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DREAMING OF HOMEOWNERSHIP?

VHDA DOWN PAYMENT ASSISTANCE OPTIONS

If you’re a first-time homebuyer in the state of Virginia, VHDA down payment assistance options may be right for you.


FHA PLUS*

  • Funds are not to be used for paying down or paying off debt
  • Assistance for down payment, closing costs and/or prepaid items
  • Applicant can only receive reimbrusement for earnest money deposit at closing
  • FICO Score 680 or higher results in an assistance amount of 5% of lower of sales price or appraised calue for qualified borrowers
  • FICO Score of 640 to 679 results in an assistance amount of 3.5% of lower of sales price or appraised value for qualified borrowsers
  • (EMD) and/or prepaid closing cost providing that the borrower’s minimum 1% investment or reverse requirement remains in place


Conventional No MI with 2% Grant and MCC Or HFA Preferred Low MI 2% Grant and MCC

  • LTV must be 95% or higher
  • Repayment is not required on grant funds
  • Grant amount is 2% of the lesser of sales price or appraised value
  • Existing locked VHDA loans aren’t allowed to switch to this program
  • Assistance under these conventional programs is in form of a gift or grant
  • Program is for applicants earning 80% of traditional VHDA income limits
  • Grant assistance must be used for down payment only


FHA with 2.5% Grant and MCC**

  • LTV must be 95% or higher
  • Repayment is not required on grant funds
  • Program assistance is in form of a gift or grant
  • Grant assistance must be used for down payment only
  • Funds cannot be used for paying down or paying off debt
  • Assistance for down payment, closing costs and/or prepaid items
  • Grant amount is 2.5% of the lesser of sales price or appraised value
  • Existing locked VHDA loans aren’t allowed to switch to this program
  • Applicant can only receive reimbrusement for earnest money deposit and/or prepaid closing cost at closing
  • We must ensure that the borrower’s minimum 1% investment or reserve requirement remains in place if the loan is FHA PLUS


Mortgage Credit Certificates (MCC)

  • MCC tax credit rate is 20%
  • May be added to FHA, VA and Conventional No MI VHDA loans for qualifying borrowers
  • Not used to alter qualifying income on VHDA first lien loans
  • Not available on conventional loans requiring MI when LTV > 80% given MRB funding of program

Contact me to discuss your options.

*The program’s 30 year first lien FHA loan combined with a second lien conventional generally carries the same interest rate and term as the 1st lien VHDA loan in amount.
**The grant is not available on FHA PLUS loans.

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