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VHDA DownPayment Assistance
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.
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