Mortgage News

The VHDA Down Payment Assistance Grant program has been extended to September 30, 2015!

June 30th, 2015

VHDA’s New 3% Down Payment Assistance Grant

The following information provided by Virginia Housing Development Authority (www.vhda.com)

VHDA’s New 3% Down Payment Assistance Grant can help qualified first-time homebuyers obtain funds to buy a home.

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Qualified buyers may receive up to 3 percent of the purchase price, to help with the down payment on their first home.

Buyers must have household incomes at or below program limits.

Down Payment Assistance Grant may be used with only the following VHDA purchase programs: Conventional, FHA and Fannie Mae No MI.

Grant funds may not be used in combination with other down payment assistance resources (including FHA Plus).

Down Payment Assistance Grant has no repayment (no note or deed of trust).

VHDA's first mortgage must be locked on or after March 12, 2015.

Funds are available on a first-come, first-served basis and must be allocated by September 30, 2015.