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Home Loans

Homeownership Made Affordable

Looking for the VHDA loan that’s right for you? VHDA offers a variety of affordable home mortgages. All are 30-year fixed rate loans. Some don’t require any downpayment; some allow for lower credit scores; and some offer an MCC to help reduce federal taxes. Add available special features with a VHDA Loan Combo and increase money–saving benefits. All loans have maximum income and sales price limits and/or loan limits, which vary according to where the home is located.

 

Program
Benefits
Features
Fannie Mae (FNMA) HFA Preferred with Reduced Mortgage Insurance (MI) (Conventional)
  • Low 3% down payment required
  • Affordable monthly payment
  • Helps existing homebuyers “move up”
  • As low as 1% down with VHDA DPA Grant
  • Could reduce federal taxes owed
  • Could help to reduce existing mortgage payment
  • 97% maximum financing
  • Lowest mortgage insurance requirements
  • Available for first-time and repeat buyers
  • Eligible for VHDA’s Down Payment Assistance grant (DPA) (restrictions apply)
  • Eligible for Mortgage Credit Certificate (MCC) (restrictions apply)
  • Available for limited cash-out transactions as well as purchases
  • 660 minimum credit score
Fannie Mae 97% No Mortgage Insurance (MI)(Conventional)
  • Low 3% down payment required
  • Affordable monthly payment
  • Helps existing homebuyers “move up”
  • As low as 1% down with VHDA DPA Grant
  • Could reduce federal taxes owed
  • Could help to reduce existing mortgage payment
  • Monthly payment is lower than other government/conventional loan programs
  • 97% maximum financing
  • No monthly mortgage insurance requirement
  • Available for first-time and repeat buyers
  • Eligible for VHDA’s Down Payment Assistance grant (DPA) (restrictions apply)
  • Eligible for Mortgage Credit Certificate (MCC) (restrictions apply)
  • Available for limited cash-out transactions as well as purchases
  • Low payments can qualify for larger home
  • 660 minimum credit score
FHA Plus
  • FHA-fixed first mortgage
  • 100% financing, no downpayment cash needed with FHA Plus 2nd mortgage
  • Second mortgage 3.5% - 5.00% based on credit score
  • Low payments on second mortgage.
  • Could reduce federal taxes owed
  • Liberal credit qualifying
  • Low 30-year fixed interest rate
  • Second mortgage covers all required downpayment
  • Credit scores 680 and greater can receive additional funds for closing costs
  • Second mortgage for 30-year term
  • Eligible for Mortgage Credit Certificate (MCC)
  • Credit scores as low as 620
FHA
  • FHA insured.
  • Low down payment.
  • Liberal credit qualifying.
  • As low as 1% down with VHDA DPA Grant
  • Could reduce federal taxes owed
  • 3.5% downpayment.
  • Credit Scores as low as 620.
  • VHDA DPA Grant Eligible.
  • Eligible for Mortgage Credit Certificate (MCC)
VA
(Veterans Administration)
  • VA guaranteed.
  • $0 down payment required for eligible veterans.
  • Could reduce federal taxes owed.
  • Liberal credit qualifying
  • 100% financing.
  • Eligible for Mortgage Credit Certificate (MCC).
  • Credit scores as low as 620.
USDA
(Rural Housing Service)
  • USDA guaranteed.
  • $0 required for eligible rural properties.
  • Lower monthly payments
  • Could reduce federal taxes owed
  • 100% financing.
  • Low mortgage insurance
  • Eligible for Mortgage Credit Certificate (MCC)

 

 

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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