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Stop Paying Someone Else's Mortgage and Save Money With Your Own!

VHDA Program

FHA Plus Loan

This VHDA-financed FHA-insured home loan includes a second mortgage designed to help qualified borrowers who need down payment and closing costs assistance.

Program Details

  • Borrower(s) must have cash available equal to a minimum of 1% of the sales price.

  • Second mortgage – 3.5% to 5% of sales price.

  • Maximum second mortgage 3.5% for qualified borrowers with a 620 – 679 credit score or 5.0% for qualified borrowers with a 680 or greater credit score. The maximum second mortgage is based on the lower of sales price or appraised value.

  • The 30-year fixed interest rate for the first and second (both VHDA-financed) mortgage is slightly higher than our standard fixed rate programs.

  • The combined total of the two loans cannot exceed VHDA sales price limits.

VHDA’s standard sales price and income limits apply.

Income and Sales Price / Loan Limits

Income Limits

Our First-time Homebuyer Loans have maximum income and maximum sales price / loan limits based on the geographic area in which the home is located. VHDA's First-time Homebuyer Loans are limited to borrowers who have never owned a home or who have not owned a home in the past three years.

Area

Gross Household Income

Maximum Sales Price/Loan Limits

2 or Fewer People

3 or More People

New & Existing Construction

Washington-Arlington-Alexandria MSA

$121,900

$142,300

$500,000

Charlottesville MSA
Richmond MSA

Norfolk-VA Beach-Newport News MSA

$92,600

$85,000

$80,400

 

$108,100

$98,400

$93,800

 

$375,000

Culpeper
Rappahannock
Warren

$93,400

$93,300

$86,000

$109,000

$108,900

$100,400

$425,000

King George

$92,600

$106,900

$325,000

Statewide (All areas not listed above)

$73,600

$84,600

$251,900

 Metropolitan Statistical Area (MSA) Details

Washington-Arlington-Alexandria MSA

Charlottesville MSA

Richmond MSA

Norfolk-Virginia Beach-Newport News MSA

Alexandria, Arlington County,
Clarke County, Fairfax,
Fairfax County, Falls Church,
Fauquier County, Fredericksburg,
Loudoun County, Manassas,
Manassas Park, Prince William County,
Spotsylvania County, Stafford County

Albemarle County,
Charlottesville,
Fluvanna County,
Greene County,
Nelson County

Amelia County, Caroline County,
Charles City County, Chesterfield County, Colonial Heights, Dinwiddie County, Goochland County, Hanover County, Henrico County, Hopewell, King William County, New Kent County, Petersburg, Powhatan County, Prince George County, Sussex

Chesapeake, Gloucester County, Hampton,
Isle of Wight County,
James City County, Mathews County, Newport News, Norfolk, Poquoson, Portsmouth,Suffolk, Virginia Beach, Williamsburg,
York County

 

Virginia Housing Development Authority

The Leading Mobilizing Force for Affordable Housing

© 2013 VHDA, All Rights Reserved. The information contained herein (including but not limited to any description of VHDA and its lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice.

    

 

     

                       

 

            

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