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Its not FHA - Its VHDA: The FHA Alternative in Virginia.

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)

Underserved Minorities

Disabilty and Ederly

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)

Posted by Justin Williams - Loan Officer on 08/14/2008 10:50 PM

Comments (6)

vhda, virginia, virginia beach, local, loan programs, mortgage, first time home buyer, state, government, fha

This post has been included in Virginia Information Virginia Beach City County, VA Information
Post is included in group: First Time Homebuyer
Post is included in group: Mortgages
Post is included in group: The FHA Mortgage Group
Post is included in group: VIRGINIA
Post is included in group: WHAT'S HOT IN VIRGINIA

6 Comments on Its not FHA - Its VHDA: The FHA Alternative in Virginia.

AUG

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

Gotta love someone who will give you 103% on your house in this market.

@ Tina - Thanks for the reminder I added it in my blog! LOL yeah I been so busy playing catch up and moving from the corporate office down there its sooooo harddd to find time but I make do :)

@ Gene - 103% Can't complain on that!!!

AUG

Thanks for this summary on VHDA! You are in a wonderful position to help people by being certified to do VHDA... Looking forward to working with you!!

Justin, I hope that readers in your area understand the significance of what you are able to offer. I hope the many inquiries lead to happy homeowners through you.

AUG

@ Myra - Thanks same here!!! :)

@ Mark - Thank you!

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