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.
- 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!