No Money Down Home Loans are Back!
The VHDA just announced that they plan to roll out a program that offers down payment grants for qualified first time buyers on Monday, March 14. That’s basically free money!
These non-repayable grants are for 3% (Conventional) or 3.5% (FHA) of the purchase price. When combined with a mortgage credit certificate (tax credit) this is a great way to purchase a home with no money down.
This program is designed to help first time home buyers (or buyers that have not owned a home in the past 3 years) realize the American dream of home ownership. Now, there are income and sales price limits, so this is not for everyone. However, this will enable home buyers who need help with the down payment to purchase a home.
Here are some of the parameters of this grant that buyers must follow:
-Intend to live in the home
-May not use home for trade or business
-Lot size limited to 2 acres (unless a waiver is obtained, which will allow up to 5 acres)
-Demonstrate creditworthiness
-Demonstrate stable income
-Take and complete VHDA’s Homeownership Education class
You can view the specific income and sales price limits to qualify for this grant here. The income and sales price limits also vary depending on where in Virginia you live. This creates an opportunity for home ownership where it may not have been possible otherwise.
We want to help you make your dream of home ownership come true!
Take advantage of this amazing program! Contact Scott Koval and Sarah Taylor at the JS Realty Team for a personalized consultation.