First Time Homebuyer Programs in Virginia
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a) Conventional Fixed Rate Loan - This loan program is a 30-year fixed, low-interest rate loan program that offers up to 97% of the sales price or appraised value of the desired property. The guidelines of this program requires that the borrower manifest two years of stable employment and an acceptable credit history.

b) FHA (Federal Housing Administration) Program - This loan program is also a 30-year fixed, below market interest rate program that is offered and regulated by the Federal Housing Administration. In applying for this loan program, the borrower must always take into consideration that the qualifying ratios, financing closing costs, mortgage insurance premium, credit and property guidelines will be pattered after the guidelines set by the FHA.

c) VA (Veterans Affairs) Program - This loan program is especially designed to assist qualified active duty military and navy servicemen, reservists, national guard and veterans in the process of obtaining safe and affordable homes.

d) RHS (USDA Rural Housing Services) Program - This program is a 30-year fixed rate program that offers low interest rates compared to the interest rates that are offered through standard conventional loan programs. The program can offer up to 100% of sales price or appraised value of the desired property. In applying for this loan, the borrowers must observe the guidelines that are set by the USDA Rural Housing Services.

e) Federal Housing Administration's Plus Loan Program - This loan program is quite similar to the FHA Program, but it differs in the manner that it offers qualified borrowers to procure a second mortgage that could cover the downpayment and closing costs of a desired property.

First Time Homebuyer Programs in Virginia
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About The Author Iola Bonggay is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on government grants and federal government programs. She also maintains Websites providing resources on environmental grants and grants for youth programs.

Additional Resources

category - Home Buying Programs

Achieving the Dream Program for First Time Home Buyers in New York
One of the programs of the State of New York Mortgage Agency, is the Achieving the Dream Program wherein it seeks to provide eligible low income first time home buyers with really low down payment mortgage financing programs.

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First Time Homebuyer Programs in Arkansas
The Arkansas Development Finance Authority was primarily created to develop safe, decent and affordable housing for low and moderate income Arkansans. The authority's primary goal is to administer funding in the form of tax exempt bonds and other debt instruments through several programs which are divided into three main categories: Economic Development, Homeownership, and Affordable Rental Housing.

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First Time Homebuyer Programs in New Hampshire
The State of New Hampshire gives great importance to the welfare and safety of its people. One of the ways of showing this is through the establishment of the New Hampshire Housing Finance Authority, which is specially designed to assist low to moderate income residents of New Hampshire in the process of procuring safe and affordable housing opportunities.

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Downpayment Assistance Program for the First Time Home Buyers in North Carolina
In an attempt to contribute to the eradication of this problem, the North Carolina HFA has established the Downpayment Assistance Program for the First Time Home Buyers wherein they provide interest-free, deferred second mortgages up to $8,000 to cover the downpayment and closing costs of a chosen property.

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