Having access to resources to purchase a property can be challenging for most people. Whether it is credit issues or income issues. Each state has programs that allow its residents to partake in homeownership.Today I will provide some info about some of the programs available in VA.
Virginia Housing Development Authority Loans
This programs offers a few options to help buyers afford a house. The loan typically have low and fixed rates locked for 30 years. Some of the loans do not require a down payment ( in the event they do, there is help see below). In order to qualify for loans under the VHDA programs, an individual will be required to take a free class. Let’s note that each person financially responsible for the loan will be required to take the free class. The VHDA also has some assistance to help with home ownership.
VHDA Down payment assistance grant: A Qualified first-time homebuyers may receive a
percentage of the purchase price typically from 3% to 3.5%.
The down payment assistant programs has income restrictions ( depending upon areas)
The Down Payment Assistance Grant may be used with eligible VHDA loans only.
The downpayment assistance cannot be used with any other forms of down payments assistance.
No repayment for the grant issued.
The VHDA mortgage must be secured prior to the grant being issued.
Anyone receiving the downpayment assistance grant is eligible for a Mortgage Credit Certificate (MCC). The borrowers must apply for an MCC through an approved MCC lender and receive an MCC commitment or approval prior to closing.
Granting Freedom: A grant given to disabled veterans to help with home modifications due to disabilities
VA Mortgage credit certificate: Available to eligible borrowers. It is a dollar for dollar credit against your federal tax income liabilities. The credit is equal to 20% of your annual paid interest on your mortgage. There are income restrictions and the program can only be used by a first time home owner or by an individual who has not own a property as primary within the past 3 years.
Virginia Individual Development Account (VIDA)
The Program is designed to help individuals saving for a down payment on a home, education tuition payments and business equipments. An Eligible applicant receives training and support and $8 in match fund for every $1 he/she saves up to $4000.
Down payment assistance
The Down Payment Assistance (DPA) program provides flexible gap financing for first-time homebuyers at, or below, 80 percent of the Area Median Income (AMI) to purchase homes that are safe, decent and accessible. The long-term goal is sustainable housing and growth in personal wealth and equity for low- and moderate-income Virginians. Homebuyers access funds through local DPA provider agencies selected by the state through a competitive application process.
Other programs might be available in each county contact me for more info
Phone: 202-780-5406- Emial: email@example.com