No Money Down FHA In Virginia - VHDA FHA Plus

You can purchase a home with no money down with a FHA mortgae in Virginia using the VHDA FHA Plus program.

Here’s how it works:

You must be a first time homebuyer ( not owned a property in the past 3 years)

There is a 1st mortgage at 96.5% financing and a 2nd mortgage at 5% financing for a total of 101.5% loan to value. This mortgage is a VHDA mortgage and New American Mortgage is an approved VHDA lender.

The 2 mortgages are at the same interest rate for 3o yrs fixed rate.

There is a combined household income limit and sales price limit.

	Gross Household Income		Sales Price/ Loan Limits
Area	2 or Fewer Persons	3 or More Persons	New & Existing Construction

Washington, D.C. MSA		$86,900	$100,000	$408,100
	Warren	$63,000	$73,000	$408,100

Norfolk/VA Beach MSA

$63,000

$73,000

$352,600

Richmond MSA		$64,100	$74,300	$288,500
	Louisa	$63,000	$73,000	$288,500

Charlottesville MSA

$63,300

$73,300

$293,900

Winchester/Frederick MSA

$63,000

$73,000

$284,900

Other
	Culpeper	$63,000	$73,000	$326,600
	King George	$64,700	$75,000	$326,600

Statewide (All areas not listed)

$63,000

$73,000

$225,100

*Please contact VHDA or an approved lender for the maximum allowable FHA, VA and RHS mortgage limits in a jurisdiction and the RHS gross income guidelines in your area.

Loan amounts may include financed guaranty fees or mortgage insurance premiums, but cannot exceed VHDA’s sales price limits.

Household limit means that they consider all household income in that limit. So even if someone is not on the loan their income will still be used if they live in the home as part of the guideline limits.

To get qualified for a VHDA FHA Plus loan in Virginia contact us today!