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

By
Mortgage and Lending with Independent

 

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)

Comments (7)

Tina Merritt
Nest Realty - Blacksburg, VA
Virginia Real Estate

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

Aug 14, 2008 11:37 PM
Gene Allen
Fathom Realty - Cary, NC
Realty Consultant for Cary Real Estate

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

Aug 15, 2008 04:11 AM
Justin Williams
Independent - Virginia Beach, VA
Loan Officer

@ 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 15, 2008 07:56 AM
Myra Spano
Berkshire Hathaway HomeServices Towne Realty - Virginia Beach, VA
Real Estate Broker

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!!

Aug 16, 2008 11:34 PM
Mark Organek
And the United States of America - Mesa, AZ
It's not a game, it's your life.

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 17, 2008 03:30 PM
Justin Williams
Independent - Virginia Beach, VA
Loan Officer

@ Myra - Thanks same here!!! :)

@ Mark - Thank you!

Aug 25, 2008 04:53 PM
Anonymous
Audrey Clement

Will VHDA/FHA finance a foreclosed home?

Oct 08, 2009 12:36 PM
#7