For First-Time Buyers in Virginia that qualify, VHDA is now offering a a new program that allows you to secure a second loan to pay for your FHA down payment and some of your closing costs. The second loan is interest-free for the first 12 months (you just pay principal which on a loan of that size should be minimal). You then have the choice to use your up to $8000 first-time buyer tax credit to pay of the balance of the loan or use the credit for other purposes and continue to pay off the loan over the 29 remaining years with an interest rate equal to your first trust.
Complete details and guidelines for the First-Time Homebuyer Tax Credit Plus Program offered by VHDA
This is definitely a WIN WIN for first time buyers who either don’t have the down payment money on hand or those who have saved up the money and want to leverage it along with their tax credit. If you have any further questions or would like to explore acquiring your first time using this new program, please feel free to contact me.
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