Think homeownership is out of reach because you can’t afford the down payment? Think again! Eligible first-time homebuyers in Virginia can get help with the money they need to buy a house through state resources like VHDA’s Down Payment Assistance (DPA) grant.
Some of this program’s details are bullet-pointed below for you. To find out more about this first-time homeowner program, or others that may be available to you, contact me! We have Military Veteran/Veteran Realtors standing by to answer your questions. We also have an in-house VHDA loan specialist, which allows us to make your home ownership dreams a reality from first-contact with us all the way to handing you your new home key.
- First-time Homebuyers VHDA’s Down Payment Assistance Grant Conditions, here forth referred to as DPA :
- Maximum grant is determined by the sales price or appraised value of the home, which ever is lesser and is 2% for VHDA Fannie Mae and 2.5% for VHDA FHA of the purchase price and can only be applied in conjunction with eligible VHDA loans
- DPA borrowers must make a minimum contribution towards the down payment of 1%
- Minimum credit score: FHA 640 , Fannie Mae 660
- Maximum debt-to-income ratio is 41%
- Household income limits apply. See here: program limits.
- No repayment required.
- Borrowers receiving the DPA grant are eligible for a Mortgage Credit Certificate (MCC). An MCC is a dollar-for-dollar credit against your federal income tax liability, click here for more: vhda.com/MCC.
- DPA funds are not for use with these loans: VHDA Conventional Bond, FHA Plus, Rural Development and VA. Available only with VHDA loans; and,
Questions? Contact me via email, through the website contact page or via telephone at 571-275-VETS (8387). Have a Military Veteran/Veteran Realtor answer your questions and connect you with our in-house VHDA loan specialist. We work a lot of deals using the VHDA loan program for our clients. We won’t toot our horns too much, but we are experts in this field. So, please make sure you contact us soon to take advantage of one of the lesser known, yet super lucrative down payment loan programs available for those who need help with a down payment in Virginia.
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