VHDA Just Announced a 3% Down Payment Assistance Program!This is fantastic news for first-time home buyers.
Down Payment Assistance Grant: In an effort to stimulate the spring home buying season for 1st time buyers in Virginia, Virginia Housing Development Authority is pleased to announce Down Payment Assistance grants. Because these resources are extremely limited, they will be targeted to those households earning no more than 80% of VHDA’s current income limits. Grants will be limited to 3% of the lesser of purchase price or appraised value. The borrower is under no obligation to repay the grant (No Note or Deed of Trust is executed for these funds).
Eligible Programs: The down payment assistance grant funds are available to borrowers obtaining a VHDA 1st mortgage (Conventional, FHA, or Fannie Mae NO MI) and may be used for down payment only.
Note: Loan programs requiring no down payment (VA, USDA) are not eligible for a DPA grant. In addition, these limited resources may not be used in conjunction with a FHA Plus mortgage or other down payment/closing costs assistance including FLHB programs. Borrower(s) must meet all qualification requirements for first mortgage.
Limited Availability: VHDA has set-aside $5 million for the Down Payment Assistance Grant program. Because these resources are limited, they will be made available on a first-come, first-serve basis. Once funds have been exhausted there will be no additional allocation. Each request for DPA grant funds must be allocated by VHDA no later than June 30, 2015.
|Area||Maximum Income2 or Fewer People||Maximum Income3 or More People||Maximum Sales Price/Loan LimitsNew & Existing|
|Washington/ Arlington/ Alexandria MSA||$97,520||$113,840||$500,000|
|Charlottesville MSA||$74, 080||$86, 480||$375,000|
|Norfolk/ VA Beach/ Newport News MSA||$64,320||$75,040||$375,000|
|Statewide(All areas not listed above)||$58,880||$67,680||$251,900|
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