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Alex Caver
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757-695-0455
alexcaver@gmail.com
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Alex Caver
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Direct Office:
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alexcaver@gmail.com
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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
Maximum Gross Household Income
Sales Price/Loan Limits
2 or Fewer People
3 or More People
New & Existing Construction
 
  Standard
With VHDA Down Payment Grant
Standard
With VHDA Down Payment Grant
 
Washington-Arlington-Alexandria
$125,700
$100,500
$146,700
$117,300
$500,000
Charlottesville
Richmond
Norfolk-VA Beach-Newport News
 $90,000
 $88,200
 $83,200
$72,000
$70,500
$66,500
$105,000
 $102,900
 $97,000
 $84,000
 $82,300
 $77,600
$375,000
 
 
Culpeper
Rappahannock
Warren
$87,500
$85,200
$84,200
$70,000
$68,100
$67,300
$102,100
$99,400
$98,200
$81,600
$79,500
$78,500
$425,000
King George
$92,600
$74,000
$106,900
$85,500
$322,900
All Other Areas of Virginia
$76,700
$61,300
$88,200
$70,500
$251,900

Metropolitan Statistical Area (MSA) Details

Washington-Arlington-Alexandria
Charlottesville
Richmond
Norfolk-Virginia Beach-Newport News
 

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, City of Richmond, 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
© 2018 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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