VHDA 103% Financing FHA Plus Loan

Mortgage and Lending with Independent


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)

Comments (9)

Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Wow! I am so happy that I stopped by and read your post Justin. I am glad to hear that No minimum credit score required and flexible credit pricing derived from FHA qualifying!. Can I re-blog this one? I said that because I don't see the re-blog logo on the right hand corner of this blog. Thanks for sharing this great information. Have a great weekend. Great post.

Oct 25, 2008 11:53 AM
Justin Williams
Independent - Virginia Beach, VA
Loan Officer

@ Lanre - Hey Buddy Im glad you like this post and I would feel honored for you to re-blog this.  I just enabled it for you!  Re-blog away and I hope your clients get some good information!

Oct 25, 2008 12:23 PM
Harold Glass

I am looking to become a first time home owner in the area and that I need a few more pointers about how to start the "moving" process. I have my VHDA certificate and that my approval is still active- has there been an apartment or a house located under my name in the area? I saught for a location close by stores, parks, and hospitals - my dependants are currently under the same list. 

Mar 05, 2009 03:58 AM
Justin Williams
Independent - Virginia Beach, VA
Loan Officer

@ Harold Glass

VHDA is a mortgage and not a housing sector like Section 8 or HUD.  If you are on the HUD list to move in you will need to contact HUD about that.

If you were referring to VHDA Mortgage then you need to tell your loan officer to finish the mortgage process so you can buy a house.

Mar 05, 2009 04:07 AM
Tanya Tupaz
I read where there is no minimum credit score. My credit is not good but I believe my income is good.My annual income is is about 53k. Can you help me?
Jan 16, 2011 03:15 AM
How to you start the process
Jan 16, 2011 03:24 AM
How much down payment do u need
Jan 16, 2011 03:25 AM
william gibson

I would like to have a second underwriter  on my loan. I feel the judgmrnt was unfair and rust to start the holiday.

Jun 30, 2012 02:34 AM

My husband and I are just starting to look for a house and the whole process is a bit overwhelming.... we are trying to find out if you can purchase a double wide under the VHDA FHA Plus loan with no downpayment and cannot find the information anywhere.  Can you please e-mail me?  Thanks

Oct 18, 2013 10:03 AM