We offer a variety of 30-year, fixed rate loans at interest rates typically lower than those available through standard conventional loan programs. Fixed rates loans are available as:

Conventional (uninsured or with PMI)

Program details: The maximum mortgage is up to 97% of the sales price or appraised value, whichever is less. Private mortgage insurance (PMI) is required when loan amount exceeds 80% of sales price. (Contact your lender for current fee for standard coverage and underwriting criteria.) Applicant(s) must have two years of stable employment and an acceptable credit history. Qualifying ratios are: total shelter cost (principal and interest, plus monthly taxes and insurance) can't exceed 32% of applicant's total gross monthly income; total montly debt payments plus total shelter cost can't exceed 40% of applicant's total gross monthly income.

FHA (Federal Housing Administration)

Program details: The maximum mortgage is based on standard FHA calculation. The FHA mortgage insurance premium fee can be incuded in the loan amount, provided the final loan amount doesn't exceed VHDA's maximum allowable sales price. FHA guidelines are used for qualifying ratios, financing closing costs, mortgage insurance premium, credit and property guidelines.

VA (Veterans Affairs)

Program details: The maximum mortgage is based upon applicant(s) VA eligibility. The VA funding fee can be included in the loan amount, provided the final loan amount doesn't exceed VHDA's maximum allowable sales price. No down payment in most cases. VA guidelines are used for debt ratio, income residual, credit, property guidelines and VA funding fee (waived if on disability).

RHS (USDA Rural Housing Services)

Program details: Maximum mortgage is 100% of sales price or appraised value, whichever is less. The RHS guarantee fee may be financed in the loan, provided the final loan amount doesn't exceed the appraised value or VHDA's maximum allowable sales price. Maximum mortgage amount is based on the lesser of the VHDA sales price or RHS published mortgage limits. Maximum income limits are based on the lesser of the VHDA or RHS published limits. RHS guidelines are used for monthly obligatiion to income ratio of 41 percent and principal, interet, taxes, insurance to income of 29 percent, credit analysis and property guidelines.

Automated approvals using Loan Prospector or Desktop Underwriter are accepted for conventional loan-to-values up to 97% and FHA/VA loans with some limitations, with a minimum 620 credit score.

For more information about any of these loans, contact your local VHDA-originating lender or VHDA’s originations department.