Purchasing A Home in Woodbridge, VA without a Down Payment Or Veteran Home Loan Eligiblity

Mortgage and Lending with Fairway Independent Mortgage NMLS #196099

Lately I have been asked where all the 100% financing programs? They still exist for buyers that have VA Loan Eligibility in the DC Metro Area. Or buyerss willing to live in Rural Development areas. The property address will determine the Rural Development eligibility.You can visit www.IsThisHomeRD.com for more information. Of course, Woodbridge, VA would not be considered a rural area unless it was 20 years ago.....

Home Mortgage Finances

The next best alternative to VA or Rural Development loans is VHDA FHA Plus financing. If you do not have downpayment but desire to purchase a home in Woodbridge, Virginia and surrounding areas. It actually could be BETTER than 100% financing. The loan allows first time homebuyers, defined as a buyer’s who have not owned a home in the last three years, to purchase a home with a financed down payment and the ability to finance a small portion of the closing costs. Sound to be good to be true, right?



The VHDA FHA PLUS loan has income guidelines and sales price limits for qualification. According to VHDA.com, in the Washington DC Metro Area, which includes Woodbridge VA and Prince William County, the maximum income for one person is $86,900 for two or more the maximum is $100,000. And the maximum sales price is $408,100.

The loan does not have a downpayment but you are required to have at least 1% of your own funds in the transaction or in your bank account. If your Realtor is able to negotiate closing costs from the seller, you would still need to make sure you have the 1% in the contract in the bank, 401K, TSP, or other asset account.

So if you are not a Veteran or Active Military. Or willing to live in way out in the the sticks, VHDA FHA Plus may be the key to your homeownership.  Unlock the door

I forgot to mention you have to be credit worthy with a credit score of 620 and you will have to complete Homebuyer’s Education. Not sure if you are eligible call your certified VHDA loan officer Markita Aldridge-Woods at (703) 497-3936, right here in Woodbridge, VA 


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Markita Woods NMLS#196099

Queen of Mortgages - FHA, VA, Conventional, USDA
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