What is a VHDA conventional loan?
Are you interested in purchasing a new home in Virginia but feeling overwhelmed by all the financing options out there? One financing option you might consider is a VHDA conventional loan. In this post, we'll talk about what a VHDA conventional loan is, how it works, and why you might want to consider it for purchasing your next home.
What is a VHDA conventional loan?
A VHDA conventional loan is a home mortgage loan backed by the Virginia Housing Development Authority (VHDA) that adheres to conventional financing guidelines. These guidelines typically require a minimum credit score of 620, a debt-to-income ratio of 45%, and a minimum down payment of 3%.
How do VHDA loans work?
VHDA conventional loans are underwritten by VHDA-approved lenders and typically carry lower interest rates than other conventional financing options. VHDA loans are also a great option for first-time homebuyers, because they offer access to affordable financing, down payment assistance, and even grants for closing costs.
Why should you consider a VHDA loan?
If you're considering purchasing a home in Virginia, you should definitely consider a VHDA conventional loan. Here are some of the benefits of VHDA loans:
What are the eligibility requirements for VHDA loans?
To be eligible for a VHDA conventional loan, you'll need to meet certain requirements. Here's what you'll need to be considered:
How can you apply for a VHDA conventional loan?
If you're interested in applying for a VHDA conventional loan, you'll need to get in touch with a VHDA-approved lender. There are many lenders in Virginia that are approved by VHDA to underwrite these loans. One such lender is Mortgage Brokers Pro .
Why choose Mortgage Brokers Pro for your VHDA financing needs?
Mortgage Brokers Pro is one of the leading lenders of VHDA conventional loans in Virginia. With years of experience underwriting these loans, our mortgage professionals can guide you through the entire loan process, from pre-approval to closing. If you're interested in purchasing a new home in Virginia, give us a call today to learn more about how we can help you get the financing you need.
In conclusion,
A VHDA conventional loan is a great financing option for first-time homebuyers who are looking to purchase a new home in Virginia. With flexible credit requirements, access to grants and down payment assistance programs, and lower interest rates than other conventional financing options, you'll be able to get the financing you need to purchase your dream home. So why wait? Get in touch with Mortgage Brokers Pro today to learn more about how we can help you get your VHDA conventional loan.