Virginia First Time Buyers Programs Increase Income Limits
The very popular VHDA Program has increased first time buyer income limits in the entire state but the Washington Metro area received a large boost to help more buyers with credit 620 score or higher qualify for financing through there first time buyer programs.
Income limits for single person households increased from $86,900 o $97,500 and from $100,000 to $115,000 for households of three or more.
The biggest hurdle besides credit for many first timers is cash for a down payment well VHDA's FHA Plus has solved this problem. The program allows eligible borrowers to finance up to five percent of the sales price for down payment and some closing costs. The loan is in the form of a second mortgage amortized over 30 years with the same low interest rate as the first. VHDA's definition of a first time buyer is a person that has not owned a home in three years. Buyers have to complete home-buyers education and submit paperwork to VHDA Approved Lender. Rates are posted daily at their website.
Check VHDA FHA PLUS Loan Example
After review, forty percent of my loan closings were using this program in 2009 and I suspect this will be the same or greater this year. Especially with the upcoming changes to the FHA loan program. The reduction of closing help form the seller and the possibility of higher down payment from 3.5% to 5.00% makes the loan perfect for first time buyers.
WestStar Mortgage is a VHDA approved delegated lender meaning we can close this loan in thirty days or less just like your normal loan products from FHA, VA, and Conventional.
So if you are not a Veteran and you need 100% financing then VHDA FHA Plusis the loan for you. The maximum sales price has also increased from $409,000 to $450,000 in the Washington DC Metro area which includes Prince William County.
Income limits and sales prices are lower in other areas outside of Prince William County, check the VHDA website for more information.