It is true that lending parameters have tightened up recently; however, most buyers with a stable income and good credit will find plenty of good loan options still available.
VHDA administers some great loans for both first-time and repeat buyers who fall within their income and price limits. Their products are especially good for people with little or no downpayment money, although the first-time homebuyer product offers a great rate that buyers with a large downpayment would find attractive.
Starting January 1, all VHDA borrowers will have to take VHDA’s Intro to Homeownership course. As explained in a VHDA memo to its originating lenders, “VHDA believes that the completion of the course provides the borrowers with the information necessary to make informed decisions throughout the homebuying process, as well as once they become homeowners.” The course can be taken in a scheduled classroom session offered at different sites throughout the state, or it can be taken online.
Even if you don’t need to take the class, you might check out this page on the VHDA website, which offers information that is useful for any prospective home buyer, from a form to help you assemble a household budget to help with locating a home inspector.
VHDA is not a direct lender; its loans are offered through participating lenders and brokers.
