Apr 21 2018 QUALIFY AND BUY A HOME WITH GOVERNMENT GRANTS

Apr 21 2018 QUALIFY AND BUY A HOME WITH GOVERNMENT GRANTS

Homeownership Made Affordable

Looking for the VHDA loan that’s right for you? VHDA 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. VHDA makes homeownership affordable through our "VHDA Loan Combo," a down payment grant, plus an MCC (a federal tax credit for homebuyers), plus our free homebuyers class. All loans have maximum income and sales price limits and/or loan limits, which vary according to where the home is located.

 

Program
Benefits Features
Fannie Mae (FNMA) HFA Preferred with Reduced Mortgage Insurance (MI) (Conventional)
  • Low 3% down payment required

  • Affordable monthly payment

  • Helps existing homebuyers “move up”

  • As low as 1% down with VHDA DPA Grant

  • Could reduce federal taxes owed

  • Could help to reduce existing mortgage payment

  • 97% maximum financing

  • Lowest mortgage insurance requirements

  • Available for first-time and repeat buyers

  • Eligible for VHDA’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

  • 640 minimum credit score

Fannie Mae 97% No Mortgage Insurance (MI)(Conventional)
  • Low 3% down payment required

  • Affordable monthly payment

  • Helps existing homebuyers “move up”

  • As low as 1% down with VHDA DPA Grant

  • Could reduce federal taxes owed

  • 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 VHDA’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

FHA Plus
  • FHA-fixed first mortgage

  • 100% financing, no downpayment cash needed with FHA Plus 2nd mortgage

  • Second mortgage 3.5% - 5.00% based on credit score

  • Low payments on second mortgage.

  • Could reduce federal taxes owed

  • Liberal credit qualifying

  • Low 30-year fixed interest rate

  • Second mortgage covers all required downpayment

  • Credit scores 680 and greater can receive additional funds for closing costs

  • Second mortgage for 30-year term

  • Eligible for Mortgage Credit Certificate (MCC)

  • Credit scores as low as 620

FHA
  • FHA insured. 

  • Low down payment.

  • Liberal credit qualifying.

  • As low as 1% down with VHDA DPA Grant

  • Could reduce federal taxes owed

  • 3.5% downpayment.

  • Credit Scores as low as 620.

  • VHDA DPA Grant Eligible.

  • Eligible for Mortgage Credit Certificate (MCC)

VA
(Veterans Administration)
  • VA guaranteed.

  • $0 down payment required for eligible veterans.

  • Could reduce federal taxes owed.

  • Liberal credit qualifying

  • 100% financing.

  • Eligible for Mortgage Credit Certificate (MCC).

  • Credit scores as low as 620.

USDA
(Rural Housing Service)
  • USDA guaranteed.

  • $0 required for eligible rural properties.

  • Lower monthly payments

  • Could reduce federal taxes owed

  • 100% financing.

  • Low mortgage insurance

  • Eligible for Mortgage Credit Certificate (MCC)



Michele Stash Headshot
Author:
Phone: 703-585-8856
Dated: April 21st 2018
Views: 171
About Michele: When you want to buy or list, allow me to show you how I can save you $$$$$. Call me When you ...

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