You can get a tax Credit for a down payment through VHDA.
- Must have 620 Credit Score
- Borrow up to 5% of the sales price
- No payments for twelve months on the second mortgage
- Loan payoff with no penalties or fees once tax refund is received
- Still needs 1% in the transaction or in reserves of your own funds
The main difference between the FHA Plus Guidelines and the VHDA guidelines is the option to pay of an entire loan after the refund is received, or pay down the amount and finance the remainder for 29 years.
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