VHDA is Virginia's State Finance Company which more can be found here in my previous blog.

With the Down Payment Assistance programs being eliminated here shortly, there are very few true 100% loan programs out there.

There is hope though, VHDA has a loan program called FHA PLUS which is VHDA financed and FHA insured designed to help First Time Home-buyers gain home-ownership.

Contact your local mortgage professional who is licensed for VHDA loans. (I am in the Virginia Beach Area and fully licensed)

Here is a quick overview of the loan

• This is a piggyback Combo loan with 2 mortgages.  1st mortgage is 97.75% and 2nd mortgage is at 5%.

• 30 year terms and rate for both mortgages (1st and 2nd)

• First Time Home-buyers only (If you have not had home-ownership in the last 3 years then you qualify)

• No minimum credit score required and flexible credit pricing derived from FHA qualifying!

• 1% of sales price needs to be verified in reserves.

• Household income and sales price limited to chart below

Also there is a way around not being a First Time Home Buyer to take advantage of the VHDA Loan.  Certain targeted areas qualifies for a waiver as a First Time Home Buyer.

Follow the link to find if a certain area qualifies Targeted Areas

If you have any more questions regarding about VHDA financing please don't hesitate to call me your local VHDA Expert.

*Update August 1st 2009 - Effective August 1st 2009 all VHDA FHA Plus loans will require a minimum credit score of 620*

______________________________________________________

Just-In-Time Loans - Mortgage Needs and Advice on Time. (757-692-3464)