What is the income limit for a VHDA loan?

Are VHDA loans good?

The upside to this is if you qualify, you can potentially finance 100% of your house through the two loans, with a fixed rate for 30 years on both the first and second mortgage. The VHDA loan is a great product that has helped thousands of first-time homebuyers just like you realize their dream of homeownership.

What kind of loan is VHDA?

Virginia Housing makes homeownership affordable through our “Virginia Housing Loan Combo,” a down payment grant, plus an MCC (a federal tax credit for homebuyers), plus our free homebuyers class. All loans have maximum income and sales price limits and/or loan limits, which vary according to where the home is located.

Is VHDA a FHA loan?

The FHA Plus program has become one of VHDA’s most popular programs and now the benefits just got better – a lower interest rate! … FHA Plus now allows homebuyers to borrower up to 5% of the sales price (or appraised value if lower) in the second mortgage.

How do you qualify for a VHDA loan?

Eligibility Requirements

  1. Must be a first-time homebuyer (can’t have owned a home in the past three years)
  2. You are purchasing a home in Virginia.
  3. Have a minimum credit score of 620.
  4. Cannot exceed certain income and purchase price limits, which vary based on the location of your property.
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What is the Vhda interest rate?

For construction and permanent loans greater than $7.5 million, the combined processing and financing fees will be 2% for the first $7.5 million and 1.125% thereafter. FOR BOTH THE TAXABLE AND TAX-EXEMPT PROGRAMS, ACTUAL INTEREST RATES WILL BE ESTABLISHED UPON BOND PRICING.

What is the difference between FHA and Vhda?

Virginia Housing has an FHA no down payment solution as well. Rather than requiring 1% down, this Virginia down payment assistance, VHDA Plus Second Mortgage, provides either 3.5% or 5% of the sales price. Therefore, it bridges the gap between the purchase price and the FHA first mortgage loan amount.

What is a Vhda grant?

Virginia Housing’s Down Payment Assistance (DPA) grant can provide eligible first-time homebuyers with funds needed for their down payment. This program is funded through the net earnings of Virginia Housing and is part of our commitment to strengthen homeownership opportunities for Virginians.

How do I qualify for first-time home buyers with no down payment?

There are currently two types of government-sponsored loans that allow you to buy a home without a down payment: USDA loans and VA loans. Each loan has a very specific set of criteria you need to meet in order to qualify for a zero-down mortgage.

How do I get my mortgage statement from Vhda?

Lenders can request a payoff statement from Virginia Housing by calling 800-235-6938. Press 1 for loan information.