First Time Homebuyer Programs in Virginia
Page 2

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
  Back to Page 1

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

First Time Homebuyer Programs in Connecticut
The Connecticut Housing Finance Authority, otherwise known as CHFA, is a self-supporting quasi-public housing agency operating within the State of Connecticut. The agency was established in the year 1969 in an effort to address the concerns regarding the lack or insufficient supply of affordable housing opportunities for Connecticut’s low- and moderate-income families and individuals.

---

Down Payment Assistance Loan for First Time Home Buyers in New York
In line with this, The State of New York Mortgage Agency has been running the Down Payment Assistance Loan Program (DPAL) wherein it intends to help first time home buyers overcome the setbacks brought about by down payments and closing costs.

---

Second Mortgage Loan Program and Mortgage Credit Certificate for Homebuyers in North Carolina
One of the more popular programs is the FirstHome Mortgage Program for First Time Homebuyers which offer significantly low interest rates and a rather low fixed 30-year mortgage plan.

---

Ohio Heroes Program for First Time Home Buyers in the State of Ohio
One of the most popular programs of the Ohio Housing Finance Agency is the Ohio Heroes Program which is exclusively intended for active military men, active reservists, veterans, firefighters, emergency medical technicians, paramedics, and several other individuals with noble professions.

---