Virginia Housing has an FHA no down payment solution as well. Rather than requiring 1% down, this Virginia down payment assistance, VHDA Plus Second Mortgage, provides either 3.5% or 5% of the sales price. Therefore, it bridges the gap between the purchase price and the FHA first mortgage loan amount.
Correspondingly, are VHDA loans good?
The upside to this is if you qualify, you can potentially finance 100% of your house through the two loans, with a fixed rate for 30 years on both the first and second mortgage. The VHDA loan is a great product that has helped thousands of first-time homebuyers just like you realize their dream of homeownership.
Herein, how can I lower my mortgage payments when buying a house?
Here are some different ways you can lower your monthly mortgage payment.
- Refinance your mortgage to a lower rate. …
- Refinance to a longer term mortgage. …
- Remove private mortgage insurance. …
- Apply for mortgage forbearance. …
- Request a mortgage recast. …
- Shop for homeowners insurance. …
- Apply for a mortgage loan modification.
How do I get my mortgage statement from Vhda?
Lenders can request a payoff statement from Virginia Housing by calling 800-235-6938. Press 1 for loan information.
There are currently two types of government-sponsored loans that allow you to buy a home without a down payment: USDA loans and VA loans. Each loan has a very specific set of criteria you need to meet in order to qualify for a zero-down mortgage.
- Must be a first-time homebuyer (can’t have owned a home in the past three years)
- You are purchasing a home in Virginia.
- Have a minimum credit score of 620.
- Cannot exceed certain income and purchase price limits, which vary based on the location of your property.
VHDA offers several types of federal government loans. These loans are eligible for VHDA grants that reduce the out-of-pocket expenses for qualified borrowers. Homebuyers who qualify for one of these loans may also take advantage of VHDA’s Mortgage Credit Certificate program. FHA-insured.
Virginia Housing Conventional
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.
VHDA FHA Plus Loans are VHDA-financed FHA-insured home loans that include a second mortgage. This structure is designed to help qualified borrowers who need down payment and closing costs assistance when buying their home.
VHDA Mortgage Loans
Created in 1972, their mission is to help low- and moderate-income Virginians attain quality, affordable housing. VHDA Loans are tailored to first-time homebuyers and current homeowners who are thinking about buying in Areas of Economic Opportunity.