Virginia Housing Development Authority (VHDA) has just announced a new down payment assistance grant for borrowers who qualify. You are able to get up to 3% in FREE MONEY that does not have to be repaid.
The program began on March 12 and will continue through June 30, or, until the five million dollars in funds are allocated–whichever happens first. Five million sounds like a lot of money, but let’s do the math. If the average purchase price is $180,000, that means the average grant will be $5,400. Using those figures, only 925 people in Virginia will be able to receive the funds.
Here’s an overview of the most important points:
- Must be used with VHDA’s conventional, FHA, and Fannie Mae No MI products
- Cannot be combined with other down payment assistance resources like FHA Plus
- No repayment
- The City of Richmond incomes limits are $68,000 for 2 or fewer people or $78,720 for 3 or more people
- The City of Richmond sales price limit is $375,000
- Funds must be allocated by June 30, 2015
Check this chart for income limits in other areas.
If you want to know if you would qualify for this VHDA grant, feel free to email me or call me at 804.386.9364. At First Heritage Mortgage we are VHDA delegated, so the underwriting process is all in-house.