If you need FHA loan down payment assistance, this article will tell you how this process works in Northern Virginia. Virginia has a zero down loan product called the VHDA loan, which is often called an FHA Plus loan.
FHA Loan Down Payment Assistance –VHDA Loan
FHA loans normally require a minimum 3.5% down payment, but when you get a VHDA loan, the state of Virginia loans you the 3.5% down payment, effectively give you a zero down payment loan. This loan is funded by a bond program in the state of Virginia.
Up until September of last year, the state was even offering grants to homebuyers that equaled the 3.5% down payment money that a buyer would usually borrow from the state for their VHDA loan. These weren’t loans, and therefore didn’t need to be paid back!
Email me at DarrenRobertsonHomes@gmail.com to find out if the state of Virginia has reopened their grant program for VHDA loans. Find out if you qualify for thousands of dollars of free FHA loan down payment assistance!
The VHDA loan is one of the best options for zero down loans in Northern Virginia. There are certain requirements for qualifying for a VHDA loan, so it’s important to find out all of the specifics from a good lender.
Contact me to learn about a lender that will waive their lender fees on your home purchase, which will put an extra $1,100 in your pocket at closing!
I hope you’ve enjoyed this article on FHA loan down payment assistance. My blog has lots of articles about FHA loans and the home buying process, so stick around for a while and explore!