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    Virginia- VHDA

    Virginia

    Virginia Housing offers a variety of affordable home mortgages. All are 30-year fixed rate loans. Some don’t require any downpayment; some allow for lower credit scores; and some offer an MCC to help reduce federal taxes.


    FHA

    • FHA insured
    • Low down payment
    • Liberal credit qualifying
    • As low as 1% down with Virginia Housing DPA Grant
    • 3.5% downpayment.
    • Credit Scores as low as 620
    • Eligible for Virginia Housing’s Down Payment Assistance grant (DPA).
    • Eligible for Virginia Housing’s Plus Second Mortgage
    • Eligible for Mortgage Credit Certificate (MCC)

    VA
    (Veterans Administration)

    • VA guaranteed
    • $0 down payment required for eligible veterans
    • Liberal credit qualifying
    • 100% financing
    • Credit scores as low as 620
    • Eligible for Virginia Housing’s Closing Cost Assistance (CCA) grant
    • Eligible for Mortgage Credit Certificate (MCC)

    Down Payment Assistance Grant (DPA)

    • Reduces funds needed for a Down Payment
    • No repayment required
    • Reduces monthly housing payment
    • Can be paired with MCC
    • 1% down payment
    • Grant is a true gift
    • Can be paired with other non-Virginia Housing down payment
    • First-time buyer required

    Closing Cost Assistance (CCA) Grant

    • Could eliminate funds needed for closing
    • No repayment required
    • Can be paired with Mortgage Credit Certificate (MCC)
    • First-time buyer required
    • Grant is a true gift
    • Can be paired with other non-Virginia Housing assistance

    Fannie Mae

    • Low 3% down payment required
    • Affordable monthly payment
    • Helps existing homebuyers “move up”
    • As low as 1% down with Virginia Housing DPA Grant
    • Could help to reduce existing mortgage payment
    • Monthly payment is lower than other government/conventional loan programs
    • 97% maximum financing
    • No monthly mortgage insurance requirement
    • Available for first-time and repeat buyers
    • Eligible for Virginia Housing’s Plus Second Mortgage
    • Eligible for Virginia Housing’s Down Payment Assistance grant (DPA) (restrictions apply)
    • Eligible for Mortgage Credit Certificate (MCC) (restrictions apply)
    • Available for limited cash-out transactions as well as purchases
    • Low payments can qualify for larger home
    • 660 minimum credit score

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