What is the difference between FHA and VHDA?

Virginia Housing has an FHA no down payment solution as well. Rather than requiring 1% down, this Virginia down payment assistance, VHDA Plus Second Mortgage, provides either 3.5% or 5% of the sales price. Therefore, it bridges the gap between the purchase price and the FHA first mortgage loan amount.

What credit score is needed for a VHDA loan?

Eligibility Requirements Have a minimum credit score of 620. Cannot exceed certain income and purchase price limits, which vary based on the location of your property.

Is VHDA a VA loan?

VHDA offers the same variety of home loans as you’d find with any lender: choose between conventional home loans with low or no mortgage insurance and government-insured home loans (FHA, VA, USDA). VHDA also offers a down payment assistance grant, closing cost assistance, and mortgage credit certificates.

What is a Virginia Housing mortgage?

Virginia Housing is a self-supporting, not-for-profit organization created by the Commonwealth of Virginia in 1972 to help Virginians attain quality, affordable housing. Virginia Housing provides mortgages, primarily for first-time homebuyers and developers of quality rental housing.

What credit score is needed to buy a house in Virginia?

620 credit score
And while the VA doesn’t set credit score requirements, most lenders will require a minimum 620 credit score.

What is a Vhda FHA loan?

Simply put, VHDA (Virginia Housing Development Authority) loans are a type of loan unique to the commonwealth of Virginia. The goal of a VHDA loan is to offer affordable housing opportunities to residents of the commonwealth of Virginia who might otherwise not be able to purchase a residence of their own.

What qualifies as a first time home buyer in Virginia?

A first-time homebuyer in Virginia is defined as any family or individual who has never owned a home, or at least not in the past three years, depending on the region. It’s worth waiting it out if you’re nearing the three-year mark because these programs could provide a significant financial boost.

What is a VHDA FHA loan?

Is there a first-time homebuyer tax credit in Virginia?

There’s a federal tax credit that could mean thousands of dollars in savings for Virginia’s first-time homebuyers. It’s called a Mortgage Credit Certificate, or MCC, and it’s from VHDA.