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Major sections include:

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Please visit our Refinance Center

Virginia Housing Department Authority Mortgage

The Virginia Housing Department Authority has released a loan program which has not been widely publicized. The Flexible Alternative is available only on Virginia properties but features extremely relaxed income and loan amount restrictions compared to other similar home loan programs. The new program has eliminated the "Recapture Tax" feature in older programs from this agency. If you anticipate using the program for a sale, please call me as there are some specifics related to the contract language which need to be included. 

VHDA obtains funds by selling tax-exempt bonds at low interest rates which in turn permits the funding of mortgage loans at below market rates. These rates, plus the low down payment requirements, combine to make affording a home easier than ever for Virginians. (Please note: VHDA loans are for purchases only, no refinances. They are available only to Virginians.)

VHDA Program fills these needs:

 

Borrower Need	Feature
Low Cash To Close	100% loan-to-value ratio on conventional loans Plus Program -- 1% down payment (FHA/VHDA only) Step Program -- free two year buydown Step Program -- Extended locks on new construction at no additional cost Unsecured loan program available to help with closing costs and down payment
Home Affordability And Easy Qualification	Lower interest rates Step-Program -- even lower rates (qualify at start rate) More lenient qualifying ratios than conventional Plus program -- 1% down payment (FHA/VHDA loans only) Can be used in conjunction with Conventional/FHA/VA financing
Payment Security	Step-Program -- interest rate is known over life of loan
Speed	We underwrite our own VHDA loans
Save money over life of loan	Step-Program re-amortizes every year

Note: You may want to consider another loan product if:

Your property is not in Virginia.
Your income exceeds the required maximum (call for the limits in your area)
The property sales price exceeds the allowable maximum.
You have owned other property in the last three years.
You have credit problems.

I also have a report "Buying your First Home" available by email.

For specific guidelines for the program please see my First Time Homebuyer page.

I have included a page on how to calculate your qualification ratios.

I have included a page on documentation requirements. I also have a Free report "Buying your First Home" available by email.

These loan programs are focused on purchase transactions. If your interest is in refinancing or taking equity out of your property, please visit my refinance site by clicking here.

Prequalify for your VHDA Loan.