VA HB183

Expands the definition of "single-family residence" under Virginia's First-time Home Buyer Savings Plan to explicitly include townhouses as eligible property types

Increases the aggregate principal limit for first-time home buyer savings accounts from $50,000 to $100,000

Raises the maximum amount of principal and interest that may be retained in an account from $150,000 to $200,000

Broadens the definition of "first-time home buyer" to include individuals who had no ownership interest in a principal residence during the preceding three years, rather than requiring they have never owned a home

Allows individuals who previously owned a home jointly with a spouse to qualify as first-time buyers if purchasing independently due to the death of their spouse or dissolution/annulment of their marriage