December 1, 2016

VHDA’s New Mortgage Loan: For First-Time AND Repeat Buyers

VHDA has a new mortgage loan that may be a great option for first-time and repeat homebuyers. It’s called the VHDA Fannie Mae (FNMA) HFA Preferred with Reduced Mortgage Insurance (MI) and it comes with the following benefits:

  • Lowest conventional mortgage insurance payments.
  • Eligible for VHDA Down Payment Assistance grant (DPA) and Mortgage Credit Certificate (Homebuyer Tax Credit).
  • Flexible down payment sources – gifts, FNMA Community Seconds, and VHDA DPA grant funds.
  • No mortgage insurance required with down payments of 20% or more.

There is a 3% minimum down payment amount, so homebuyers will want to find out if they qualify for our Down Payment Assistance grant. There is also a minimum credit score of 660. Find out more about this loan. To talk to a VHDA-approved lender who can provide more information about this new loan option go to

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