VHDA Mortgage Credit Certificates

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 mortgage credit certificates.  A mortgage credit certificate allows a homeowner to take a tax deduction equal to 20% of the interest paid as a tax credit as opposed to a tax deduction.  This makes the after tax cost of homeownership lower.

 

For example:

In Northern Virginia the annual income limits for a household of 1 or 2 people is $121,900.  For a household of 3 or more, the income limit is $142,300.

 

This program can be combined with Down Payment Assistance grants (though lower income limits apply).

Jeff Divack is the contributor of this article and prides himself on building his business with strong lifelong relationships and educating his clients on the  mortgage process and the wide range of loan options that are available. 

Contact Jeff Divack, Senior VP Intercoastal Mortgage
Cell: 703.867.5644

jeffd@icmtg.com