This week, The Atlantic published a story called “What It Would Take for Millennials to Become Homeowners.” Part of the solution is down-payment assistance as young people often don’t have enough money in savings.
I see the issue time and again with first-time homebuyers in Virginia Beach, Norfolk and Chesapeake. Young people who want to buy a home but can’t make the dream a reality.
Click here to see the down payment requirements for different loan programs.
We are lucky to have the Virginia Housing Development Authority (VHDA), a not-for-profit organization committed to helping first-time home buyers find affordable financing.
VHDA has many different types of loan programs (click here to read about them) but they all require the following:
- Must be a first-time homebuyer or have NOT owned a property in the last 3 years
- Lot size may not exceed 2 acres
- Must complete VHDA’s free homebuyer class
- Provide tax returns and W2s from previous 3 years (check out 8 documents you need for pre-approval)
- Annual household income cannot exceed the maximum income limits for the subject property area (published here — also includes loan limits)
- Additional VHDA requirements
Do you have millennial buyers with mortgage questions?
You can always call me at 757-490-4726 or email srubin@tidewaterhomefunding.com.
Featured photo: GotCredit (Flickr)