Virginia Housing Development Authority Offering Down Payment Assistance

Virginia Housing Development Authority Offering Down Payment Assistance

Did you know that the Virginia Housing Development Authority's (VHDA) is offering grant money for down payment assistance for first time homebuyers and for buyers who have not owned a home in the last three years.  AND, there is no obligation for the buyer to repay the loan.

This down payment assistance cannot be used in a combination with other down payment assistance sources.  Household income limits must be at or below program guidelines. Determination of the amount of assistance is based on the eligible VHDA loan program.  Other requirements may also apply.

Borrowers receiving this grant are also eligible for the Mortgage Credit Certificate (MCC).  The MCC could save thousands of dollars on your federal income tax.  The Mortgage Credit Certificate is a Federal Tax Credit allowing you to deduct up to 20% of the annual mortgage interest paid.  The remaining 80% may still be tax deductible.  In addition, the home must be your primary residence. Income limits do apply and the home must not exceed maximum sales price limits.  The property must not exceed 2 acres, although a waiver may be approved up to 5 acres.  Other conditions may apply.

To find out more about these wonderful programs, contact Holly Westergaard at 540-729-9333 or e-mail at

Holly Westergaard Headshot
Phone: 540-729-9333
Dated: August 22nd 2016
Views: 263
About Holly: Hello, I am Holly Westergaard, and I specialize in helping buyers and sellers in the Culpeper, Warre...

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