Are there any mortgage programs for first-time homebuyers?

Yes, there are mortgage programs available for first-time homebuyers in Virginia. The Virginia Housing Development Authority (VHDA) offers several options including their FHA Plus Mortgage Program, FHA PowerSaver Program, and Military Housing Loan Program. The FHA Plus Mortgage Program is available to those who meet the qualifications for a Federal Housing Administration-backed loan and need assistance with a down payment and closing costs. This program offers a loan with a lower interest rate and provides funds for up to 3% of the purchase price for upfront closing costs. The FHA PowerSaver Program is available to anyone who needs assistance with energy-efficient home upgrades. These upgrades can include insulation, heating, and air conditioning. The program provides up to 8% of the purchase price in assistance for home improvements and loans up to $7,500. The Military Housing Loan Program is available to active-duty military and veterans. This program offers a lower interest rate as well as assistance with closing costs up to 4% of the purchase price. In addition to these programs, the VHDA also offers fixed-rate mortgages, adjustable-rate mortgages, and down payment assistance programs. To qualify, first-time homebuyers must meet certain requirements such as income and credit qualifications. Homebuyers should always read all of the requirements carefully before applying for a mortgage program.

Related FAQs

What is a down payment?
How do I know if I have a good mortgage loan offer?
How can I protect my rights as a mortgage borrower?
What is the maximum mortgage loan amount I can qualify for?
What are the advantages and disadvantages of a reverse mortgage?
What is interest-only mortgage?
What factors determine the mortgage rate?
What is loan origination?
What is the best way to shop for a mortgage?
What is an escrow account?

Are there any mortgage programs for first-time homebuyers?

Related FAQs

Related Blog Posts