First Time Home Buyer Loan Programs in Virginia

First Time Home Buyer Loan Programs in Virginia - Homeownership Made Affordable through VHDA

Looking for the First Time Home Buyer Loan Programs in Virginia?

Some of First Time buyers in Virginia may be getting a mortgage without putting a single dollar down. And we aren’t talking about single-bedroom fixer-uppers, either!

It's called 100% financing! And, Yes there are still First Time Home Buyer Loan Programs in Virginia and, at first blush, it looks suspiciously like a version of the strategy that sent the economy reeling in 2008.  But lenders feel that well-heeled Virginia residents who are getting a mortgage through these programs are totally different.  How so? you may ask.

The new 3% down payment assistance grant from VHDA can help many First Time Buyer obtain funds to purchase a home. To qualify for this program, Down Payment Assistance Grant may be used with only the following VHDA purchase programs: Conventional, FHA and Fannie Mae No MI.

All loans through VHDA are 30 years fixed mortgage, which means your interest will not change. If you also need assistance with your closing cost, VHDA loans flexible program can also assist with your closing costs. Making Home Ownership Affordable than ever before.

So what would a homebuyer getting a mortgage in Virginia need to do to qualify for one of these mind-bending loans? Virginia Buyers must qualify the total household incomes requirement. To receive the 3% down payment assistance grant, Maximum Household income for 2 or Fewer People is currently set at $97,520 and Household income of 3 or more people is currently set at $113,840.

The maximum sales price limit is set at $500,000. To read more click here for the details.

Borrowers still need to pass regular underwriting requirements. Funds are available on a first-come, first-served basis. 

If you are seriously thinking about buying your first home, call me at (703) 901-6364 -- we’ll get started by getting you pre-qualified.

Click here to apply for one of the First time home buyer loan programs in Virginia and one of our members will be in touch with you soon!