Available Homebuyer Grants in the 757

Buying a home in Hampton Roads does not have to mean draining your savings. There are several grant and assistance programs available across the 757 that can help with down payment, closing costs, and even interest rate reductions.

City-Level Homebuyer Grants

Many cities in Hampton Roads offer local assistance programs for qualified buyers, typically focused on first-time homebuyers and income limits.

Norfolk offers programs such as HOME and HomeNet, which can provide significant down payment and closing cost assistance. Suffolk, Newport News, Hampton, and Chesapeake each administer their own housing authority or redevelopment programs that support eligible buyers. Virginia Beach currently does not offer a city-run homebuyer grant program.

Availability, funding amounts, and requirements vary by city and change throughout the year.

Federal Home Loan Bank (FHLB) Grants

FHLB grants are offered through participating lenders and can provide up to $15,000 to $20,000 or more toward down payment and closing costs. These funds are typically forgivable and do not require repayment as long as program guidelines are met.

These grants are not applied for directly by buyers and must be accessed through an FHLB member lender.

Community Heroes Grant

The Virginia Housing Community Heroes Grant offers $10,000 in grant funds that do not need to be repaid. It is available to eligible buyers who serve their communities, including educators, healthcare workers, first responders, military members, and veterans.

This grant can be combined with other Virginia Housing programs, making it one of the most powerful tools available.

SPARC Program

SPARC, a Virginia Housing initiative, provides a 1 percent mortgage interest rate reduction for eligible first-time buyers when paired with approved assistance programs. This reduction lowers monthly payments and improves long-term affordability.

SPARC is typically offered through nonprofit and regional housing partners.

FirstHome Dream 2% Interest Reduction Program

FirstHome Dream is designed for first-generation homebuyers and offers a permanent 2 percent interest rate reduction on eligible Virginia Housing loans. This is not a temporary buy-down and directly impacts affordability over the life of the loan.

This program can often be layered with down payment assistance and the Community Heroes Grant for even greater benefit.

Final Thoughts

Between city grants, FHLB funding, Community Heroes, SPARC, and FirstHome Dream, buyers in the 757 have more options than most realize. The key is understanding how these programs stack and working with professionals who know how to navigate them correctly. Ready to start?