In our commitment to making the dream of homeownership a reality for Virginians, we recognize the pivotal role that Virginia Housing plays in this journey. Virginia Housing is a program dedicated to ensuring that both first-time and repeat homebuyers in the Commonwealth of Virginia have access to affordable and accessible homeownership solutions.
A Diverse Range of Loan Options for Every Virginian
Virginia Housing offers a diverse range of loan programs designed to cater to the unique needs of Virginians. Here’s a closer look at what these programs have to offer:
First-Time Homebuyer Loans:
If you’re a first-time homebuyer, Virginia Housing has loan options tailored to your needs. These loans have maximum income and sales price/loan limits based on the geographic area of your home, ensuring you can find the right fit for your budget.
Conventional with Mortgage Insurance:
- Maximum Loan to Value (LTV) of 97%
- Minimum credit score of 640
- Lowest mortgage insurance requirements
- Eligible for Virginia Housing Plus Second Mortgage
- Eligible for Virginia Housing’s Down Payment Assistance Grant (restrictions apply)
Conventional No Mortgage Insurance:
- Maximum Loan to Value (LTV) of 97%
- Minimum credit score of 660
- No monthly mortgage insurance
- Eligible for Virginia Housing Plus Second Mortgage
- Eligible for Virginia Housing’s Down Payment Assistance Grant (restrictions apply)
FHA (Federal Housing Administration):
- Maximum Loan to Value (LTV) of 96.5%
- Minimum credit score of 620
- Eligible for Virginia Housing Plus Second Mortgage
- Eligible for Virginia Housing’s Down Payment Assistance Grant
USDA (United States Department of Agriculture):
- Maximum Loan to Value (LTV) of 100%
- Credit scores as low as 580 (restrictions apply)
- Low mortgage insurance
- Eligible for Virginia Housing’s Closing Cost Assistance (CCA) grant
VA (U.S. Department of Veterans Affairs):
- Maximum Loan to Value (LTV) of 100%
- Minimum credit score of 620
- Eligible for Virginia Housing’s Closing Cost Assistance (CCA) grant
Virginia Housing goes the extra mile to make homeownership a reality with these additional assistance programs.
Down Payment Assistance Grant (DPA):
- Offers a 1% down payment grant
- The grant is a true gift, providing valuable financial support
- Can be combined with other non-Virginia Housing down payment assistance programs
- Available for first-time buyers
Closing Cost Assistance (CCA) Grant:
- Available for first-time buyers
- The grant is a true gift, reducing the financial burden
- Can be combined with other non-Virginia Housing assistance programs
Virginia Housing Plus Second Mortgage:
- Requires no down payment
- The second mortgage is a 30-year fixed rate, offering stability
- Qualified homebuyers can borrow 1.5% more than the sales price
- Eligible for first-time buyers and repeat buyers purchasing in Areas of Economic Opportunity
- Virginia Housing standard income limits apply
- Available only for First time homebuyers
Choose Virginia Housing with Us
We are proud to partner with Virginia Housing to guide you through the process of securing the right loan for you. With a wide array of loan options and financial assistance programs, Virginia Housing ensures that homeownership is well within your reach.
Contact a CBM Mortgage representative to explore the opportunities and take the first step toward owning your own home in the beautiful Commonwealth of Virginia — or start an application online now:
Additional terms and conditions apply. All approvals subject to underwriting guidelines. Not all applicants will qualify.
This is an advertisement and not a commitment to lend.