March 23, 2016 | Jack Jenkins Homes
VHDA Down Payment Assistance Grants Now Available
Great news for first time home buyers in Virginia! The VHDA Down Payment Assistance (DPA) Grant is back again offering first time home buyers a way to buy a home with no money down. This is a great opportunity for those who don’t have enough for a down payment but would like to buy their own single family home or 2 bedroom townhomes. Continue reading below to learn more about the VHDA Down Payment Assistance Grant program.
Benefits is VHDA DPA
- Down Payment Assistance grant doesn’t have be repaid, so it is like FREE money!
- Also eligible to receive a Mortgage Credit Certificate (MCC) which will save you thousands at tax time!
- Lower credit scores accepted, minimum 620 is required in most cases.
VHDA DPA Grants provide 1st time home buyers with a down payment of up to 3.5% that doesn’t need to be repaid!
Basic VHDA DPA Guidelines
- VHDA Fannie Mae No MI or VHDA FHA home loans must be used with the VHDA Down Payment Assistance Grant.
- Cannot use other down payment or closing cost assistance programs with the DPA Grant.
- Grant must be used for the down payment not closing costs.
VHDA Down Payment Assistance Grant Maximum
- With Fannie Mae financing, first time home buyers will be offered a down payment grant of 3% of the sales price of the home or appraisal value.
- With FHA financing, first time home buyers will be able to get the maximum 3.5% of the home’s sales price or appraised value.
VHDA Income Limits
Those looking to receive the VHDA Down Payment Assistance grant must meet certain income limits. In order to be approved for the grant your household income cannot be more than 80% of the VHDA’s income limits as noted below.
How To Apply For The VHDA DPA Grant
1- Contact a VHDA approved lender. Here are some local lenders that are very familiar with the program that I recommend:
- Integrity Home Mortgage Corporation David Spencer 540-812-4730 email@example.com
- First Heritage Mortgage Mike Filan 703-899-8720 firstname.lastname@example.org
- McLean Mortgage Corporation Vinny Apostolico 703-738-0923 email@example.com
2- Your lender will determine if you qualify as a first time home buyer (not owned a home in the last 3 years)
3- Your lender will check your income level to determine if it meets the VHDA income limits.
4- Get Pre-approved for a loan based on your income level and credit history.
5- Your lender will lock in your mortgage and reserve the grant money for you through the VHDA Grant database.
6- Contact me and start house hunting right away!
If you have any questions about the VHDA Down Payment Assistance grant and how to get started getting approved and on the path to owning your first home feel free to contact me anytime at 571-229-6877 or email firstname.lastname@example.org. I look forward to helping first time home buyers realize their dream of home ownership and will do my best to help you as well.
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