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

California Homebuyer's Downpayment Assistance Program for First Time Home Buyers
The California Homebuyer's Downpayment Assistance Program is a deferred payment junior loan that can be used in conjunction with other CalHFA housing programs. It provides borrowers with funds amounting to 3% of the actual value of the property that they wish to inquire in order to cover the downpayment costs.

---

Frequently Asked Questions about Buying Your First Home
The idea of buying a new home for the first time can be overwhelming for most people. It is probably the largest investment they have ever made, and the process itself seems downright intimidating. ...

---

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.

---

Affordable Housing Partnership Program for the First Time Home Buyers in California
The Affordable Housing Partnership Program is a housing opportunity that enables first time home buyers in the State of California to seek financial assistance from lending institutions that have formed a partnership with CalHFA for the purposes of this endeavor.

---