The current property market is a buyers market, and you can easily find great homes that were not affordable before. But, what about the down payment? You can now buy a home by just putting 1% down.
If you want to buy a home in Virginia and are a first time homeowner or uou have not owned a home in the last three years, you may be eligible to purchase a home through FHA plus through the Virginia Housing Development Authority. The FHA insured VHDA financed loan program is designed to assist qualified borrowers who need down payment assistance and closing costs assistance. In order to qualify for this loan, borrowers must have cash available equal to a minimum of 1% of the sale price and the second mortgage is limited to 5% of the lesser of the sale price or the appraised value. The loan term is 30 years and the interest rate is slightly higher than that of the VHDA’s current fixed-rate programs. There is also an income ceiling to qualify for the loan. For example, for a family of two, the maximum household income is $86,900 in the Washington Metro area.
In actual fact, this housing loan scheme will cost you less than the monthly rent and security payment you make on a decent apartment. So if you are looking to purchase a house and qualify for this loan it is a great opportunity for you to own your home.