Hooray! VHDA (Virginia Housing Development Authority) has come out with a new mortgage which permits the buyer to "roll in" up to 5% of the purchase price for upgrades/repairs. Here are the details:
The Home Enhancer Loan
Program Name: VHDA Flex/Alt Home Enhancer 105%
Benefits: One mortgage (no second mortgage/no home equity line necessary)
Excellent VHDA rates.* No down payment. No PMI.
Qualifying: Ratios and income limits widened. Borrow up to $417,000.
Improvements Eligible:
•1. Exterior and/or interior painting
•2. Upgrades to the electrical system
•3. Wallpaper
•4. New Carpeting!
•5. Upgrades to the kitchen, including appliances!
•6. Garages
•7. Landscaping!
*Improvements must be completed by a professional; no sweat equity. Any repairs required by an appraisal can be included. This may be your opportunity to get a listing sold in which the sellers cannot afford to finalize repairs themselves. Improvements can be completed up to 120 days after closing. Final inspection is required. This is a 105% loan and the rates are only about .25% above standard VHDA rates! Seller can still contribute up to 4% closing costs and pre-paids.
Also the Flex/Alt Home Access 110% program for Handicap/Disability Improvements. Borrower can choose the modifications!
For more details on this exciting new loan program, please contact either myself or Sean Cohen at Prosperity Mortgage (757-428-4600) Sean.D.Cohen@prosperitymortgage.com.
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