VHDA Just Announced a 2.5% Down Payment Assistance Program! This is fantastic news for first-time home buyers.
In an effort to stimulate the home buying 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.
New DPA Grant Program Guidelines and Procedures
The response to the most recent release of the DPA Grant program has been outstanding. Over 2500 first time homebuyers have reserved funds and will realize more affordable homeownership through the benefits of the program.
DPA Grant Borrower Requirements
·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%.
·All loans must receive an AUS approval.Manual approvals will not be accepted.