VHDA First Time Home buyers in Virginia Beach and Hampton Roads often get benefits when buying a home and a zero down mortgage is part of this. But nothing beats the current offer from VHDA now with mortgage rates under 4%.
Be sure and read my Virginia Beach and Hampton Roads Home buyers guide for important information about becoming a home owner and how it can be used with the VHDA first time home buyer mortgage program. Read my Virginia Beach and Hampton Roads market reports and be an informed first time home buyer.
VHDA has some requirements that must be met by prospective first time home buyers. Here are some important guidelines for first time home buyers considering a VHDA mortgage.
Any questions on the first time home buyer VHDA program should be sent to David Simkins email address below (Old Virginia Mortgage, Virginia Beach, VA).
1. VHDA Household Income limitations for Virginia Beach and Hampton Roads:
a. Family of 2 = $70,000 annually
b. Family of 3+ = $81,000
($76,300, $89,600 for Areas of Economic Opportunity— first time Virginia Beach and Hampton Roads homebuyer requirement is not required in Area of Economic Opportunity)
2. Maximum Debt to Income Ratio = 31/43%—Internet says they will allow 38/50—not true anymore!
3. Max Sales Price = $325,000, $431,063 for Areas of Economic Opportunity
4. No down payment required but client must have 1% of sales price in liquid assets
5. VHDA Homebuyer Education and 3 years tax returns including W-2s required, buyer calls 1-877-843-2123, to do on-line VHDA course
6. Individual collections cannot exceed $250, aggregate collections cannot exceed $1000
7. 620 Credit Score Required, I can rescore credit for free if client can payoff credit cards. You can always get your free credit report here.
David H. Simkins
757-651-3081
