Exciting News – VHDA Down Payment Assistance

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
Richmond MSA $68,000 $78,720 $375,000
Norfolk/ VA Beach/ Newport News MSA $64,320 $75,040 $375,000
Culpeper $74,720 $87,200 $425,000
Rappahannock $74,640 $87,120 $425,000
Warren $68,800 $80,320 $425,000
King George $74,080 $85,520 $325,000
Statewide(All areas not listed above) $58,880 $67,680 $251,900

If you need a preferred local lender, let me know!  I’ll refer you to a trustworthy adviser!

All my best,
Myra Spano, REALTOR®

About the Author:
Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.
For information about purchasing a home in Virginia Beach, visit her website.  This site is focused on homes available for sale in Hampton Roads, Virginia.  Email, call or text to make an appointment begin your home search.
If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to request a Free Market Analysis of your property.
Myra Spano & Berkshire Hathaway HomeServices Towne Realty is awaiting to provide the real estate guidance you need.  Contact us now to make your home dreams come true!

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