2015 First Time Home Buyer Programs for Virginia Virginia Down Payment Assistance Program Virginia Down Payment Assistance Program is for borrowers, who are at or below 80 percent of their area's median income, may get down payment assistance of up to 10 percent of the purchase price, or up to 20 percent in certain areas that are high cost or economically depressed. In addition, some borrowers may receive up to $2,500 in closing costs. The down payment assistance is issued in the form of a conditional grant that the homebuyer is not required to pay back. Homebuyers must sign an agreement to remain in their homes for a certain period of time. Borrowers who agree to stay in a home for five years are eligible for $1,000 to $14,999 in assistance. Those who agree to stay 10 years are eligible for $15,000 to $40,000, and those who agree to stay 15 years are eligible for amounts over $40,000. Borrowers who sell or refinance before these time periods must repay the assistance in full. Homeowners who take out a home equity line of credit also must repay the assistance. Homebuyers must contribute 1 percent of the sales price, or a minimum of $500. Qualified buyers in Virginia may apply. Virginia Individual Development Accounts Virginia Individual Development Accounts matches the savings of eligible Virginians so they can apply the funds to, among other things, a down payment. Every $1 a participant saves is matched with $2, up to $4,000 in matching funds. Income guidelines apply. Qualified buyers in Virginia may apply. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score.
To apply visit http://buyerprograms.net/Virginia