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A Forgotten Loan Program for Virginia Buyers

Keys to Your New HomeOften misunderstood and overlooked by Northern Virginia homebuyers are the loan programs offered by the Virginia Housing Development Authority (VHDA). Why?

One reason is that for years the only way to get a VHDA loan was to deal directly with a loan counselor in Richmond. The program required certain items which normally convey with a house in Northern Virginia such as a stove and refrigerator be separated out from the sales price of the house. The paperwork was a nightmare and as a result many agents wouldn’t even suggest it is an option for a first time homebuyer.

Now those barriers have been removed and in many cases you can walk in to your bank or local mortgage company and they will be able to help you. The paperwork has been streamlined and you can even go on-line to the VHDA website and fill out the Quick Start questionnaire to determine what VHDA program might be right for you.

VHDA programs have also been expanded and now repeat buyers are eligible for financing as well as first time homebuyers. For first time home buyers there are income limits depending on the size of your family and a loan limit of $408,000. Depending on your credit score the typical fixed rate 30 year rate is often lower than what you can get through a “traditional” program. For first time home buyers with a higher income or previous homeowners VHDA also offers Flexible Alternative Programs that give another set of options including ZERO down payment options.

If you are considering buying a home in the Northern Virginia area next year and exploring your financing options then check out the options that the VHDA offers. If you need assistance give me a call at 703-346-2213 and I will be happy to refer you to a mortgage consultant who can talk through all of the options available to put a new home in your future. 

The following are some examples of homes available which meet the loan limits for first time VHDA home buyers.  

Example homes under $400,000 in Prince William County

Example homes under $400,000 in Fairfax County

To search for more homes in other areas in Northern Virignia 

For more information on buying a home in Northern Virginia 

___________________________________________________________________________________________________

Cindy Jones

 

As an Associate Broker with RE/MAX Allegiance in Northern Virginia and native of the area I can assist you whether you are buying, selling or renting a home anywhere in Northern Virginia. For more information about the area or my services you can check VaRealEstateTalk or my Northern Virginia website.

Search all homes available in the Northern Virginia area.

 

                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Military Relocation Professional


Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

Comment balloon 3 commentsCindy Jones • December 17 2007 10:19PM

Comments

Great info Cindy!  We have similar programs for buyers here in RI.  They offer so many benefits for 1st time homebuyers.  :) 
Posted by Martinelli Caputi, & Associates, Ltd. (Martinelli Caputi & Associates, Ltd.) almost 11 years ago

Your knowledge of the Northern Virginia area shows in the information you share on the area.

Posted by Pat Fenn (Marketing Specialist for CJ Realty Group/Cindy Jones Broker ) about 8 years ago

VHDA is still a good option for Northern Virginia buyers.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) about 8 years ago

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