We can offer down payment assistance financing in Virginia, made possible through the Virginia Housing Development Authority (VHDA). VHDA offers conventional, FHA, USDA, and VA loan programs. You can also apply for an MCC to boost your income tax savings from mortgage interest.
You don’t need to be a first time buyer…you just cannot have owned real estate within three years. The minimum credit score required is 640 for conventional financing and for FHA and VA it is 620. If you meet the income limits, then you can receive a grant of 2% of the sales price. For a household of 1-2, that income cap is $100,500. For a household of 3+, it is $117,300.
If your income exceeds these limits, you may still be eligible for a loan of 3%-5% of the sales price. The income cap for a down payment assistance loan for a 1-2 person household is $125,700, or for a household of 3+ it is $146,700.
For both the grant and loan program, you must contribute at least 1% of the sales price towards your home purchase. To get assistance, your net worth (savings and investments) may not exceed half of the sales price of the home you are purchasing.
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