New Home Owner
In the State of Virginia those first time home buyers looking to buy a home for the first time and are short on cash for a down payment or closing costs can use a new mortgage loan program through the Virginia Housing Development Authority (VHDA). This loan program is referred to as a Home Buyer Tax Credit Plus Program.
This program helps qualifying first time buyers who may have less money available for down payment and closing costs. The Virginia Home Buyer Tax Credit Plus Program is especially helpful in getting a state mortgage loan in advance of receiving the $8000 home buyer tax credit. The $8000 first time home buyer tax credit was first authorized by the Obama Administration in early 2009 which replace the $7500 home buyer tax credit authorized by the Bush administration in 2008. More information on the $8000 tax credit.
There are certain details and specifications included in this Virginia Home Buyer Tax Credit Plus Loan Program. They are as listed below:
1. This program, which is associated with the IRS $8000 tax credit, will end December 1, 2009.
2. If there is a second mortgage, the first year’s interest rate is 0% and no payments are due on this second mortgage the first year of the loan.
3. There is a limit up to 5% of home’s purchase amount on the second mortgage and the first and second mortgage loans must be combined when using a first mortgage program from the VHDA.
4. Specific income and house cost limits are dependent on property location.
5. The ones applying to borrow must be a first time home buyer.
6. Another consideration is a personal credit score at least as high as 620 for the home buyer.
7. It is necessary to have 1% of the sales price, in personal funds, in order for qualification for buying a house.
When needing further information on Virginia Housing for the first time home buyer and assistance with down payments program, contact: Down Payment Assistance and First Time Home Buyer Programs in Virginia.
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