Skip to main content

VHDA-grant-header
FOR VIRGINIA RESIDENTS SEEKING DOWN PAYMENT ASSISTANCE...
Take advantage of the VHDA DPA Grant program!

The Virginia Housing Development Authority (VHDA) Down Payment Assistance (DPA) Grant program is a huge success. This beneficial program provides Virginia residents with assistance for down payment costs. Here is an overview:

This is a great opportunity to get the most out of available funds before the maximum grant amounts decrease.

  • Qualified first-time homebuyers may receive a percentage of the purchase price to help with the down payment. 
  • Eligible borrowers can receive down payment assistance grants of up to 3% of the sales price on VHDA Fannie Mae loans and up to 3.5% on VHDA FHA loans on locked loans before September 7th, 2016.  
  • These maximum grant rates will decrease to 2% of the sales price on VHDA Fannie Mae loans and 2.5% on VHDA FHA loans locked on/after September 7th, 2016.
  • Buyers must have household incomes at or below program limits.
  • Down Payment Assistance Grant may be used with eligible VHDA loans only.
  • VHDA’s eligible first mortgage must be locked on or after the program implementation date. 
  • The eligible first mortgage must be locked prior to reserving the grant funds.
  • All borrowers receiving this grant are eligible for a Mortgage Credit Certificate (MCC). Borrowers must apply for a MCC and receive a MCC commitment / approval prior to closing. A MCC is a dollar-for-dollar credit against your federal income tax liability. 
  • Other program requirements may apply. 

 


Contact a GMM Loan Officer to discuss all eligibility requirements.
 
Find a Loan Officer

 

logo5

4100 Monument Corner Dr., Suite 100
Fairfax, VA 22030

Toll Free: 800-867-6859

Email Us: info@gmmllc.com

Our Mortgage Loan Originators are registered and comply with the National Mortgage Licensing System (NMLS) and Registry. NMLS Consumer Accesssm, nmlsconsumeraccess.org, is a free service for consumers to confirm that the financial-services company or professional with whom they wish to conduct business is authorized to conduct business in their state. George Mason Mortgage's NMLS ID is 153400.

This is not a commitment to lend. All loan applications are subject to credit and property approval. Annual Percentage Rate (APR), and program, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Other closing costs may be necessary. Flood and/or property hazard insurance may be required. To be eligible, buyer must meet minimum down payment, underwriting and program guidelines.


ABOUT SSL CERTIFICATES
close (X)