Did you know that VHDA (VHDA is a quasi-government agency) offers many different loan programs for buyers including no money down grant or the FHA Plus product. (if you are eligible for a no-down 100% VA loan then view this post).
If you are struggling with a down payment then one of these programs may be of benefit to you. Read more here about what VHDA provides:
What is it? VHDA’s Down Payment Assistance (DPA) grant can provide eligible first-time homebuyers with funds needed for their down payment.
Some of the specifics for this program are here:
VHDA maximum grant will be 2 - 2.5 % of the purchase price, based on the down payment required for the eligible loan.
Your minimum credit score must be 640
Your maximum Debt to Income ratio can only be 41.00%. Often referred to as “DTI”
You must have a household income at or below VHDA program limits.
You cannot use grant funds in combination with other down payment assistance resources (including FHA Plus – read more about this).
Good news: Down Payment Assistance Grant has no repayment.
This is a snapshot of requirements – other guidelines may apply. Contact us to discuss more and get you qualified for this or other available loan programs. Contact our lender (click) to see what works for you.
Check out these properties as they may qualify for this or other VHDA programs (or used the advanced search feature to configure and save your own favorites/searches)