Virginia Housing Development Authority
Rates
Fixed Rate 4.750% %APR
FHA Plus (1st mortgage) 5.000% %APR
Homebuyer Tax Credit Plus First 5.000% %APR
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Go back to the previous page.  Print this page VHDA Home Loan Programs
Last Updated: 6/8/2009

VHDA Home Loan Programs

Looking for a VHDA loan that's right for you? VHDA offers a variety of home loan options designed to meet the needs of Virginia's homebuyers. Read the information here to learn about the special features of VHDA's loan programs. For quick help in selecting a program that's right for you, go to VHDA's QuickStart.

First-Time Homebuyer Programs
(Current homeowner eligible if purchasing in approved Federal Targeted Areas)
Lowest Interest Rates| Eligibility Requirements | Sales Price and Income Restrictions

Program
Benefits
Features
Options

Conventional Fixed
details

 

This program offers the lowest fixed payment for eligible applicants with good credit and employment history.

  • Below-market, VHDA fixed rate
  • Low, fixed payments

 

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ArrowCurrent Rate
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FHA (Federal Housing Administration) Insured Loans
details 		FHA insured loans offer the most liberal credit qualifying with low downpayments.
  • Below-market,VHDA fixed rate
  • Low, fixed payments
  • Low downpayments
  • Easy qualifying
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FHA Plus
details		 FHA Fixed loan with a second loan to assist with downpayment and closing costs. Low, fixed payments with liberal FHA qualifying.
  • Low,stable, fixed monthly payment
  • $0 downpayments
  • Financed closing costs
  • Easy qualifying
 ArrowCheck Eligibility
ArrowCurrent Rate
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Homebuyer Tax Credit Plus
details		 Use the federal First-time Homebuyer Tax Credit for a down payment on a VHDA mortgage. The loan has a built-in second mortgage to help cover the down payment and closing costs, with zero interest and no payments for the first 12 months.
  • Affordable fixed rate on both mortgages
  • Second mortgage has zero interest and no payments for the first 12 months
  • Choose the preferred payment plan for the second mortgage
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VA (Veterans Administration) Loans
details 		VA guaranteed loans offer low, fixed rate and no downpayment loans to eligible veterans.
  • Below-market, VHDA fixed rate
  • Low, fixed payments
  • $0 downpayments
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RHS (Rural Housing Services) Guarantee Loans
details 		Government insured loans offer no downpayment in approved rural areas.
  • Below-market, VHDA fixed rate
  • Low, fixed payments
  • $0 downpayments
 ArrowCurrent Rate
ArrowFind A Lender

 

Special Programs

Program
Benefits
Features
SPARC (Sponsoring Partnerships and Revitalizing Communities)
details 		SPARC offers reduced rates through special allocations awarded to location housing organizations. SPARC is designed to address critical housing needs within communities. (Allocations are made annually on a competitive basis.) Interest rates are 1/2% to 1% below VHDA's published First-time Homebuyer Program rates. Special income limits and criteria determined by the housing organization may apply.
  • Downpayment based on specific program selected
  • All First-time Homebuyer Programs are eligible.
  • Standard program qualifying applies
  • Authorization for reservation must be obtained by the specific SPARC housing organization
 
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The information contained herein (including but not limited to any description of VHDA and its lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice.
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