What is Vhda loan?

What kind of loan is VHDA?

The VHDA offers a variety of affordable 30-year fixed-rate mortgages including Conventional Fixed, FHA, VA, and USDA home loans. On top of home loan options, let’s look at a few additional instances where the VHDA can step in and help provide additional home buying assistance.

How do VHDA loans work?

VHDA’s Down Payment Assistance Grant provides qualified first-time homebuyers with funds to help make the dream of homeownership a reality. The maximum grant is 2 – 2.5% of the purchase price, depending on which type of VHDA mortgage loan you receive. Because this is a grant, you never have to pay it back!

What is the income limit for a VHDA loan?

Calculation of maximum household income varies depending on program type or if combined with an MCC (Mortgage Credit Certificate) or VHDA Down Payment Assistance (DPA) grant.

Income and Sales Price / Loan Limits.

Area All Other Areas of Virginia
Maximum Gross Household Income $76,700
$61,300
$88,200
$70,500

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.

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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.

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.

How much do you need to put down on a house in Virginia?

While conventional loans call for a 10% to 25% down payment, you’ll only need to put down 3.5% with an FHA loan. You’ll need a credit score of at least 580 to access the 3.5% down payment.

What are the FHA loan limits for 2020?

Below are the California FHA loan limits for 2020: $331,760 – most counties. $765,600 – this is the new limit for high cost counties.

What is the USDA income eligibility guidelines?

USDA eligibility for 2021

USDA eligibility for a 1-4 member household requires annual household income to not exceed $91,900 in most areas of the country, and annual household income for a 5-8 member household to not exceed $121,300 for most areas.