VHDA offers a variety of loan programs to assist creditworthy first-time homebuyers and repeat buyers. Current offerings are Conventional, FHA, VA, and USDA Rural Housing programs with 30-year fixed-rate terms. In addition to following agency and insurer guidelines for each of our programs, VHDA also implements the following requirements:
Maximum Income Limits
VHDA sets maximum income limits based on household size, product usage and area in which the subject property being financed is located. Please review the income and sales price/loan limits for specific details.
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. The loan amount plus all funding/guarantee fees must fall at our below our published loan limits.
While some of our programs allow for repeat homebuyers, the majority of our programs are for first-time homebuyers. We define a first-time buyer as someone who has not owned AND occupied a primary residence within the last three years.
Areas of Economic Opportunity/Federal Targeted Areas
Exceptions to our maximum income/sales price/loan limits and previous homeownership rules can be made if purchasing in an area of economic opportunity, also known as a Federal Targeted Area.
Unless stated otherwise in the program guidelines, completion of VHDA's free homebuyer class is required by all borrowers to become eligible for all VHDA loans.
Maximum Net Worth
Borrower(s) net worth cannot exceed 50 percent of the sales price of the property being financed. (Some assets are not included; contact an approved lender or VHDA for more details.)
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
Lot size is limited to no more than two acres (waivers for up to, but not more than, five acres may be requested).
For homebuyers who receive a Mortgage Credit Certificate and sell their home within the first nine years, a recapture tax may be required. Please click on the recapture tax link for more details.