Homeownership Made Affordable
Looking for the Virginia Housing loan that’s right for you? Virginia Housing 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. Virginia Housing makes homeownership affordable through our "Virginia Housing Loan Combo," a down payment grant, plus an MCC (a federal tax credit for homebuyers), plus our free homebuyers class. All loans have maximum income and sales price limits and/or loan limits, which vary according to where the home is located.
Download our Home Loan Options eBook for a quick overview of all our mortgages, grants and programs for homebuyers! Just click any tab on the side to get started.
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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 Virginia Housing DPA Grant
- Could help to reduce existing mortgage payment
| - 97% maximum financing
- Lowest mortgage insurance requirements
- Available for first-time and repeat buyers
- Eligible for Virginia Housing's Plus Second Mortgage.
- Eligible for Virginia Housing’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
- 640 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 Virginia Housing DPA Grant
- 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 Virginia Housing's Plus Second Mortgage
- Eligible for Virginia Housing’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 | | 3.5% downpayment.
Credit Scores as low as 620
Eligible for Virginia Housing's Down Payment Assistance grant (DPA). Eligible for Virginia Housing's Plus Second Mortgage - Eligible for Mortgage Credit Certificate (MCC)
|
VA
(Veterans Administration) | | 100% financing Credit scores as low as 620 Eligible for Virginia Housing's Closing Cost Assistance (CCA) grant Eligible for Mortgage Credit Certificate (MCC)
|
USDA
(Rural Housing Service) | | |
|
Virginia Housing Plus Second Mortgage | | 0% downpayment
2nd mortgage is a 30-year fixed rate
Qualified homebuyers can borrow 1.5% more than the sales price Eligible for first-time buyers and repeat buyers purchasing in Federal Targeted Areas Virginia Housing standard income limits apply First-time buyer required
|
|
Down Payment Assistance Grant (DPA) | | |
Closing Cost Assistance (CCA) Grant | - Could eliminate funds needed for closing
- No repayment required
- Can be paired with Mortgage Credit Certificate (MCC)
| - First-time buyer required
- Grant is a true gift
- Can be paired with other non-Virginia Housing assistance
|
Mortgage Credit Certificate | - Could lower federal income taxes owed
- No cost to homebuyer to receive
- Reduces cost of homeownership
| - First-time buyer required
- When used with a Virginia Housing first Mortgage product and approved Virginia Housing Lender
- Tax credit can be taken for life of loan*
|
*Assumes that the property remains a principal residence, the Virginia Housing loan is still outstanding, and there is an actual federal tax liability
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