Buying your first home in Reston can feel out of reach when down payment and closing costs stack up. You are not alone. Many local buyers use a mix of grants, loans, and smart lender options to bridge the gap. This guide breaks down how Virginia Housing programs, Fairfax County resources, and lender strategies work together so you can compare your choices with confidence. Let’s dive in.
Program options in Reston
Virginia Housing (VHDA)
Virginia’s state housing finance agency partners with local lenders to offer mortgages and down payment assistance to first-time buyers. You apply through a participating lender, not directly with the state. Program names, income limits, purchase price limits, and assistance amounts change often, so start on the official Virginia Housing homebuyer pages for current details and lender contacts. You can explore Virginia Housing homebuyer and down payment assistance information on the official site for the latest updates.
Visit the Virginia Housing site: Virginia Housing homebuyer and down payment assistance
Fairfax County and local counseling
Fairfax County’s Department of Housing and Community Development offers homebuyer education and may administer local assistance funds when available. These programs can sometimes be layered with state options. Check current offerings and requirements on the county site.
Explore county resources: Fairfax County Department of Housing and Community Development
You can also connect with local nonprofit partners for workshops and counseling. The Northern Virginia Housing Partnership hosts education and counseling that help you prepare applications and understand your options: Northern Virginia Housing Partnership. For a broader list of approved counselors, use the federal locator: HUD housing counseling locator.
Who qualifies and what to expect
Program specifics vary, but here are common eligibility themes to verify with each lender or agency:
- First-time buyer status, often defined as no home ownership within the past three years.
- Household income and purchase price limits that vary by county and household size.
- Minimum credit score and debt-to-income thresholds that depend on the loan type and lender.
- Primary residence requirement. Investment properties are not eligible.
- Completion of an approved homebuyer education course for many programs.
Condos and HOA communities are common in Reston. Expect lenders to review HOA budgets, insurance, and approval status as part of underwriting.
VHDA loans and assistance
Loan products
Virginia Housing works through approved lenders to deliver conventional, FHA, and other mortgage options designed for first-time buyers. Requirements and overlays can differ from standard loans. Ask your lender which Virginia Housing products they offer in Fairfax County and how they compare with non-state options.
Down payment assistance (DPA)
Virginia Housing has historically offered DPA as a second lien to help with down payment or closing costs. Terms can include zero interest, deferred payments, or partial forgiveness, but the details change. Always confirm the current maximum assistance, whether payments are required, and what triggers repayment such as sale or refinance. Start with the state’s DPA pages and then request a written breakdown from a participating lender.
Learn more: Virginia Housing homebuyer and down payment assistance
Homebuyer education and MCC
Many Virginia Housing programs require you to complete an approved homebuyer education course. At times, Virginia Housing has offered Mortgage Credit Certificates that provide a federal tax credit for a portion of the mortgage interest you pay each year. Availability and rules change, so verify MCC status and application steps on the Virginia Housing site before you plan on this benefit.
Fairfax County and local support
Fairfax County may offer limited down payment or closing cost help through county programs or nonprofit partners. Funds can be seasonal and first-come, first-served, with waitlists when demand is high. Education courses are often required.
- County programs and education: Fairfax County Department of Housing and Community Development
- Local workshops and counseling: Northern Virginia Housing Partnership
- HUD-approved counselors near you: HUD housing counseling locator
DPA vs rate buydowns
You will likely compare down payment assistance to interest rate reductions. Each affects your budget differently.
Down payment assistance
Pros:
- Reduces cash needed at closing so you can buy sooner.
- May help you meet down payment thresholds for certain loan programs.
Cons:
- Creates a second lien that can be due at sale or refinance.
- May limit refinance options until the second is paid off.
- If payments are required on the DPA, your monthly cost can increase.
Bottom line: DPA helps with upfront cash. It may not lower your monthly payment unless the structure does not add a payment and improves mortgage insurance tiers.
Rate reductions and buydowns
Pros:
- Lower interest rate means lower monthly payments.
- Can be temporary or permanent depending on the product and who pays for it.
Cons:
- Temporary buydowns wear off after the set period.
- Lender credits that reduce closing costs often come with a higher rate.
- Seller-paid concessions have limits and must fit program rules.
Bottom line: Buydowns improve monthly affordability. They do not reduce the cash needed at closing unless paired with credits.
