VA Home Mortgage - Housing Development Authority
VA home mortgage ownership may be within your grasp by obtaining a loan with a VA home mortgage loan program with the assistance of home mortgage loans offered by VHDA. Virginia Housing Development Authority offers affordable housing opportunities with the aid of VA home mortgage loans for Virginia residents who otherwise might not be able to hurdle a traditional channel. This VA home mortgage loan program allows for low- to moderate-income homebuyers access to low down payment assistance, closing, and interest rates.
Though the program is targeted for first time homebuyers with low-to-moderate income, the requirement of first time ownership does not apply when purchasing a home in areas of Economic Opportunity. The program defines a first time homeowner is someone who has no prior ownership in any residence within the previous three years. Areas of Economic Opportunity are defined as federally targeted areas.
Key Highlights of this VA Home Mortgage Loan Program
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VA Home Mortgage Loans are for residential owner occupied properties in the State of Virginia, this program is offered statewide. Program requires that the property be used as your primary residence.
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Points and rates for this VA home mortgage programs are set by the Virginia Housing Development Authority.
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First Time Homeownership is a requirement, unless your purchase a home in the federally targeted areas.
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All homeowners seeking a VA home mortgage with the aid of VHDA must complete a homeownership education class.
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If seeking VA home mortgage loans utilizing these programs then you must use a VA home mortgage approved lender with VHDA. Corridor Mortgage Group is an approval VA home mortgage loan lender.
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Income limit and loan limits vary based on the property location.
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Homes financed with the special VA Home Mortgage may be subject to the Federal Recapture Tax.
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These VA home mortgage loans are 30 year fixed rates, with competitive and often below market rates.
If you are interest in obtaining a VA home mortgage with the assistance of the Virginia Housing Development Authority program contact one of our licensed loan originators in your area for additional information, or you may click here and someone will contact you.