VHDA DownPayment Assistance

Dated: 09/01/2016

Views: 120

VHDA Down Payment Assistance CHANGES!! (Note: Virginia properties only!)

Passing along some critical VHDA changes to their Down Payment Assistance programs, effective for all locks after September 7th!! 

 All borrowers must contribute a minimum of 1% of the sales price for each transaction. These funds may come from borrower contributions or other acceptable funds in accordance with the program guidelines. Gifts are acceptable.

The maximum grant amount will be 2.50% for FHA loans and 2.00% for Fannie Mae loans.

The minimum credit score will be 640 (for all borrowers). All borrowers must have a credit score to be eligible.

The maximum debt to income ratio will be 41.00%. So, if you are a buyer that is interested in this program and want to take full advantage of the current guidelines (3.5% down payment for FHA and 3% for Conventional, along with a 45% debt to income ratio), you will need to have a contract in place before 8/7/16 and must be locked before that date.

This  is a great program. Contact me if you want more information.

Blog author image

Marvette Cofield

Your real estate journey should be an AWESOME experience, if not, I have not done my job. Success is defined by my client’s satisfaction when they achieve their specific real estate goals. I take gr....

Latest Blog Posts

Irish Real Estate Team Launch

I am so excited to take the next step in my business.  I am forming a team that is going to maintain my high level of customer service standards.  The ability to help more people with the

Read More

Right Around The Corner

Love all the energy on Facebook and out in public when we have a warm day in the middle of winter, especially this winter with the deep freeze temperatures.  I know there's more

Read More

Trim The Fat

ORGANIC FOOD ON A BUDGETOrganic food usually tastes better, and is better for you, but it can also be very expensive compared to non-organic products. Organic food can cost nearly 50 percent more,

Read More

Homes For Homeschoolers

Homeschooling is the practice of providing children with some or all of their kindergarten through 12th grade education at home, as opposed to in a public or private school setting. In 2012,

Read More