First Time Home Buyer Virginia Down Payment

First Time Home Buyer Virginia Down Payment – Autumn Cafiero Giusti Written by Autumn Cafiero Giusti, Arrow Write Contributing Writer Autumn Cafiero Giusti is an award-winning journalist with more than two decades of professional experience. He writes about mortgages, real estate and housing. Autumn Cafiero Giusti

Posted by Jeff Ostrowski Posted by Jeff Ostrowski Arrow Senior Writer, Home Loans Jeff Ostrowski covers the mortgage and housing markets. Before joining in 2000, he spent more than 20 years writing about business, economics and politics. Connect with Jeff Ostrowski on Twitter. Connect with Jeff Ostrowski on LinkedIn. Connect with Jeff Ostrowski on LinkedIn

First Time Home Buyer Virginia Down Payment

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Virginia may be for lovers, but it’s also for owners. According to U.S. Census data, two out of three homes in the state are occupied by individual owners, and first-time buyers are key to that trend.

The Virginia Housing Development Authority (VHDA), also known as Virginia Housing, offers programs that include loans, grants, education and other forms of assistance to first-time buyers. If you haven’t owned a home in three or more years, you’re considered a first-time buyer, even if you’re not a first-time homeowner.

The first difference between the two programs is that they do not require the borrower to pay mortgage insurance, which is an additional cost to the monthly payment. Both loan programs offer first-time loans with up to 97 percent cash back and can be combined with other programs that offer down payment assistance or tax credits.

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The Virginia Housing Sponsoring Partnerships and Revitalizing Communities (SPARC) program lowers the interest rate on a 30-year mortgage by 1 percent. This is done through partnerships with local municipalities, non-profit organizations and housing industry groups that have created a lower guarantee for qualified first-time home buyers.

Homebuyers purchasing a primary residence can use the SPARC Virginia first-time homebuyer program. Other loan and asset requirements vary by sponsoring partner, but generally meet the same requirements as a 30-year mortgage.

The Virginia Housing Plus second mortgage saves first-time homebuyers in Virginia from paying substantial out-of-pocket expenses for a mortgage loan. The program combines a qualified Virginia first home mortgage (or Virginia home equity, a non-mortgage insurance convention, or an FHA loan) with a Virginia second home mortgage.

The second mortgage is able to cover between 3 and 5 percent of the purchase price, depending on the creditworthiness of the borrower and the type of debt of the first mortgage. This is available not only to first-time buyers, but also to buyers buying in a certain ‘target area’.

Richmond Va Grants For First Time Home Buyers

Virginia Housing’s Down Protection Program (DPA) offers a subsidy of up to 2.5 percent of the home’s purchase price for a down payment to qualified first-time homebuyers (or homebuyers of ‘a “targeted area”). To qualify, a borrower must have combined funds with a Virginia Housing Convention, Convention Absc mortgage insurance or FHA loan, and also meet all requirements for that first mortgage.

Virginia Housing’s Relative Cost Assistance (CCA) grant reduces out-of-pocket expenses for first-time buyers seeking a VA loan or USDA loan (or “target area” buyers). The maximum grant is 2 percent of the home’s purchase price, and borrowers can use the funds for closing costs, discount points, deductibles and VA or USDA escrow fees. Like the DPA grant, the loan must also meet all the first mortgage requirements to qualify.

A mortgage credit certificate (MCC) is a dollar-for-dollar federal income tax credit. In Virginia, the MCC is equal to 10 percent of your annual mortgage interest and can be combined with the Virginia Home First mortgage.

Here’s how it works: Let’s say you take out a $150,000 mortgage with 5 percent interest, which means you’ll pay about $7,500 in interest in the first year of the loan. With a 10 percent MCC in Virginia, you can save up to $750 this year through tax credits.

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MCC status is reserved for first-time buyers or buyers buying in a “target area”. MMCCS can be withdrawn each year you live in the household and unused credits can be carried forward for up to three years.

Virginia Housing’s Freedom Grant Program provides grants of up to $8,000 to members of the military to make their homes more accessible. This gift is available to Virginia veterans or service members living with a disability due to an injury sustained in the line of duty. Funds can help pay for modifications such as ramps or wider doors, and can be applied to both occupied housing and rental units.

Through Virginia Housing’s Ysabella home loan program, first-time homebuyers in Virginia can combine a Virginia Housing mortgage, down payment assistance, a mortgage credit card and a free education course for the home in one package.

In addition to Virginia home loans, non-mortgage insurance loans and FHA loans, the agency offers VA and USDA loans, which can also be combined with Virginia home grants and other types of loans assistance Here is a comprehensive list of home loan programs worth considering for the first time.

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Once you’re familiar with Virginia’s first-time homebuyer assistance programs, it’s time to see why you might qualify. Virginia Housing maintains a list of approved mortgage lenders that can help you choose your options. Remember that interest rates, terms and loan requirements vary by lender, so it’s important to compare your options carefully.

Autumn Cafiero Giusti is a journalist assistant with more than two decades of professional experience. He writes about mortgages, real estate and housing.

Posted by Jeff Ostrowski Posted by Jeff Ostrowski Arrow Senior Writer, Home Loans Jeff Ostrowski covers the mortgage and housing markets. Before joining MM, he spent more than 20 years writing

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