(RECAP: Buying a home isn’t just for the wealthy. Low- to -moderate income individuals and families have opportunities. Programs exist for first-time homebuyers. A first-time homebuyer is defined by the Virginia Department of Housing and Community Development as a prospective buyer who has never owned a home before or has not “held primary ownership in a principle residence within the most recent three-year period.” In fact, homeownership programs operating in part through federal support are implemented at the state and local level through partnerships with cities, nonprofit housing service providers and others. Numerous programs exist; let’s examine three of them. First, a statewide program administered through the not-for-profit Virginia Housing and Development Authority provides pathways to homeownership by providing free homeowner education, low-interest loans, and grants for down payment and closing-cost assistance.)
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