Who owns my vhda loan

If you qualify for the grant, you will receive up to 2. This grant does not need to be repaid, but a larger down payment will reduce your monthly mortgage cost. As an added bonus, when combined with a VHDA loan, it may not cost you anything to get started. The VHDA was created in to help even lower-income families become homeowners, even if you have a credit score that is on the lower end of the scale. Beyond the financial options that it makes available to residents, it also provides educational resources through free homebuyer classes, support as it relates to housing, and more.

There are several different things that may impact whether you are eligible for a VHDA loan or if another housing option may be better suited to your unique situation. In order to qualify, you must:. It is recommended that you have some creditworthiness. However, you should also fall under the maximum income limit based on location and the number of people in your home.

Your net worth also will be considered. A VHDA loan is for first-time homebuyers. Therefore, you must plan to reside in the residence you are applying for a loan to purchase as a first-time homeowner. VHDA loans are designed specifically for first-time homebuyers, meaning that eligible applicants must have no property ownership to their name within the past three years.

You must also intend to occupy the property as your primary place of residence, and the home you plan to purchase must not exceed certain lot sizes and sale prices. Anyone who is a first-time homebuyer can apply and be checked for eligibility, but certain benefits to the program are offered to borrowers the VHDA has called community heroes.

This grant is available to people who meet the initial VHDA requirements and fall into one of the following groups:. Through this grant, eligible borrowers can receive a percentage of the purchase price to help with the down payment.

Maximums and restrictions do apply to this grant for example, the DPA grant can only be used with eligible VHDA loans , but there is no repayment, and you could potentially receive up to 2. Since it is a grant, no repayment is required, and it can potentially be used in conjunction with other grants such as the DPA grant.

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Welcome to the Borrower Portal! September 08, Using a Mortgage Calculator to Understand Your Home Loan Options When considering buying a home or refinancing your current mortgage, it can be hard to know where to start and how to tell what the right decision is.