Virginia Housing & Development Authority Loan loans can be extremely attractive to first time home buyers
Geared toward first-time home buyers
Low down payment and no down payment loans
Borrowers with credit scores as low as 620 may qualify
It can be hard to come up with the money to buy your first home. We understand that.
So does the Virginia Housing & Development Authority (VHDA). The agency offers an array of special rates and loan programs for first-time homebuyers. The qualifying guidelines are different from other loans, too, with most requiring little or no down payment. Union Mortgage Group, Inc. representatives can help you figure out which option might work best for you.
- The Virginia Housing & Development Authority programs offer 30-year fixed mortgages
- Loans are available to first-time home buyers and people who haven’t owned a home for at least 3 years
- Down payments generally range from 0% to 3% of the home purchase price
- Monthly payments are often lower than traditional mortgages
- Borrowers with credit scores as low as 620 may qualify
- Use our Mortgage Loan Calculator to calculate your monthly payment and an estimated payoff schedule, and our Mortgage Payoff Calculator to see the advantages of adding a little extra to your mortgage payments
Representative example of VHDA Loan with 97% Financing: A down payment of three percent (3%) of the purchase price or appraised value (whichever is lower) may be required. Example: For a loan amount of $100,000, monthly principal and interest payments of $477.42 at a 4.23% APR (Annual Percentage Rate), fixed for 360 months. This example does not include an escrow account for taxes and hazard insurance. Actual payment obligation will be greater if an escrow account is established.
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