FHA plus

VHDA’s Most Popular Home Loan

No down payment cash is needed, because in addition to VHDA’s FHA-insured fi rst mortgage, you’ll also receive a second mortgage to help fund your down payment and closing costs.

Fixed rate for 30 years, on both the fi rst and second mortgages.

Maximum loan amount: First mortgage – maximum FHA mortgage Second mortgage – 3.5% to 5% of sales price

No cash back.

Loans serviced in Virginia by VHDA.

Completion of VHDA’s free First-time Homebuyer Class required.

For more information about VHDA’s FHA Plus home loan, visit vhda.com or call 877-VHDA-123.

Virginia’s Housing Partnership 5/18

For First-time Homebuyers

The information contained herein (including but not limited to any description of VHDA and its lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice.

Guidelines and Details

The information contained herein (including but not limited to any description of VHDA and its lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice.

VHDA Main Number 877-VHDA-123

Español 877-843-2123

Virginia Relay 711 (in Virginia) / 800-828-1140

Southwest VA Office 800-447-5145

Website vhda.com

Eligibility Requirements: Borrowers must have no prior ownership in any residence during the previous 3 years. (This does not apply in Areas of Economic Opportunity, also known as Federal Targeted Areas. See vhda.com/FederalTargetedAreas.)

Maximum Income: The combined income of all household members may not exceed VHDA’s maximum income limits.

Maximum Sales Price/ Total Loan Amount: The combination of the first and second mortgage may not exceed VHDA’s sales price limits.

Minimum Credit Score: Minimum 620 (lower middle score of all borrowers).

Qualifying Ratios: Maximum 45% debt-to-income ratio.

Required Borrowers Funds: Borrowers must have a minimum of 1% of the sales price (verified as their own funds) to be contributed toward the transaction or available as reserves.

First-time Homebuyer Class: VHDA’s free First-time Homebuyer class must be completed prior to loan approval.

Maximum Second Mortgage* 3.5% - for qualified borrowers with a credit score of 620-679. 5% - for qualified borrowers with a credit score of 680 or greater. *Based on lower of sales price or appraisal value.

FHA plus