The Virginia Housing Development Authority (VHDA) is Virginia’s mortgage finance agency. … VHDA Loans are tailored to first-time homebuyers and current homeowners who are thinking about buying in Areas of Economic Opportunity. All VHDA loans have income and maximum sales price limits.
In this manner, who qualifies for a VHDA loan?
You must be a first-time homebuyer (not owned a home as a primary residence within the past three years). This requirement may be waived if purchasing a home in a Federal Targeted Area; see vhda.com/FederalTargetedAreas. The home must be used as your principal residence. Maximum household income limits apply.
Furthermore, is Vhda a mortgage company?
As some of you may already be aware, VHDA has entered into a pilot Mortgage Broker program with several Mortgage Brokers throughout Virginia, in which the Brokers originate and submit loans directly to VHDA,.
How much is a payment on a $200 000 house?
On a $200,000, 30-year mortgage with a 4% fixed interest rate, your monthly payment would come out to $954.83 — not including taxes or insurance.
How do I apply for a VHDA loan?
Your application can be made directly through any lender in Virginia Housing’s statewide network of approved mortgage lenders. These lenders, who are Originating Agents for Virginia Housing, are available to provide you with personal service that includes: Providing information on our various loan programs.
Is Vhda a federal loan?
Virginia Housing makes homeownership affordable through our “Virginia Housing Loan Combo,” a down payment grant, plus an MCC (a federal tax credit for homebuyers), plus our free homebuyers class. … Download our Home Loan Options eBook for a quick overview of all our mortgages, grants and programs for homebuyers!
Do Vhda loans have PMI?
Effective immediately, VHDA is temporarily suspending PMI Mortgage Insurance Co. for issuance on new originations of VHDA loans until further notice. VHDA will honor loans currently reserved for which PMI mortgage insurance commitments have been issued.
Can you refinance a Vhda loan?
You can refinance a Virginia Housing FHA loan through the FHA Streamline Refinance or a Virginia Housing VA loan through the VA Interest Rate Reduction Refinance Loan using this method.
What is a mortgage statement?
A mortgage statement is a document that comes from your lender and includes information on the status of your loan. … Some of the information you might see on your mortgage statement includes: Your monthly payment summary: Your monthly payment summary tells you how much you must pay on your loan in total each month.
What is an escrow balance?
Escrow balance
Escrow is money set aside so a third party can pay property taxes and homeowners’ insurance premiums on your behalf. … After closing, you will remit 1/12 of the annual amount with each monthly mortgage payment.
How do I get housing assistance in Virginia?
To apply, contact or visit the management office of each apartment building that interests you. To apply for either type of help, visit your local Public Housing Agency (PHA). Questions? Email or call our Public and Indian Housing Information Resource Center toll-free at (800) 955-2232.