every month. Virginia Housing offers conventional options with reduced or no mortgage insurance, which can meaningfully lower your monthly payment compared with a typical low-down-payment conventional loan. Combine that with a grant toward the down payment, and both your cash to close and your monthly cost come down. This is a real edge worth pricing out.
Who this fits
This page is for two groups. Repeat buyers, who often assume they cannot use a housing-agency program and are wrong, at least on Virginia Housing’s non-bond side. And any buyer weighing FHA versus conventional, because the reduced- or no-MI conventional option can beat FHA on monthly cost for a borrower with decent credit. We compare them side by side. See the DPA + FHA page for the FHA route and the eligibility page for the income tiers.
Common questions
Can repeat buyers use Virginia Housing down payment assistance?
Yes. Virginia Housing's non-bond programs can serve repeat buyers, not just first-time buyers. The bond first mortgages are first-time only, though waived in targeted areas and for veterans. Income limits differ between bond and non-bond programs.
Does Virginia Housing offer a no-mortgage-insurance loan?
Virginia Housing offers conventional loans with reduced or no mortgage insurance, which can lower your monthly payment compared with a standard low-down-payment conventional loan. These can pair with the DPA/CCA Grants or the Plus Second Mortgage.
What credit score do I need for Virginia Housing conventional?
A 620 minimum credit score. The reduced- or no-MI conventional option can be a strong alternative to FHA on monthly cost for a borrower with decent credit; a lender can compare the two for you.
Ready to see your options?
Tell us your county, credit range, and price target, and we’ll map your Virginia path in a no-pressure 20-minute call. No obligation.