Digging for Virginia first time home buyer grants to purchase that home? Find the best programs or grants for home buying in Virginia and other home mortgage grants available below.
So, you are considering the purchase of a home in Virginia. Purchasing a home in any state is an exciting prospect!
Exciting and sometimes daunting! However, do not let yourself become overwhelmed with the process.
You want to know your credit score and determine if you need credit repair before proceeding.
Unfortunately, without a credit score of at least 580, you will not be able to qualify for those low down payment programs like the FHA 203b loan that works so well with the various grant programs out there. You want to be able to qualify for these programs and with a higher credit score, you'll qualify for a better interest rate as well.
If you think you are ready, be sure to get a mortgage that works with the various grants or programs for home buying out there.
With so many lenders to choose from, you want to be sure and select the right one.
It is my plan to give you some useful
information in this article about first time home buyer grants which
will help you with this exciting and much sought after venture.
How happy would it make you to receive a stack of money you can use for your down payment?
To begin with, unfortunately, the State of Virginia does not offer a first time home buyer grant program for its residents.
But they do have an assistance program. It is called "FHA Plus" and is used in conjunction with a second mortgage that will help with your down payment and closing costs. Thus it becomes a "zero down" program.
This second mortgage can be from 3.5% to 5% of the sale price of the house. When combined with your first mortgage, even though you have another payment, this makes it possible for you to buy a home.
At least you don't have to come up with the money for the down payment. That is a great help for many first time buyers. Of course there are requirements and limitations you have to consider.
Another program that you definitely want to look at is the "VHDA Mortgage Credit" program. It is a dollar for dollar credit against the tax you owe the IRS. That is a huge savings! So, if you become a home owner, be sure to check the qualifications for this as well.
You can investigate these programs at the website for the Virginia Housing Development Authority.
There are some Down Payment Assistance (DPA) programs in some counties. These are a network of not for profit providers. You will have to do some real digging for these, but they are out there to help.
Virginia also offers a program called the "First-time Homebuyer Savings Plans Program." This program allows you to set aside monies or investments to be used for your down payment in the future. You can save up to $50,000 and these funds are exempt from state taxes while saving for your down payment.
One disclaimer with Savings Plus program, if you use these funds for anything else other than buying your first home, you will be subject to back taxes and penalties. So be careful how you handle these funds if you decide to use this option.
However, the good news is that the federal government does offer grant assistance for first time home buyers in Virginia. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program.
The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.
Another website I would recommend that you view is Visit the Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.
Remember you need to find a lender who can work with these assistance programs. That's not always an easy task.The FHA loan products are very flexible and work well with other assistance programs. Would you like to know where you stand with their requirements? Learn what those requirements are by clicking here.
Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing.
This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.
Please tell others about this FREE information. Everybody else on the web charges for this kind of stuff!!
Happy House Hunting!!
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