Virginia - Government Backed Loans

The Virginia Housing Development Authority (VHDA) is the state's mortgage finance agency. Created in 1972 by the Virginia General Assembly, our mission is to help low- and moderate-income Virginians attain quality, affordable housing. Our vision is to be the Leading Mobilizing Force for Affordable Housing in Virginia.

Purchase Programs

Fixed Rate Loans

Fixed Rate Loans are offered to first-time homebuyers at lower than market interest rates and in 30-year terms. Loans available through this program include FHA, VA RD and Conventional home loans. This program also offers temporary buydowns.

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FHA Plus Loan Program

The FHA Plus is an insured home loan program created to assist homebuyers who require a downpayment and closing costs assistance. A contribution of 1% of the home's sales price is required of the borrower, and the second mortgage equals 5% of the home's sales price or appraised value, whichever is less, with the combined total of the two loans not to exceed designated purchase price limits.

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HOMEownership Down Payment Assistance Program

The HOMEownership Down Payment Assistance Program provides first-time homebuyers with assistance in the form of a second loan, which is to be used toward downpayment and closing costs. In order to qualify, homebuyers must have an income of 80% of the median income or lower.

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