This week, the VHDA announced great news: a down payment assistance grant. There are limited funds available, and they are distributed on a first come, first serve basis. There is even an end date to the program of June 30, 2015.
This is a great program if you’re a first-time homebuyer and need a loan/mortgage in Virginia Beach, Norfolk and Chesapeake.
Click here for more info on VHDA loans.
Criteria for the the grant:
- Only available to first-time homebuyers
- Limited to 3% of the lesser of purchase price or appraised value
- The borrower is under no obligation to repay the grant (no note or deed of trust is executed for these funds)
- The funds can only be used for down payment, not closing costs
- Cannot be combined with VHDA FHA Plus program, VA or any other grants
- Only applicable to households earning no more than 80% of VHDA’s current income limits
