For first-time home buyers in Virginia there are plenty of options for assistance in buying a first home.
Buying a home is one of the biggest purchases that you will make in your life, so it is important to know that you have options and it doesn’t have to be as hard as it seems.
National loans are a good option for first-time buyers, because they are easily accessible and usually funded by the government.
- The US Department of Veterans Affairs provides home buyers assistance with a VA loan. This loan is only for active members, veterans, and spouses of deceased veterans of the armed forces.
- VA loans typically have competitive rates, and can offer loans without down payments or insurance on the mortgage. This loan is usually only for buyers with a credit score of 640 or higher.
- Federal Housing Administration (FHA) loans are for moderate to low income borrowers who are looking for low to zero down payments, and have a credit score of at least 500.
- Interest rates for borrowers with a credit score of 580 or lower might be higher than rates for borrowers with scores above 580.
- The United States Department of Agriculture (USDA) is for families and individuals that are in suburban and rural areas. Buyers with a credit score of 640 or higher are more likely to receive this loan.
- USDA loans are a good option for buyers looking for a zero-down payment option.
- The Virginia Housing Development Authority (VHDA) is a non-profit in Virginia that offers a loan program for first-time home buyers.
- Buyers can gain a 30-year fixed-rate loan, which is a huge advantage, meaning the rate cannot increase for 30 years.
- There are options for zero down payment as well, if the buyer qualifies.
How Do I Know If I Am Eligible?
- Buyers that have a credit score of 620 are above will be considered for this loan.
- Homebuyers who have not owned a home in the last three years are also eligible, meaning people who have owned a home and people who have never owned a home can both apply.
- Maximum income levels apply and there are limits to the loan amount based on the home’s location.
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