VHDA Offers Down Payments As Low As One Percent Down

 

If you are one of those who say "I would love to buy a home, however I don't have a Twenty Percent Down Payment." I've got great news for you. You don't need a Twenty Percent down payment.

 

All this Doom and Gloom on the market is only making things great for those who are in the market to buy. Especially the first time buyer. Why?

  • VHDA has a low down payment loan available to for you.
  • Interest rates are low
  • Prices are at rock bottom
  • Inventory is high
  • VHDA FHA/Plus program allows qualified buyers to buy with a 1% Down Payment. ( Yes 1%!)
  • What are you waiting for -call me.

The VHDA loan program called FHA PLUS which is VHDA financed and FHA insured designed to help First Time Home-buyers gain home-ownership.

The local mortgage professional that is Licensed for VHDA loans in Woodbridge is Markita in Lake Ridge give her a call and tell her Peggy recommended you call. Markita is a bottom line kind of lady and she will coach you on all of your options.

Here is a quick overview of the loan:

  • This is a piggyback Combo loan with 2 mortgages. 1st mortgage is 97.75% and 2nd mortgage is at 5%.
  • 30 year terms and rate for both mortgages (1st and 2nd)
  • First Time Home-buyers only (If you have not had home-ownership in the last 3 years then you qualify)
  • No minimum credit score required and flexible credit pricing derived from FHA qualifying!
  • 1% of sales price needs to be verified in reserves.
  • Household income and sales price limited to chart below
  • Also I understand, if an area is a target area, you may not have to be a first time buyer.
  • Contact your local VHDA licensed lender to learn what area's are c http://www.thelendingadvisors.com considered target area's.
  • In our area that is Markita Aldridge-Woods at Westar Mortgage 703-497-3936
  • Gross Household Income
    Sales Price/
    Loan Limits
    Area
    2 or Fewer Persons
    3 or More Persons
    New & Existing
    Construction
    Washington, D.C. MSA
    $86,900
    $100,000
    $408,100
    Warren
    $63,000
    $73,000
    $408,100
    Norfolk/VA Beach MSA
    $63,000
    $73,000
    $352,600
    Richmond MSA
    $64,100
    $74,300
    $288,500
    Louisa
    $63,000
    $73,000
    $288,500
    Charlottesville MSA
    $63,300
    $73,300
    $293,900
    Winchester/Frederick MSA
    $63,000
    $73,000
    $284,900
    Other
    Culpeper
    $63,000
    $73,000
    $326,600
    King George
    $64,700
    $75,000
    $326,600
    Statewide (All areas not listed)
    $63,000
    $73,000
    $225,100
    *Please contact VHDA or an approved lender for the maximum allowable FHA, VA and RHS mortgage limits in a jurisdiction and the RHS gross income guidelines in your area.

If this information is helpful to you, and you are thinking of buying, I have more good news.

Did you know it doesn't cost you a penny to have a Top Producing Realtor like myself

to help you buy. Not one penny! So what are you waiting for let's get started today.

 

CALL US TODAY at 703-703-590-2252