Mortgage Industry News & Advice

No Money Down FHA In Virginia – VHDA FHA Plus

By on July 7, 2009 in Tips And Advice

You can purchase a home with no money down with a FHA mortgae in Virginia using the VHDA FHA Plus program.

Here’s how it works:

You must be a first time homebuyer ( not owned a property in the past 3 years)

There is a 1st mortgage at 96.5% financing and a 2nd mortgage at 5% financing for a total of 101.5% loan to value.  This mortgage is a VHDA mortgage and New American Mortgage is an approved VHDA lender.

The 2 mortgages are at the same interest rate for 3o yrs fixed rate.

There is a combined household income limit and sales price limit.

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.

Loan amounts may include financed guaranty fees or mortgage insurance premiums, but cannot exceed VHDA’s sales price limits.

Household limit means that they consider all household income in that limit. So even if someone is not on the loan their income will still be used if they live in the home as part of the guideline limits.

To get qualified for a VHDA FHA Plus loan in Virginia contact us today!

apply online

Plus the 8000 Tax Credit may also be used if you qualify for the VHDA FHA Plus loan.

New American Mortgage Team

(757) 971-2876

naoma.doriguzzi@newamerican.com

About the Author

About the Author: I have been a Mortgage Consultant since 2003 and am committed to providing the best customer service! You can reach me or my mortgage team at anytime for the latest on your loan by email, text, phone, or social networking! We specialize in FHA, VA and VHDA mortgages in Virginia. New American Mortgage was voted "Virginia Beach Mortgage Company and Best Reverse Mortgage Company in 2009" .

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