Hopeful first-time home buyers in Virginia have access to state programs that can help them make a down payment or qualify for a home loan. For nearly 50 years, the not-for-profit Virginia Housing Development Authority has worked with lenders throughout the state to make homeownership a reality for thousands of residents.
National first-time home buyer programs
Since you’re doing a bit of research, it can’t hurt to look into national programs aimed at potential home buyers with modest incomes. You’ll find options for loans with low or no down payments.
Virginia Housing first-time home buyer programs
If you live in Virginia, VHDA programs offer first-time home buyers some unique benefits, ranging from down payment grants to federal tax breaks.
VHDA highlights and eligibility requirements
HIGHLIGHTS
- Down payment grants available.
- 30-year fixed-rate loans.
- Some programs allow zero down payment.
- Many loan programs are eligible for federal tax credits.
ELIGIBILITY
- Required credit score varies by program; lowest is 620.
- Haven’t owned a home in the past three years (except in certain areas).
- Maximum income and loan limits vary by home’s location.
- The home must be your primary residence; no business use.
- Applicants must complete homeownership education class.Down payment assistance grant
Your next step
Talking to a lender, preferably at least a couple, will get you started. Lenders affiliated with the VHDA know all the ins and outs and can help you navigate the process. Why talk to more than one? Because terms, interest rates and even customer engagement can vary from lender to lender. It’s satisfying to find someone you like to work with who also looks out for your best interests.
For details on any Virginia Housing Development Authority program, visit the VHDA website.
Search all RVA homes here: https://www.thervagroup.
Original Article: https://www.nerdwallet.com/blog/mortgages/virginia-first-time-home-buyer-programs/