Are there any special mortgage programs for low-income families?

Yes, there are special mortgage programs available to low-income families in Virginia. The Virginia Housing Development Authority (VHDA) offers several loan programs specifically designed for low-income households. These programs are designed to help households purchase a home, reduce their housing costs, or improve their existing home. The VHDA offers several loan programs for borrowers including the FHA Streamline Refinance Program, the VA Streamline Refinance Program, and the VA Home Loan Guaranty Program. The FHA Streamline Refinance Program provides a low-cost way for borrowers to refinance their mortgages. It allows borrowers to reduce their interest rate and/or extend the term of their loan without the need for an appraisal or income verification. The VA Streamline Refinance Program provides the same benefits as the FHA Streamline Refinance Program but is available only to qualified veterans. The VA Home Loan Guaranty Program provides low-cost mortgage loans to veterans and their families. In addition to the loan programs offered by the VHDA, other organizations, such as Community Development Financial Institutions, can provide mortgage programs to low-income families. These organizations provide loans to homebuyers who might otherwise not be able to qualify for traditional mortgages. These mortgage programs for low-income families can make it possible for households to purchase a home, reduce their housing costs, or improve their existing home. Although there are many different options available, anyone considering a loan should speak to their lender and a mortgage professional to determine the best option for their situation.

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