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VHDA (Virginia Housing Development Authority) is the state's home mortgage finance agency. It exists to help first time home buyers in the state of Virginia. Unfortunately, far too few homebuyers are aware of this agency and its programs. Not all lenders participate and if the lender you talk to isn't a part of the program you will probably never hear about it.
VHDA has programs that allow you to buy with no money down. They have programs that allow you to purchase a home at a lower interest rate. There are a large number of programs available to meet a variety of needs. But the bottom line is always their goal to make owning your own home more affordable for more Virginians.
There are income eligibility requirements and most of their programs are aimed at first time homebuyers. There are also limits on the sales price of the home you can purchase. Given the wide disparity of real estate markets in the state of Virginia, it's a good thing they've set those numbers based on region/area. The table below gives you the latest information on income and sales price limits.
VHDA Eligibility Guidelines
| AREA |
GROSS HOUSEHOLD INCOME (2 persons or less) |
GROSS HOUSEHOLD INCOME (3 persons or more) |
SALES PRICE LIMITS |
| NO. VA |
$86,900 |
$100,000 |
$408,100 |
| Warren Co. |
$63,000 |
$73,000 |
$408,100 |
| Norfolk/VA Beach |
$63,000 |
$73,000 |
$352,600 |
| Richmond |
$64,100 |
$74,300 |
$288,500 |
| Louisa |
$63,000 |
$73,000 |
$288,500 |
| Charlottesville |
$63,300 |
$73,300 |
$293,900 |
| Winchester |
$63,000 |
$73,000 |
$284,900 |
| Culpeper |
$63,000 |
$73,000 |
$326,600 |
| King George |
$64,700 |
$75,000 |
$326,600 |
| All Other Areas |
$63,000 |
$73,000 |
$225,100 |
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If you think VHDA might have a program that would be beneficial for you, you can check out their web site at http://www.VHDA.com
Or, you can contact me Julie@JulieEmery.com and I'll put you in touch with a loan officer who works with VHDA. It makes sense to take advantage of every program available to you!
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