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Free Money! VHDA Announces $5 Million Dollar Grant

VHDA has just announced a grant program that gives qualifying homebuyers the down payment equal to three-percent of the purchase price. This is grant money that DOES NOT have to be repaid — it’s free money!

The math is easy on your savings too!

If you qualified for a $225,000 home, you may qualify to receive $6,750 in free money! The Virginia Housing Development Authority has been assisting first time buyers since 1972, and I have assisted many buyer purchase a home with as little as $500 down many many buyers brought nothing or very little to the closing table.  Here are some of the details regarding the VHDA 3% down payment assistance program for the greater Tidewater area.

Qualifying:

  • First time homebuyers using the VHDA 97 Conventional Loan Program or regular FHA loan program (VHDA FHA-Plus not eligible).
  • Buyers cannot have owned real estate within the last 3 years.
  • Eligible properties are condominiums, townhomes and single family homes up to $375,000.
  • No matching or minimum contribution required from the borrower.
  • Cannot be used in conjunction with any other grant or down payment assistance program.
  • No private mortgage insurance, which help keep your monthly payment lower.
  • Borrowers must meet standard VHDA maximum income requirements.  For the Tidewater area, those income limits are:
  • $64,320 for households with 2 of fewer people and $74,040 for households with 3 or more people.
  • The 3% cannot be used for closing costs.
  • A total of $5 million dollars has been allotted. Once that money is gone, the program ends.

Contact Frank Biganski for additional information (757) 303-0517, and let’s get you into your new home today!

Frank Biganski

Licensed real estate professional since 2002.

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