Digging for Virginia first time home buyer grants to purchase a home? Find the best grants/programs 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.
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?
The State of Virginia does offer a first time home buyer grant program for its residents. This is good because not all states offer this type of assistance for their residents.
It is called the "Down Payment Assistance Grant." Since it is a grant, it doesn't have to be paid back. You do have to put some money down to qualify for it, so see if what they require will work for you.
They also have a "Closing Cost Assistance Grant (CCA)." This is a true gift and could eliminate the costs for closing on your loan.
Otherwise you can use the "VHDA Plus" program. This program is 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 1.5% 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.
They also have a combo program called "VHDA Loan Combo." It is a program with not only the mortgage but a down payment grant and the mortgage credit certificate (MCC). You qualify for all these at once. What a nice option!
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.
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.
Perhaps a grant is not available in your state. Or you do not qualify for one. Don't get discouraged. If you still want to save money, check out this page that discusses the zero down payment program.
Otherwise, you may want to look at programs that have low down payment requirements.
Would you like to know what type of loans are available? Visit our Home Mortgage Information page for tons of information on all kinds of loans. Learn about FHA, VA, and various other types of options.
Would you like some help? Perhaps a personal coach to guide you through the process is what you're looking for. For free coaching, fill out the questionnaire here. Then you will be contacted and offered the assistance you seek.
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!!
Go to House Buyer Solutions Home Page.
Oct 08, 19 08:33 AM
Hello, I have a question regarding USDA vs. FHA home loans. I am in the process of getting a home in the next month but was told I wouldn't be approved
Aug 05, 19 10:44 PM
Hi Help please! I am a first time home buyer, buying a home with my fiance'. He is selling his home currently on the market for $125K with no contingencies.
Apr 15, 19 12:36 PM
When buying a home out of state, should we wait for employment contracts? Or can we use our current state's bank? Find the answers here.
Follow Us On Twitter