How to compare like a pro
- Request written Loan Estimates for both scenarios from the same lender.
- Compare APR, monthly payment, total cash to close, and long-term cost.
- Ask for amortization schedules and any second-lien payoff terms in writing.
- Add HOA dues, property taxes, insurance, and mortgage insurance to each scenario so the comparison is realistic.
- Use plain-language guides when shopping and comparing offers: CFPB mortgage shopping resources.
Questions to ask lenders
Bring this checklist to your lender meetings and get answers in writing:
- Do you participate in Virginia Housing programs and which ones are available for Fairfax County buyers?
- What down payment assistance options can I use in Reston and how do they work?
- What are the current maximum assistance amounts and are they deferred, forgivable, or amortizing?
- Can I combine DPA with the loan type I prefer such as conventional or FHA?
- What are the minimum credit score, debt-to-income, and reserve requirements for your Virginia Housing loans?
- Can you provide Loan Estimates for both a DPA scenario and a buydown or lender-credit scenario?
- If a Mortgage Credit Certificate is available, how do I apply and what is the estimated benefit?
- For a second-lien DPA, what triggers repayment and is there a forgiveness schedule?
- What are your condo and HOA approval rules for Reston communities?
- What is your rate lock policy and are there fees for lock extensions or float-downs?
- How much in seller concessions are allowed and how do these interact with program rules?
- What documents do you need from me to complete preapproval and assistance applications?
- Are there Fairfax County or nonprofit programs I can pair with this loan?
Documents to gather
Save time by organizing standard mortgage documents up front:
- Photo ID and Social Security Number.
- Recent pay stubs for the last 30 days.
- W-2s for the past two years and tax returns if self-employed.
- Bank statements for the last two months and statements for retirement or investment accounts.
- Gift letter and proof of funds if using gift money.
- Rental history or prior mortgage statements if applicable.
- Documentation for bonuses, alimony, or other qualifying income.
- If self-employed: 1099s, two years of tax returns, and a year-to-date profit and loss.
- For condos or townhomes: HOA documents, financials, and recent meeting minutes when available.
Reston-specific tips
- Many Reston options are condos or townhomes with HOAs. Lenders include HOA dues in your qualifying payment, so high dues can reduce your maximum budget.
- Ask your lender early about condo approval requirements. Some communities may need additional documentation before your loan can be cleared.
- Reston’s location near the Silver Line and the Dulles corridor can mean higher prices and competition. This makes it important to confirm income and purchase price limits for any assistance you plan to use.
Next steps to get ready
- Complete a Virginia Housing-approved homebuyer education course if your program requires it.
- Get preapproved by one or more Virginia Housing-participating lenders.
- Request written quotes for both DPA and buydown scenarios.
- If you are targeting condos or townhomes, obtain HOA documents early so your lender can review eligibility.
- Apply for Fairfax County or nonprofit assistance in parallel if funds are available.
- Confirm second-lien terms in writing, including repayment triggers and any forgiveness.
- Review final loan and assistance terms carefully before closing.
When you are ready to search in Reston or compare neighborhoods and HOA options, connect with a local team that understands how assistance programs, loan structures, and community rules intersect. Reach out to Jeff Major Homes to line up lenders, target the right properties, and move forward with clarity.
FAQs
What is a first-time buyer for Virginia Housing?
- Most programs consider you a first-time buyer if you have not owned a home in the past three years, but verify the exact definition and any exceptions on the Virginia Housing site and with your lender.
Can I use Virginia Housing DPA with FHA or conventional loans?
- Yes in many cases, but compatibility depends on the specific program and timing, so confirm allowed combinations and rules with a participating lender.
Will down payment assistance change my monthly payment?
- It depends on the DPA structure; deferred second liens may not add a monthly payment, while amortizing seconds do, so get a written explanation of terms.
Do I need a homebuyer education course for these programs?
- Many Virginia Housing and local assistance programs require completion of an approved course, so plan to take it early in your process.
How do HOA dues affect my eligibility in Reston?
- Lenders include HOA dues in your monthly housing cost, which can reduce the loan amount you qualify for and may require condo approval checks.
Where can I find unbiased help comparing loan offers?
- Use federal resources like the CFPB mortgage shopping guides and schedule a session with a HUD-approved housing counselor.
