Government help buying a home can often mean the difference between being able to purchase a home and having to continue to rent. Fortunately there are programs in place to help.
Government Help Buying a Home – Northern Virginia Assistance Programs
In Virginia, one of the most powerful home buying assistance programs is the VHDA loan, which is an extension of either an FHA or Conventional home loan. With this type of loan, the state of Virginia has a grant program in place that gives qualified home buyers the money they need for their down payment. This usually amounts to either 3% or 3.5% of the home purchase price, depending on what type of loan you’re getting. This is not a loan – it’s a grant, which means it is free money from the state that doesn’t need to be paid back!
This equals thousands of dollars, so it’s a very powerful home buying government assistance program. For instance, if you bought a $300,000 home, you would be getting a grant of $10,500 from the state of Virginia, assuming you got an FHA loan.
When you can get this kind of government help buying a home, it really doesn’t make sense to keep renting if you can qualify for a home loan. In many areas of Northern Virginia, rents are rising faster than home prices, which means that you could probably buy a home and have mortgage payments that are lower than your current rent!
Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com to learn more about government help buying a home, especially the VHDA home loan program. I work with lots of first time home buyers, and it would be my pleasure to help you find the right property in Northern Virginia.
Are you curious about other types of government help buying a home, like closing costs assistance? Be sure to ask me about these types of programs as well!