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General Loan Information

Conventional, FHA, VA, Rural Housing, FHA (All Fixed Rates)

These programs are designed to assist creditworthy first-time homebuyers or those who have not owned and occupied a home in the last three years. In addition to the requirements stated below, borrowers must meet the Sales Price and Income limits.

Homeownership Education:
Completion of VHDA's Homeownership Education class is required by all borrowers to become eligible for all VHDA loans.

Previous Homeownership:
Unless purchasing in a designated targeted area, eligible borrowers cannot have owned a home for the previous three years.

Tax Returns:
Borrowers must provide copies of the previous three years' tax returns.

Maximum Net Worth:
Borrower(s) net worth cannot exceed 50% of the sales price of the property being financed. (Some assets are not included; contact an approved lender or VHDA.)

Property Use:
The property cannot be used in a trade or business, and the applicants must intend to occupy the property as their primary residence.

Maximum Lot Size:
Is limited to no more than two acres (waivers for up to five acres may be requested).

Maximum Income:
Annual household income cannot exceed the published limits for the area in which the property to be financed is located.

VHDA’s standard sales price and income limits apply. (These limits may vary if purchasing in a designated targeted area.)

Maximum Sales Price/Loan Amount:
The sales price and total loan amount may not exceed the published limits for the area in which the property to be financed is located.

VHDA’s standard sales price and income limits apply. (These limits may vary if purchasing in a designated targeted area.)

Minimum Qualifying Requirements/Amount of House You Can Afford:
As a guideline, your total monthly house payment (principal and interest, plus 1/12th of the real estate taxes, hazard insurance and mortgage insurance) should not exceed 32% of your gross monthly income. In addition, the total monthly house payment (as noted above) plus any additional monthly debt owed (car payments, charge cards, child support payments) should not exceed 40% of your gross monthly income. Other guidelines may apply based on mortgage insurer or specific program requirements.

Contact Us

Homebuyer Department

Toll Free: 800-227-8432
Local: 804-783-6725

 

Customer Service

Toll Free: 877-VHDA-123
Local: 804-782-1986

 

Virginia Relay

In Virginia: 711
Toll Free: 800-828-1140

 

VHDA Fraud, Waste or Abuse Hotline

Phone: 804-915-3146
Email: InternalAudit@vhda.com
Website: Reporting Fraud, Waste or Abuse