If you’re looking for information about VA mortgage loans or are in the market for a new home, the Virginia Development Housing Authority (VDHA) is a great place to start. The VHDA website is full of resources and includes a contact us page and extensive FAQs. If you have a more specific question, you can also check out its blog. You can also find helpful information on VHDA’s website regarding homeowner programs and mortgage rates.
The VHDA customer service team can also help you navigate the process of homeownership. The organization provides lists of realtors and banks, as well as military programs. You can also find a listing of all of the available government-issued programs to get you started on the path to homeownership. And the best part? VHDA customer service representatives are available round the clock to answer any questions you might have. You can also look online for other mortgage programs.
To become a VHDA homeowner, you must have a good credit rating and a stable source of income. You can apply if you’re a first-time buyer. There are certain requirements to qualify for the program, including a certain number of years of home ownership, and you can’t have a debt-to-income ratio of more than 50%. However, once you’ve been approved, you can apply for a VHDA loan.
Another great benefit of VHDA loans is their tax benefits. VHDA home loans provide a 20 percent tax credit for mortgage interest that’s valid for the life of the loan. Combined with other benefits of the VHDA loan, the VHDA can help you save thousands of dollars in federal taxes. A down payment is just the first cost of homeownership. There are other costs, such as moving and closing, to consider as well.
The VHDA offers a range of 30-year fixed-rate mortgages and a second mortgage. The VHDA Plus second mortgage, for example, can be used to bridge the gap between the sales price of a home and the maximum FHA loan. The second mortgage allows qualified borrowers to pay the remaining 3.5% of the purchase price with a second loan. VHDA also provides down payment assistance, which may include the VHDA DPA Grant. In Virginia, the VHDA DPA Grant offers up to 2.5% of the purchase price as free money.
Aside from offering down payment assistance, VHDA also offers zero-down-payment loans. The VHDA Plus second mortgage is a loan made up of two mortgages. The first mortgage is for the first mortgage and the second is for the second mortgage. These two loans can be combined and are a great way to save money while you’re trying to buy a new home. The combined total of these loans cannot exceed the maximum purchase price limits set by VHDA.
VHDA offers a down payment assistance grant with the No MI program. The No MI program is designed for first-time and repeat homebuyers. The down payment assistance grant is only available with VHDA loans. This grant is free and does not require repayment. And the best part is that the down payment assistance grants are available to repeat homebuyers in targeted areas. The VHDA Mortgage Credit Certificate provides the buyer with a discount on mortgage insurance.