The Virginia Housing Development Authority (VHDA) has been helping low
and moderate income buyers purchase their first homes in Virginia since
1973. Historically they have done this
by offering below market interest rates and 0 down home loans to purchasers who
meet maximum income requirements.
They are currently offering down payment assistance grants. These grants are equal to 2-2.5% of the
purchase price of the home and do not have to be repaid. The grant money must be used toward down
payment and cannot be used with a loan that does not require a down payment
(like VA or USDA). The grant can be used with an FHA or conventional loan.
In Northern Virginia the annual income limits for a household of 1 or 2
people is $97,520. For a household of 3
or more, the income limit is $113,840.
This program can be combined with Mortgage Credit certificates to
significantly lower the after tax cost of home ownership.
Jeff Divack is our article contributor and author. His business is based on building relationships and educating his clients on the mortgage process and the wide range of loan options that are available.
Jeff has lived in Northern Virginia for over 20 years with his wife and two children. He holds a bachelor’s degree in Economics from the University of Virginia and has been a loan officer since 1996
Contact Jeff
Jeff Divack
Vice President Senior Loan Officer
NMLS ID #: 218698
Intercoastal Mortgage Company
Office: 703.449.6825
Cell: 703.867.5644
Email: jeffd@icmtg.com
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