What is VHDA?
VHDA stands for Virginia Housing Development Authority. Its Virginia's Mortgage Finance Agency. Most every state has their own Finance Agency.
Mission?
VHDA was created in 1972 by the General Assembly of Virginia to help overcome barriers to affordable housing.
VHDA is not for everyone. The eligibility requirements does have a few restrictions not limited to the following:
- Household income of 65k and below for Virginia Beach County (Does vary for each county contact your mortgage expert)
VHDA vs FHA ?
The main difference is VHDA is more local driven financing derived from the State and is a Quasi-Government Loan while FHA is more nationally focused and is fully backed by the government.
VHDA can go up to 103% Financing without the help of down-payment assistance (The True No Down Payment Loan) while FHA is capped at 97% financing.
VHDA is normally .75% cheaper than FHA rates.
* Important * - Keep in mind not every lender is certified for VHDA loans, please check with your local Loan Officer. FYI I am certified to do VHDA Loans !
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http://www.vhda.com
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If you have any more questions regarding about VHDA financing please don't hesitate to call me your local Mortgage Expert.
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Just-In-Time Loans - Mortgage Needs and Advice on Time. (757-692-3464)
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Hey Justin! HOW did you find time yesterday with such a busy day to write a great blog post??? Thanks for the info. on VHDA. It's important to note that A LOT of lenders are not certified to do VHDA loans so when it would be a perfect loan for some borrowers, it's never mentioned because the lender cannot offer the program. IT's EXTREMELY important for a buyer to ask their lender if they are indeed able to do VHDA loans!
Tina in Virginia