Mortgage News

VHDA- Down Payment Assistance Grant

VHDA- Down Payment Assistance Grant

March 23rd, 2015

This week, the VHDA announced great news: a down payment assistance grant. There are limited funds available, and they are distributed on a first come, first serve basis. There is even an end date to the program of June 30, 2015.

Click here for more info on VHDA loans.

Criteria for the the grant:

  • Only available to first-time homebuyers

  • Limited to 3% of the lesser of purchase price or appraised value

  • The borrower is under no obligation to repay the grant (no note or deed of trust is executed for these funds)

  • The funds can only be used for down payment, not closing costs

  • Cannot be combined with VHDA FHA Plus program, VA or any other grants

  • Only applicable to households earning no more than 80% of VHDA’s current income limits

 

Down Payment Grant

 


 

Tidewater Home Funding

Tidewater Home Funding, LLC NMLS# 41552
(www.nmlsconsumeraccess.org).
Equal Housing Lender.

Licensed in Virginia, North Carolina & Florida.

VSCC Bureau of Financial Institutions, P.O. Box 640, Richmond VA 23218-0640, (1-800-552-7945) www.scc.virginia.gov/bfi

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